HomeFree-USA launches Homeownership NOW a new faith-based wealth-building initiative designed to improve the financial capability and success of consumers through financial education and homeownership guidance.
Homeownership NOW™ is a homeownership and financial empowerment initiative created by Bishop James L. Davis, Presiding Prelate of the Second Episcopal District of the African Methodist Episcopal Church. The program stresses the use of financial education to address a number of staggering financial disparities in the Black community including:
• More than one-third of Black families have no or negative financial assets.
• The median liquid wealth for Blacks is $200, compared to $23,000 for Whites.
• Black homeownership at 41.9% is the lowest among all communities in the nation.
“The Mission of the African Methodist Episcopal Church is to minister to the social, spiritual, physical development of all people,” says Bishop James L. Davis. “With Homeownership NOW™, we can work together in restoring the American dream to our communities for those who have been locked out because of social and economic inequalities.”
HomeFree-USA will host financial education workshops at participating churches and will enroll interested members into the HomeFree-USA program and walk them through the homebuying process.
By going through the program, families will be positioned to improve their credit, reduce their debt, increase their savings and get the guidance they need to successfully purchase their first home. HomeFree USA will provide a simple step by step plan that will connect consumers with financial resources, help them with credit and other financial challenges, and introduce them to new mortgage products and ensure that they're getting the best deal.
One of the goals of the program is to produce a minimum of 10 new homeowners per participating church in 2018.
“This is a faith-based model designed to encourage financial preparation for homeownership,” says Marcia Griffin, Founder and President of HomeFree-USA. “Our job is to give participants the confidence and the resources that they need to become homeowners for life.”
HomeFree-USA is a nonprofit HUD-approved homeownership development organization. Since 1995, HomeFree-USA has guided 24,009 families to homeownership and the ability to grow their assets with a 0% foreclosure rate.