NOIRBCC HOMEBUYER EDUCATION PROGRAM
"Moving From Redlining and Renting To Homeownership"

WHO

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.

 

COLLABORATORS:

  • eHOME America

  • Transformational Financial 

  • Louisville Metro Government Downpayment Assistance Program

  • Noir Realty Ky LLC

  • Stefni Powell Insurance

  • Chase Bank

  • Fifth Third Bank

  • Republic Bank

  • Stock Yards Bank

 

WHAT

Homebuyer education program for Section 8 Families, First-time Homebuyers, and Traditional Homebuyers

 

WHY

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.

 

THE PROCESS

11 STEPS TOWARDS HOMEOWNERSHIP

 

STEP 1

WHAT TYPES OF HOMEBUYER ARE YOU?

SECTION 8 RECIPIENT

FIRST-TIME HOMEBUYER?

TRADITIONAL HOMEBUYER?

STEP 2

HOMEBUYER CONNECTED TO CREDIT RESTORATION PROGRAM

STEP 3

HOMEBUYER TAKES ONLINE HOMEBUYER EDUCATION COURSE

STEP 4

HOMEBUYER SHOWS HOMEBUYER $1,500.00 SAVING FUNDS AVAILABLE

STEP 5

HOMEBUYER CONNECTED TO MORTGAGE LENDING BANK 

STEP 6

HOMEBUYER APPLIES TO CITY’S DOWN PAYMENT ASSISTANCE PROGRAMS

STEP 7

HOMEBUYER CONNECTED TO REALTOR

STEP 8

HOMEBUYER CONNECTED TO HOME INSURANCE BROKER

STEP 9

HOMEBUYER & REALTOR SET CLOSING DATE

STEP 10

HOMEBUYER HAS NEW HOME!

STEP 11

HOMEBUYER CONNECTED TO FINANCIAL PLANNING PROGRAM

“MOVING BLACK AMERICA FORWARD”

NOIR BLACK CHAMBER OF COMMERCE INC. 2900 W BROADWAY SUITE 221 LOUISVILLE KENTUCKY 40211 | 1-844-NOIRBCC | INFO@NOIRBCC.ORG