Homeownership

Homeownership
The Return of Homeownership

Following their dreams of homeownership, first-time homebuyers turned to LEDC for education and financial training to make a smart long-term investment for their families.

Coupling homebuyer education with training on sound financial management, LEDC helped 62 families purchase their first home, a 72 percent increase over the previous year. As the primary means by which low- to moderate-income families build wealth, homeownership gave a renewed sense of purpose and accomplishment to many families paying too much rent for too little space.

For homeowners fighting foreclosure, LEDC helped clients identify long-term housing solutions amid a flurry of misinformation. As mortgage scams continued and media attention on foreclosures declined, housing counselors intensified efforts to secure principal reductions on behalf of underwater borrowers. Leveraging relationships with loan officers and expertise of the loan modification process, our counselors helped homeowners rescue their dream of homeownership.

“I felt that I had grown so much that it was time for me to move,” said first-time homeowner Rolanda Wray. “Investments are always good for your future.”

TOP: LEDC Homeownership Manager Walda Yon provides information about buying a home to a DC resident at the 2013 Tenant Town Hall.

RIGHT: Rolanda Wray, standing outside her new home, used the DC Home Purchase Assistance Program and LEDC’s homebuyer seminars to turn her dreams of becoming a homeowner into a reality in the District.

Homeownership
733
individuals trained on the responsibilities of homeownership
Foreclosure prevention
323
homeowners counseled on how to save their home from foreclosure
Reductions
>$1M
principal reductions secured for underwater borrowers
Loan modification
74
permanent home loan modifications stopping foreclosures