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Housing
For many families, homeownership plays a dominant role in asset accumulation. ECD works with a variety of public, private and nonprofit organizatons to promote homeownership across the region.
After renting for many years, a Tunica County family was ready to own a home of their own. With two young children, limited income and few assets, however, homeownership seemed out of reach. The family turned to Tunica Housing CDC, a nonprofit CDC based in Tunica County, MS, for assistance. By bringing together several partners and layering various subsidies, Tunica Housing connected the family to the resources need to move into a home and start building assets.
Once Tunica Housing started working with the family, the CDC contaced Hope Community Credit Union (HOPE). HOPE approved the family's mortgage application and linked the family to MDA HOME Funds. HOPE was also able to approve a below market rate second mortgage for the family. Finally, a local source was able to grant the family funds to cover closing costs. Combined, the various programs injected equity equal to 20% of the home's value into the home, thereby eliminating the need for a monthly mortgage insurance payment. The creative layering of subsidies instantly enhanced the family's overall asset picture and positioned them to build wealth over the next several years.
Community Development
For many families, homeownership plays a dominant role in asset accumulation. ECD works with a variety of public, private and nonprofit organizatons to promote homeownership across the region.
Delta Homeownership Initiative
In 2001, ECD entered into partnership with the Mid South Delta Local Initiatives Support Corporation (LISC) to launch the Delta Homeownership Initiative (DHI). Funded, in part, through the Emerging Markets Partnershipo, the goal of the DHI is to build the capacity of community development corporations in the Delta to develop affordable new homes for low-income homebuyers while becoming sustainable and operationally efficient. At the end of 2004, LISC had successfully connected CDCs to multiple public grants. LISC assisted CDCs had also developed 122 homes and provided credit counseling for 682 individuals. For more information about the DHI contact Phil Eide at peide@ecd.org.Tunica County CDC
ECD's partnership with Tunica County CDC embodies the efforts of the EMP to connect strategies and partners. The following story illustrates the effects of the partnership:After renting for many years, a Tunica County family was ready to own a home of their own. With two young children, limited income and few assets, however, homeownership seemed out of reach. The family turned to Tunica Housing CDC, a nonprofit CDC based in Tunica County, MS, for assistance. By bringing together several partners and layering various subsidies, Tunica Housing connected the family to the resources need to move into a home and start building assets.
Once Tunica Housing started working with the family, the CDC contaced Hope Community Credit Union (HOPE). HOPE approved the family's mortgage application and linked the family to MDA HOME Funds. HOPE was also able to approve a below market rate second mortgage for the family. Finally, a local source was able to grant the family funds to cover closing costs. Combined, the various programs injected equity equal to 20% of the home's value into the home, thereby eliminating the need for a monthly mortgage insurance payment. The creative layering of subsidies instantly enhanced the family's overall asset picture and positioned them to build wealth over the next several years.
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