NOIRBCC HOMEBUYER EDUCATION PROGRAM
"Moving From Redlining and Renting To Homeownership"
NOIR BLACK CHAMBER OF COMMERCE INC., is a 501(C)(3) Nonprofit
andEconomic Development Organization; Certified Community Development
Entity under The U.S. Department of Treasury; and Kentucky’s only Black
Chamber of Commerce.
Louisville Metro Government Downpayment Assistance Program
Noir Realty Ky LLC
Stefni Powell Insurance
Fifth Third Bank
Stock Yards Bank
Homebuyer education program for Section 8 Families, First-time Homebuyers, and Traditional Homebuyers
Redlining and Generational Poverty!
Although informal discrimination and segregation had existed in the United States, the specific practice of "redlining" began with the National Housing Act of 1934, which established the Federal Housing Administration (FHA), even though racial segregation and discrimination against minorities and minority communities predated this policy. The implementation of this federal policy aggravated the decay of minority inner-city neighborhoods caused by the withholding of mortgage capital and made it even more difficult for neighborhoods to attract and retain families able to purchase homes. The assumptions in redlining resulted in a significant increase in residential racial segregation and urban decay in the United States and it removes the chance for Black Americans to gain wealth through homeownership.
Today, Louisville Kentucky is in need of over 31,000 housing units to meet the city’s housing demand and there are over 13,000 low-income families on the Section 8 housing voucher program’s three-year-long waiting list. Noir Black Chamber Of Commerce Inc is focused on affordable housing, and so the chamber wants to move more Black Section 8 families and first-time homebuyers through its online homebuyer education program, which will provide participants with a completion certificate supported by Fannie Mae and Freddie Mac that will allow them to seek additional down payment assistance.
The Chamber’s homebuyer education program is unique in that it “walks with” each client through the entire process towards homeownership. The program begins with identifying which type of homebuyer the client is, followed by connecting them to a credit restoration and repair organization, eHome America online course, a bank, the city’s down payment assistance program, a realtor, insurance broker, then a financial planner to assist the family plan for its future.
11 STEPS TOWARDS HOMEOWNERSHIP
WHAT TYPES OF HOMEBUYER ARE YOU?
SECTION 8 RECIPIENT
HOMEBUYER CONNECTED TO CREDIT RESTORATION PROGRAM
HOMEBUYER TAKES ONLINE HOMEBUYER EDUCATION COURSE
HOMEBUYER SHOWS HOMEBUYER $1,500.00 SAVING FUNDS AVAILABLE
HOMEBUYER CONNECTED TO MORTGAGE LENDING BANK
HOMEBUYER APPLIES TO CITY’S DOWN PAYMENT ASSISTANCE PROGRAMS
HOMEBUYER CONNECTED TO REALTOR
HOMEBUYER CONNECTED TO HOME INSURANCE BROKER
HOMEBUYER & REALTOR SET CLOSING DATE
HOMEBUYER HAS NEW HOME!
HOMEBUYER CONNECTED TO FINANCIAL PLANNING PROGRAM
“MOVING BLACK AMERICA FORWARD”