JVS and TCF Offering Education & Funding towards Credit Repair, Home Ownership

JVS and TCF Offering Education & Funding towards Credit Repair, Home Ownership

(JVS, Oct. 29, 2020)

Southfield, MI- JVS Human Services, one of the largest human service agencies in metro Detroit, is announcing the HarMoney Program, a new financial initiative to help low- to moderate-income families in Oakland County get their foot on the home ownership ladder. Through the HarMoney Program, qualified families can receive up to $1000 down payment assistance on a home, or for repairing their financial credit to help them qualify for home ownership, after successful completion of a 12-week financial education course. Up to 40 qualified families will benefit from the initiative which will launch Monday, November 9 at 3 p.m. via Facebook Live. The program is made possible by a $50,000 grant from TCF Bank’s Community Impact Fund.

“Around 75 percent of the calls we receive into our financial coaching department is about home ownership, with one of the largest barriers being the inability to fund a down payment. Through HarMoney we now we can provide a little extra help, to push struggling families over the finishing line,” said Laltsha Cunningham, Financial Capability Supervisor at JVS Human Services. “We decided to call the program HarMoney, because so many in the population are not in harmony with their finances which is incredibly stressful, particularly now during this unprecedented time.”

JVS Human Services has identified that Oakland County has had a recent increase in households experiencing poverty. In 2019, census tracking showed that 8.2 percent of families in Oakland County were below the income poverty level and, now with the Covid-19 pandemic, these numbers will likely become greater. An increase in overall debt, lower credit scores and lack of savings impacts a family’s ability to qualify for either renting or leasing a property and is a major obstacle to home ownership. The aim of the HarMoney Program is help families gain the knowledge to manage their money more effectively, learn skills such as budgeting and credit repair and understand the path to home ownership. The HarMoney Program components include:

~12 weeks of interactive financial education workshops (1-2 hours per week)

~Eight individual financial coaching sessions

~Referrals to organizations that focus on income support and career development

~Development of a credit repair strategy

~Credit report pulls at the start, midway and conclusion of the program

~Down payment assistance of up to $1000 per family after successful program completion

“TCF is a purpose-driven company, passionate about building stronger individuals, businesses and communities. TCF’s Community Impact Fund supports local organizations because we know that together, we can do even more good in the communities where we live and serve,” said Laura Castone, Market Manager of Community Development. “TCF is proud to make this donation to JVS Human Services, which provides critical resources to local residents to help them take the steps towards home ownership.”

Potential applicants to the HarMoney Program must be low- to moderate-income based on HUD income limits and have a current credit score at or below 620. For more information applicants can email financialhelp@jvshumanservices.org, call 248.233.4299, or go to https://www.jvshumanservices.org/homebuyers.

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