FOR IMMEDIATE RELEASE Contact: Amanda Welliver
July 17, 2020 651-348-5078
NeighborWorks Home Partners helps Twin Cities residents achieve and preserve homeownership
NeighborWorks America Survey shows people connect financial stability and homeownership, need access to information
Saint Paul — At a time when awareness of housing inequity is growing, NeighborWorks Home Partners is stepping up to help people bridge the economic attainment gap through homeownership. A new survey from NeighborWorks America highlights that a significant number of U.S. adults consider homeownership a top goal but are concerned about affordability, economic security, and equity in access to homeownership, key factors that affect household wealth and stability. The survey also found that homeownership rates have decreased significantly over the past year among Black households. Homeownership advising, mortgages, home improvement financing, and down payment assistance, and foreclosure avoidance counseling offered by NeighborWorks Home Partners provide invaluable tools and resources that can help alleviate those concerns.
“We believe that all people should have a home,” said Jason Peterson, Chief Executive Officer of NeighborWorks Home Partners. “We are committed to making sure that the resources and support necessary for sustainable and affordable homeownership are available and accessible to all households. We are especially concerned with closing the homeownership gap in Minnesota, one of the largest gaps in the country.”
NeighborWorks Home Partners, a member of the national NeighborWorks network, empowers individuals and communities by helping people buy, fix and keep their homes. To help more households achieve homeownership, the organization provides a full suite of resources including homebuyer education workshops and personalized homebuyer advising to help buyers understand the homebuying process, create a spending plan, and know their rights as borrowers. The organization also offers financial resources, including mortgage lending, and a variety of down payment programs to make homeownership more affordable.
Peterson noted that economic strain due to COVID-19 means that more households may be at risk of losing their home due to foreclosure. Organizations like NeighborWorks Home Partners, with trained HUD-approved foreclosure avoidance counselors, are a crucial resource to help families preserve what is most likely their most valuable asset.
“While people often think of us in terms of resources for homebuyers, we want homeowners to know they can also turn to us for support if they are having trouble making their mortgage payments,” Peterson said. “Our advisors help customers communicate with lenders to find solutions to avoid foreclosure.”
This year’s NeighborWorks America housing and financial capability survey found that Americans widely agree that homeownership offers many benefits. Eight in 10 believe it provides peace of mind and a sense of safety and security, and seven in 10 believe it increases financial stability and grows a connection to the community. Obstacles to starting the homebuying process are related to access to information as well as financial resources. About half of Americans say a lack of information makes homeownership too challenging, and less than half know where to find homebuying advice if they wanted it. Just one in three non-homeowners said they were aware of down payment assistance programs in their community. Forty-nine percent of people say the affordability of a home is a factor that may be important to them when choosing a home. Eighty-five percent of people say owning a home would give them a feeling of safety and security.
“Our focus on housing and affordability, serves to help set the foundation for the stabilization of communities. People can connect with our network organizations, gain access to invaluable tools and resources,” said NeighborWorks America Executive Vice President and Chief Operating Officer Susan M. Ifill. “Nobody has to go it alone, we have housing counselors, financial coaches, tips and guidance on all stages of the homebuying process, including information about down payment assistance.”
For more information about NeighborWorks Home Partners, visit nwhomepartners.org For more information about NeighborWorks America’s housing and financial capability survey, go to https://www.neighborworks.org/press-releases/neighborworks-annual-survey-identifies-increased-financial-challenges-widening-homeownership-gap
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NeighborWorks Home Partners is a community-based nonprofit organization with offices in Saint Paul and Minneapolis, and is a member of the national NeighborWorks America network. Specializing in homebuyer education and preparation, including credit repair, first mortgage loans, refinance loans, home improvement loans, down payment assistance and foreclosure prevention, NWHP serves the eleven-county metro area. The organization currently provides services in English and Hmong. More information is available at nwhomepartners.org