Lists of New Year's Resolutions often start with losing a few pounds, patching up a relationship or learning a new skill.

But CCLT lenders, housing counselors and homeowners say that fiscal fitness should be high on the list, and they collectively suggest a dozen money saving and financial planning resolutions for CCLT homeowners and prospective homeowners alike to consider adopting for 2015:

I will set clear financial goals.  And then have a clear plan toward those goals, says Julio Rodriguez, director of financial education at Northwest Side Housing Center. "Where are you income-wise vs. your current debt? What are you willing to save?" he says. "No. 2, set a time-line regarding how you are going to reduce any debts and by how much. No. 3, create a very comprehensive budget-and a realistic one." Adjust slightly in the early months, as dictated by reality, he adds.

I will make sure I understand my mortgage thoroughly. Some people have balloon payments or adjustable rates and don't realize it, and they end up with unpleasant surprises as a result, says O.S. Owen, education facilitator at Genesis Housing Development Corp.

I will pre-pay mortgage principal. Even an extra $20 can make a difference, just make sure you indicate that the extra payment is intended to go to principal, says Pete Nelson, housing and pre-purchase counselor for Northside Community Development Corp. That's also a great use for tax refunds, Nelson says. "Making an extra payment per month can reduce the length of their term by three to five years," adds Tom Meneses, CRA sales manager and vice president of mortgage banking at Standard Bank and Trust.

I will make sure I'm properly insured. "If you have a $250,000 home, you should have an insurance policy that will cover $250,000," Owen says.

I will check my credit regularly. Make sure you know how it looks and keep yourself accountable, Rodriguez says. "If you already have three credit cards, and you have all these offers, know what you're getting yourself into," he says.

I will work to repair credit. CCLT's educational offerings can help you make a plan to pay down your credit card debt and build your credit score, says Kelly Price, senior mortgage loan consultant at WinTrust Mortgage. 

I will create a rainy day fund. This should total at least 1 percent of your home price and can help with unexpected repairs, Rodriguez says.

I will learn simple home maintenance. Owen suggests caulking windows to save on energy costs, and relatively simple plumbing tasks like replacing a sink or commode. "I wouldn't recommend electrical work unless you feel comfortable," he says. "But the plumbing and weatherproofing, those things are easy-and essential."

I will create a regular yearly schedule for home maintenance items like changing furnace filters or washing windows. "It's something everybody should do but not everybody does," says CCLT homeowner and designer Ray Trujillo.  "Everything you do to your home in a year's time, put it down in a calendar format and then space the activities out evenly."

I will explore possible energy savings through simple changes that cut utility costs and reduce environmental impact. These can include energy-saving light bulbs, plastic window wraps, foam insulation for window frames, a smart meter or an upgraded thermostat, Nelson says. "There are tons of things to do that don't necessarily cost a lot of money," he says.

I will consider buying a home. Prospective buyers should realize that terms are becoming more favorable-Freddie Mac recently lowered its minimum down payment to 3 percent, Nelson says. Given how interest rates have bottomed out, "There's an awful lot of people paying more in rent than they could afford in a mortgage," Price notes. "Meneses adds that some people continue to mistakenly believe that credit markets remain as tight as they were five years ago. "They shouldn't make the assumption that they don't qualify," he says of prospective homeowners.

I will consider refinancing. Refinancing is booming for many of the same reasons buying a home is attractive at the moment, Meneses says. "This is an excellent opportunity to look at lowering your monthly payment," he says. "There could be a savings of anywhere from $100 to $300 a month." But if you're going to take cash out when you refinance, have a defined plan for that money, Owen says, such as home improvements-or starting a small business. "That's the best use," he says of the latter.

If you'd like help to make any of these resolutions a reality, the CCLT Staff are always happy to accommodate by bringing experts (and sandwiches!) together to help get you started: if you give them a call, they'll jump at the chance to organize a workshop!

Many of you have responded already to the 2015 Proof of Residency Affidavit along with backup documentation.  

For those of you who have not yet complied, please do so as soon as possible - the affidavits are required by your covenant! 

We have provided you with a self-addressed stamped envelope to return the documents to us.

Assistant Vice President - The University of Chicago

William W. Towns is an Assistant Vice President within the Office of Civic Engagement and leads the department's Neighborhood Initiatives team.  In this role he is charged with developing a set of policies and strategies that look to leverage the strengths of a premier academic and research institution, to revitalize communities by influencing economic growth, improving health outcomes, advancing campus developments that contribute to the vibrancy and sustainability of the community, and to position the University of Chicago as a key contributor to urban redevelopment policy. 

Prior to his current position, William was the Regional Vice President of Mercy Portfolio Services (MPS), a subsidiary of Mercy Housing Inc. and was responsible for the overall implementation of a $169 million grant from the American Recovery and Reinvestment Act under the City of Chicago's Neighborhood Stabilization Program (NSP). The goal of the program was to help stabilize communities through the purchase, rehab and re-occupying of foreclosed and vacant real estate owned (REO) properties in 27 neighborhoods in the City of Chicago, which created 1700 jobs and over one thousand units of housing.

William is an alumnus of Harvard University's Institute for Management and Leadership in Education, Harvard University's John F. Kennedy School of Government, the University of Notre Dame's Mendoza School of Business, University of Wisconsin's Madison Graaskamp Center for Real Estate, and Loyola University Chicago's Quinlan School of Business. William is currently a Ph.D. candidate in Organization Development at Benedictine University, on track to defend his dissertation by Fall 2017.

In 2013, William was appointed by Mayor Rahm Emanuel to the City of Chicago's Community Land Trust Board. He also serves on the Cook County Economic Development Advisory Committee, PNC Bank's Community Development Advisory Board and the Department of Justice Federal Bureau of Investigation's Chicago FBI Citizens' Academy Alumni Board. In 2014, William was also appointed by Cook County Board President Toni Preckwinkle to serve as board chair of the Roseland Community Medical District, as well as serving to chair the Technical Assistance Panel for the Urban Land Institute on the redevelopment of Roosevelt Road, which includes the location of the University of Illinois in Chicago's bid for the Obama Presidential Library. In June 2014, William also received the University of Notre Dame's Mendoza School of Business Alumni Service Award for his dedication to improving Chicago neighborhoods.         

CCLT Interview with Mr. Towns:

Since when have you been involved with the CCLT?