Homebuyer Education

Mission and History: The vision of the Community Wealth department is to foster self-sufficient households by promoting wealth and asset building in East Los Angeles through homeownership opportunities, financial literacy, and foreclosure prevention. We strive toward this goal by educating first time homebuyers and those in risk of foreclosure through our workshops, clinics and one on one counseling sessions. The Community Wealth Department recognizes the importance of financial education , that will empower and better the lives of Eastside residents and their families. Issues we are addressing: 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 in-exposure 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 our foreclosure prevention program, which all include one-on-one counseling, are needed in order to empower residents to make sound financial decisions and have equal access to resources leading to and maintaining homeownership opportunities. Our Goal: Increase the rate of successful low-income homeowners through education, guidance, and long-term support. Services which include: first-time homebuyer education, pre-purchase counseling sessions, financial literacy education and foreclosure prevention 1 on 1 counseling and education.   Provide financial support and education to potential low-income first-time homebuyers through IDA programs, workshops, and counseling..   • Enhance the financial literacy of low-income residents in Boyle Heights & East LA through financial literacy workshops and counseling. 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. In the summer of 2007, due to the high number of homeowners in distress, ELACC launched its Foreclosure Prevention program. The program consists of 1 on 1 counseling with current homeowners who are now in trouble or are foreseeing problems in the near future.