Post-purchase educational counseling program for the city of Lowell, Massachusetts
Date
2011
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Publisher
Southern New Hampshire University
Abstract
One of the biggest investments for an individual or a family is the purchase of their first home. The purchase of a home has two major benefits. One, it provides the homeowner shelter for the family, and second, the house provides the homeowner an opportunity to build wealth. Lowell has seen a substantial increase of foreclosed properties and an unemployment rate of over 10 percent. There are many factors contributing to the increase in the delinquency and the foreclosure rates among low-to moderate-income residents of Lowell has become a major problem in the city.
This project report presents the argument that the Post-Purchase Educational Counseling is beneficial to first time buyers. Post-Purchase Education helps homeowners manage their new asset, and it assists homeowners in making decisions that helps them to be more financially astute, thus preventing delinquency and foreclosure.
In a series of seminars, lectures will be presented by professionals in the fields of personal finances, home improvement, insurance, and asset building. They will teach new homeowners how to maintain their home and will share financial management information, and become responsible homeowners. Lectures will be divided into two sessions per month and the participants will be awarded a certificate upon completion. Classes will be held on a monthly basis, and participants will be provided with pertinent handouts and homework.
Post-purchase education counseling studies have shown that the delinquency rate is reduced and the risks of foreclosures are minimized significantly among low-moderate income communities. This program is an intervention for preventing delinquency and foreclosures in the inner-city communities.
In conclusion, one of the short-term goals of this proposal is to make Post-Purchase Education an extension of the pre-purchase program. Another goal is to show that Post-Purchase Education is beneficial to homeowners in Lowell, teaching them how to preserve their new assets. In addition, this program will benefit the City of Lowell by preventing the devaluation of properties in the city, and minimizing the delinquency and the foreclosure rates. Lastly, the long-term goal of this proposal is to demonstrate to the City of Lowell the benefits of the Post-Purchase Program and to have the city adopt the Post-Purchase Education. (Author abstract)
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