uying a home for the first time is tough, especially in today’s economy!
There are many things to learn and do that take time, like saving up a down payment and building a good credit score. For Latino immigrant families, the dream of owning a home can seem virtually unattainable. The process to build credit can be more difficult for those with an ITIN and the interest rates in some cases are double. While many families want to own a home, there are no programs in Spanish that exist to help Latino immigrants with the whole process from start to finish.
El Centro’s new collaborative homebuyer to homeowner matching program, Bienvenido a Mi Casa, provides aspiring first-time homebuyer Latino immigrant families with access to the education, tools, and financial resources to help them flourish into proud new homeowners in Wyandotte County.
Program Focus
At El Centro, we know that homeownership is a key driver of stability for Latino families. It provides access to better health outcomes, education, and financial opportunities that can build intergenerational wealth for Latinos. We also know that increasing homeownership in Wyandotte County helps our community grow overall, by increasing the public tax revenue.
The path to homeownership has many barriers and the Latino immigrant families we serve face even more, like less financing options with higher interest rates. Learning the process can be challenging too, especially with a lack of cohesive services in Spanish. That is why El Centro is partnering to launch Bienvenido a Mi Casa, for first time home buyer, Spanish speaking Latino immigrant families who have been renters with ITINs in Wyandotte for at least 5 years and are ready to take the next steps!
Program Strategies
Bienvenido a Mi Casa is a collaborative year-long program that uses three approaches to successfully move Latino families from becoming homebuyers to being homeowners:
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Families participate in a series of 12, monthly educational workshops in Spanish through established community partnerships
Families have access to El Centro’s Casa Coach who provides weekly ongoing support, access to programs and services, and advocacy for the families in the program.
Families save with a goal of $5,000 by the end of the program, receiving an additional match of $5,000 by El Centro, for a total down payment of at least $10,000! Many families will be eligible for additional programs and savings by program partners.
Program Staff
For Bienvenido a Mi Casa, El Centro will hire a new position, our CASA Coach! This full-time position will coordinate the 12 monthly educational workshops and provide program participants with ongoing support through weekly one on one appointments and phone call check-ins. The CASA Coach will help families learn to budget and save, get answers to their questions in the home buying process, and connect them to resources and services to help them be successful in meeting their financial goals. The position will also work in partnership with other housing initiatives, to provide program participants with even more resources, like making their new homes more energy efficient and environmentally friendly.
Program Pilot Goals
Participants
40 families will be recruited to participate in the welcoming informational session, of which 25 will be selected to begin workshops starting in October 2024.
Workshops
90% of the 25 participating families will attend all 12 workshops and save $5,000, earning a match up to $5,000.
Ready to Buy
80% of the 25 participating families will have a credit score of 700 or higher and be ready to buy a home within 3 months of completing the program.
