New Nonprofit Aims to Encourage Generational Wealth with Homeownership Coaching

Alarming wealth and homeownership trends in BIPOC communities, particularly African American households, signal critical need for financial literacy outreach, including hands-on training and accountability, to restore hope in the American Dream

SAN DIEGO, Feb. 14, 2023 /PRNewswire-PRWeb/ -- Homeowner Prep, a new 501(c)(3) nonprofit organization based in Southern California, is offering free one-on-one financial coaching and accountability services to aspiring homeowners, with the goal of helping renters create and implement customized plans that build a pathway and timeline to accessing the many benefits of homeownership. The organization's free programs include financial coaching, debt repayment, credit repair, and loan qualification services, as well as community events and workshops aimed at the large population of renters who aspire to own their own homes.

Homeowner Prep is particularly focused on reaching out to families in African American communities. The Urban Institute notes that since 2001, the Black homeownership rate has declined five percent, compared with a one percent decline for white families and increases for Hispanic and other families (primarily Asian Americans and Pacific Islanders).

The rate of homeownership in African American households is presently lower than when the Fair Housing Act was passed in 1968, an alarming reality. However, this concerning decline doesn't seem to only be driven by lack of financial preparedness. Forbes has reported that a recent study by Freddie Mac revealed that 1.7 million Black millennials are in a prime position to get a mortgage, based on their credit score and debt-to-income (DTI) ratio. And, according to HUD, three million African Americans are mortgage ready, but many of them believe they need a perfect credit score or twenty percent down payment.

These and other fundamental misunderstandings about the process to apply for homeownership have prevented African American and other families from leveraging its financial benefits long-term. If current trends continue, it will take the average Black family 228 years to amass the same amount of wealth that White families have today and it will take Latino families 84 years to reach that goal, according to a study by Prosperity Now. Homeowner Prep provides the increased education and training, along with individualized guidance, that can open doors for these families.

"As we celebrate Black History Month in America, it is important that we recognize the historical hardships and blatant discrimination faced by African Americans regarding homeownership and wealth creation, and find ways to undo the generational harm that has resulted. Renting is the greatest enemy to generational wealth," Executive Director Eric Hellon said. "Renters need a plan to stop paying their landlord's mortgage and start paying their own, so they can build a financial legacy."

Homeowner Prep is committed to providing concrete solutions for aspiring homeowners, to help them learn how to leverage their first home to create lasting generational wealth.

To learn more, donate, or apply for free coaching services, visit http://www.homeownerprep.com.

ABOUT HOMEOWNER PREP
Homeowner Prep, Inc. is a 501(c)(3) nonprofit organization with a mission to educate and encourage aspiring homeowners to buy and leverage their first home, so they can create lasting generational wealth. Free one-on-one financial coaching, community events, and unique workshops are provided to any aspiring homeowner, no matter their current financial position. Visit http://www.homeownerprep.com to learn more.

MEDIA CONTACT
Representative: Eric Hellon, Executive Director
Email: [email protected]
Phone: (858) 480-9692
Social Media: Instagram, Facebook, YouTube, and TikTok

Media Contact

Eric Hellon, Homeowner Prep, 1 8584809692, [email protected]

SOURCE Homeowner Prep