The Avenida Guadalupe Association (Avenida) has received a $10,000 contribution from Citibank to fund Avenida’s First-Time Homebuyer/Housing Counseling Assistance Program. Typically funded through the U.S. Department of Housing and Urban Development (HUD), the Avenida’s programs were facing cuts after Congress eliminated all $88 million of funding for HUD’s Housing Counseling Assistance Programs nationwide.
Avenida’s HUD-approved program, in existence since 1997, consists of an eight-hour program that assists low-to-moderate income, first-time home owners by providing them with the education, knowledge and information needed to make informed decisions throughout the buying process. The program covers all aspects of purchasing a home including qualifying for a mortgage, locating a house, addressing credit problems, budgeting, types of mortgage loans, closing loans, homeowners insurance, property taxes and home maintenance. Upon completion of the program, participants receive a copy of their credit report, a homebuyer guide and complementary one-on-one counseling.
“The First Time Homebuyers/Housing Counseling Assistance Program is a critical pathway in providing residents with the necessary tools in accomplishing their dream of owning a home,” said J. Oscar Ramirez, President/CEO of the Avenida Guadalupe Association. “We are honored with Citi’s continued support of helping empower the lives of the people in San Antonio’s Westside Community.”
Congress eliminated the funding for HUD’s Housing Counseling Assistance Programs earlier this year, causing nonprofits across the country to lose funding for programs that make a significant impact on decreasing foreclosures. Budget cuts will likely mean increased foreclosures, staff lay-offs and loss of free counseling assistance for homeowners facing financial and foreclosure issues. Without the federal program, nonprofits can expect the budget crunch to hit on October 1, 2011, when all 2010 funding will be spent.
For more information on attending Avenida’s Homebuyer Education class or receiving one-on-one counseling, please call 210-223-3151.