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Housing |
Project 6: Homeownership Credit Counseling and Financial Management Workshops
USC Lead: USC-Central Los Angeles
SBDC Technology Center
Community Partner: Consumer Credit Counselors of Los Angeles
Project Description:
The objective of this project is to reduce the barriers to homeownership of poor or no credit by providing homeownership credit counseling and personal financial management training to 60 EZ/EC residents whose income would support a mortgage payment, but who are disqualified by their credit history. By confronting and fixing their credit problems in a supportive environment, and by learning how to develop budgets to better manage personal and household finances, participants will be economically empowered. This will help prepare them for homeownership.
Components of this training effort will include: common credit challenges; how to work oneself out of credit problems; how to establish credit; and how to manage personal and household finances. Interested participants will receive assistance in developing plans to negotiate with creditors and reduce and/or restructure existing debt. One-on-one technical assistance will be available to participants who need additional help in creating household budgets and financial plans. Participants will then obtain referrals to local programs providing assistance in housing acquisition, such as the Neighborhood Housing Services Program, or the City of Los Angeles Small Sites and Home Works! Programs for first-time homebuyers.