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Homebuyer Education >
Partners & Achievements >
Program Development
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Mission:
Foster self-sufficient households by promoting wealth and asset building through homeownership opportunities and financial literacy. ELACC’s programs help create savvy consumers equipped to protect and further their financial wellbeing.
The Problem to Address:Residents from the Eastside are comprised of a high number of immigrant and non-English speaking populations. As such, they often do not have experience with and knowledge of mainstream regional financial tools and resources that promote financial stability and self-sufficiency. In addition, their inexposure to the complex process of home buying and existing language barriers often make them vulnerable to predatory financial practices involving personal savings and homeownership. This ultimately undermines personal financial health, as well as the financial stability of the entire community. In order to mitigate these problems, financial literacy, homebuyer education and one-on-one counseling is needed in order to empower residents to make sound financial decisions and have equal access to resources leading to homeownership opportunities.
Our Goal:
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Increase the rate of successful low-income homebuyers through education, guidance, and long-term support. Services include: first-time homebuyer workshops, pre-purchase counseling session, homeownership retention workshops, and post-purchase counseling session.
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Provide financial support and education to potential low-income first-time homebuyers through IDA programs, workshops, and counseling.
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Enhance the financial literacy of low-income residents in BH & East LA through financial literacy workshops. |
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History:
ELACC has always recognized that
the Eastside community they serve is in need of
assistance and education on matters pertaining to
financial literacy and homeownership. In 2003, the
homebuyer counseling and education activities of ELACC
were spun off into its own Homebuyer Education
Department. It began offering regular homebuyer
education and financial literacy workshops and in 2004
began developing and implementing its Post Purchase
Education program.
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| 530 South Boyle Avenue - Los Angeles, CA 90033 |
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