NeighborWorks® HomeOwnership Center of Worcester H.I.P. loans

Date
2005
Authors
Montgomery, George
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Southern New Hampshire University
Abstract
The NeighborWorks® Homeownership Center of Worcester developed a "pilot" Home Improvement Program (HIP) by providing home repair loans and post purchase counseling for residents of the neighborhoods of Worcester, Massachusetts. In this program, homeowners will invest in the improvement of their home. Working with Oak Hill CDC as the lead in a collaborative effort called the NeighborWorks® Homeownership Center of Worcester (NWHOCW), the program will empower 5 families to improve their home by providing loans for home repair. The NWHOCW has a productive network of affordable housing programs that will work with HIP participants in the Full Cycle Lending® process from Financial Fitness and Homebuyer Education classes, to flexible mortgage products and post purchase information for home ownership retention. Graduates of the pre and post purchase workshops who meet specific income guidelines may be eligible for greater savings. The NWHOCW will utilize funds from the Worcester Community Housing Resources (WCHR) Community Loan Fund and the Oak Hill Community Development Corporation (OHCDC) Loan Fund for the Home Improvement Lending Program. The core purpose is to improve the housing stock in the communities of Worcester, particularly homes newly purchased by first time homebuyers, as well as those owned by homeowners living in certain areas for a long time. The success of the program will be determined by: (a) 40% of the "pilot participants" "close" on a home improvement loan by March 11, 2005 (b) 100% of the grant money is available as measured by budget reports (c) All 5 participants will know the potential equity increase of their homes, with assessed improvements, as measured by the HIP work assessment document. (Author abstract)
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