Financial Capability Programming Gets a Boost
NeighborWorks Home Partners was recently awarded nearly $12,000 through Project Reinvest: Financial Capabilities for programming that will help more people achieve homeownership. The objectives of the program are to help customers understand their finances, improve their credit scores, and develop budgets and savings plans to help them be prepared to buy a home.
Nick Yang, a homeownership advisor with NeighborWorks Home Partners, said that the funds will help with an unmet need. “People who want to buy a home come to us at various stages of planning,” Yang said. “Some have already found the house they want and have a mortgage lined up and are just looking for someone to help them understand the contracts. Many others are just beginning their journey and ready to start learning the steps they need to take to get them ready for a mortgage in the future. We are here to help wherever customers are in their homebuying journey, but this award will help us specifically with those who are just beginning to plan.”
Programming will include a combination of topic-based workshops and personalized advising appointments.
A typical appointment for financial readiness will begin with a conversation to understand the customers’ goals and needs for better financial stability. Some of the tools and tactics that will be used from that point include a financial well-being assessment, review of the customer’s credit report, and creating a budget. Finally, the advisor and customer will work together to develop an action plan to help the customer improve their credit and meet their goals.
The funds are provided through Project Reinvest, a program of NeighborWorks America, and were allocated through a competitive grant process to the Minnesota Homeownership Center. NeighborWorks Home Partners received funding as a sub-grantee based on past performance and expected future results.