10 Things Your Faith Community Can Do
To Encourage Homeownership
Faith-based organizations, because of the depth of their roots
in communities, can do a great deal to increase homeownership in
America. If your organization is interested in how you can encourage
homeownership, here is a list of 10 things you can do.
Homebuying and homeownership are a vital part of the American dream.
According to data from the U.S. Census Bureau, some of the most
prevalent issues families face that deter them in buying a home
- A lack of inventory of affordable single-family housing available
for sale in many areas where a majority of residents are minority
- A need for down payment assistance, which affects minority families
to a greater extent than non-Hispanic whites because they have
less accumulated wealth that can be used to help children with
- A lack of access to affordable mortgage credit;
- A lack of understanding of the homebuying process;
- Weak credit histories, often arising from a poor understanding
of financial matters and where financial counseling is required;
- A lack of information about available homeownership programs
in the community; and
- Language difficulties or cultural differences.
and compassionate faith-based organizations (FBOs) have a unique
opportunity to assist potential homeowners so that families can
overcome these obstacles and realize the American Dream.
Faith-based organizations (FBO's) across the nation play a significant
role in all aspects of a family's life-spiritual, emotional and
physical. The following information describes strategic opportunities
available to FBOs to extend helping hands to those seeking to realize
their dreams. HUD hopes to foster creative ideas that will encourage
FBOs to play a greater role with families making the life-changing
decision, buying a home.
Brief program descriptions, ideas, tools and links are grouped
below according to the specific phases of homebuyer - Preparation,
Acquisition and homeownership Maintenance.
- Speak Out About the Benefits of Homeownership
- Create Partnerships to Educate Potential Homebuyers
- Encourage Families to Save for a Downpayment
- Help Families Improve Their Credit Rating
- Teach Young People about Financial Responsibility
- Hold an Open House for Homeownership
- Put Your Faith to Work with Hammer and Nails
- Encourage Professionals in your Faith Community to Mentor Families
- Help Your Neighbor by Going the "Extra Mile"
- Help Homeowners Keep Their Homes