Buying a home is the single most important step one can take to become economically stable. Our plan targets neighborhoods in West Philadelphia which have an overwhelming number of minority residents struggling to make ends meet. These single mothers and elderly grandparents, sometimes caring for multiple children, pay punishing rent and lack the access to financial education and homeownership information.

More than 50 percent of residents in these targeted neighborhoods rent homes — instead of investing in their own. Our knowledgeable team understands the lending industry and can offer insight into products which provide mortgage rates that are less expensive than their current rent payment. Once a home is bought, our team stays involved. We offer post-purchase education, including “how to be a good neighbor” training, credit counseling, DIY workshops, and furniture stipends.

Our Housing Counseling Department has been HUD certified for over 20 years. Counselors regularly renew their credentials and participate in trainings accredited by NeighborWorks. We have counseled thousands of area residents and formed strong partnerships, such as the City of Philadelphia’s Diversion Court, the Office of Housing and Community Development, Community Legal Redevelopment Authority, Federal Reserve Bank, Philadelphia Sheriff’s Department, and Department of Tax Revenue.

Each year, counselors work with over 1,300 underserved Philadelphia community residents through one-on-one counseling, homebuying classes and workshops, foreclosure prevention services, and financial literacy education. In 2018, Housing Counselors successfully resolved 103 foreclosure cases, keeping families secure in their own homes with more affordable lending terms for their mortgages. Further, 88 families remained housed by utilizing ULP’s utility assistance program (USEF), and 68 families successfully purchased their first homes with our support. Our counselors understand the need for consistent follow-up communication with all clients.

Too often, our neighbors are locked in a continuous cycle of poverty, perpetuated by false information. Banks are not out to take our money, and credit history is imperative to economic prosperity. We are ready, with the help of a Key to Community grant, to infuse Housing Counselors into neighborhoods where this cycle is all too common. Counselors will provide in- depth training for the residents of these neighborhoods who are in need of one-on-one financial planning in order to circumvent poverty.

We are committed to teaching banking, financial wellness and home ownership skills to these under-served neighbors; our program expansion will allow them to explore the many advantages of home ownership — a critical step on the path to economic independence — in a community where many residents remain “unbanked,” paying high rents and subject to predatory lending practices.