Michigan Partners Provide New Homeownership Opportunities
Fifth Third Bank and the Inner City Christian Federation (ICCF) have joined into partnership with the Grand Rapids Housing Commission in its quest to implement the Section 8 Homeownership Program established by the U.S. Department of Housing and Urban Development.
The Grand Rapids Housing Commission (GRHC) is the first in West
Michigan to incorporate the Section 8 Homeownership Program into
their housing plan and one of less than fifty nationally. The housing
commission sought out resources to provide homeownership education
and loan services to support their plan. A long time community partner,
Fifth Third Bank and ICCF stepped forward to partner with GRHC to
design a program to meet the needs of the community as well as comply
with HUD regulations.
Fifth Third Bank created a mortgage product for making and servicing loans to program participants while ICCF provides qualified families a 15-week Home Ownership Preparation and Education (HOPE) training. Upon completion of the program, families are eligible to purchase a home under the Section 8 Homeownership Program guidelines.
On June 17, 2002, and as part of Homeownership Month, the Inner City Christian Federation Housing Opportunity Center hosted an event for the first graduating class of the Grand Rapids Housing Commission Section 8 Homeownership Program. Seven individuals were present to receive certificates honoring them for their completion of the HOPE training and their dedication to becoming future homeowners.
Fifth Third Bank's Vice President of Community Affairs, Patrick Lonergan, addressed the audience and stated that, "Helping an individual or family shift from renting to being a homeowner positively impacts the entire community, which is why Fifth Third wanted to work with the Grand Rapids Housing Commission and ICCF." Sue Ortiz, ICCF Home Ownership Program Manager applauded HUD for their flexibility in creating the Section 8 Homeownership Program whereby renters have the option to build equity and become homeowners adding greater stability in the community.
|Content Archived: July 29, 2011|