KCCD Hosts 15th Annual Homeownership Fair with Over 150 in Attendance!

Los Angeles, CA - On September 10, 2016, KCCD held its 15th Annual Homeownership Fair at the Immanuel Presbyterian Church in Los Angeles. With over 150 in attendance, many were able to learn of valuable information related to obtaining down payment assistance, how to find the right real estate agent, credit building and debt management, and KCCD's homeownership program which includes homebuyer education classes (requirement to receive down payment assistance) and pre-purchase counseling. In addition, other information were also introduced including the City of Los Angeles HandyWorker program which helps low-income residents including renters receive grants to improve their apartment or home, Habitat for Humanity's homeownership programs, and special loan products available from lenders.

"There are so many resources available to homebuyers, whether it be down payment assistance programs such as a 3 to 1 matching grant providing up to $15,000, Habitat for Humanity programs for low-income families, and City of Los Angeles rehab programs to help seniors and disabled renters and homeowners. As we come beside you and connect you with these resources at today's fair, our hope is that something powerful can happen in helping you realize your dream of homeownership," Hyepin Im, KCCD President stated. "I want to also thank and acknowledge all our sponsors, our partners and speakers who committed their time and expertise to share this knowledge and to Immanuel Presbyterian Church for graciously letting us host the event."

KCCD Board Co-Chair Rev. John Jongdai Park shared his personal story, of a time when he did not have enough money and good credit but was able to still purchase his first home. “There is a Korean saying ‘If there’s a will, there’s a way.’ If you have the desire to become a homeowner, I truly believe you will find the way.” Currently he owns several properties. He encouraged those present at the fair “to keep knocking, keep dreaming, and to make their dream a reality.”

Several panels of experts within the mortgage and housing industry provided valuable information during the fair. Experts included:

Manuel Bernal

Director of Housing, Housing Strategies and Services, Los Angeles Housing and Community Investment Department

Director Bernal shared the City of Los Angeles Low-Income Purchase Assistance (LIPA) program, in which qualified first-time homebuyers can receive up to $60,000 in down payment assistance. Mr. Bernal also shared an upcoming program, called the Moderate-Income Purchase Assistance (MIPA) Program which will help families who have up to 150% of the area median income (AMI) in Los Angeles. Mr. Bernal stated,“We are working on that for those who do not qualify for the LIPA program due to income limits."

John Perfitt

Executive Director, Restore Neighborhoods Los Angeles (RNLA)

John Perfitt spoke about his organization, RNLA, and their rehabilitation program. RNLA is a developer of low-cost and affordable homes within Los Angeles. "We partner with the City of Los Angeles and also partner with community organizations like KCCD for the great work they do, who we rely on to qualify and source potential homeowners."

Mr. Perfitt showcased some of the new construction properties RNLA has done in making homes more energy efficient. He mentioned of many incentives, rebates, and free programs that can dramatically increase the energy efficiency of homes whether for homebuyers or current homeowners. To check if you qualify, please contact your local utility company.

Esther Lee

Past Chapter President, Asian Real Estate Association of America of Greater Los Angeles (AREAA)

"Over the years, AREAA and KCCD have been able to partner up on great events such as the one being held today. It is a wonderful opportunity to have better information to achieve your dream of homeownership soon." Esther Lee led the topic of Finding the Right Real Estate Agent.

Ms. Lee shared tips on how to find the right agent including using a Realtor and not just any real estate agent. “I, myself am a Realtor, " stated Ms. Lee. "Realtors are real estate agents who join the National Association of Realtors and are held to higher standards. Another tip is that “experience does make a difference.” Many questions should be asked to your real estate agent – How long have they been in the industry? Do they have in-depth knowledge of the market area? And are they committed to you in terms of time?"

Anna Burns

Staff Attorney, Bet Tzedek

Ms. Burns spoke on the Legal Aspects of Homeownership. She cautioned homebuyers regarding the legal documents of deed and title. “Don’t buy a home with the understanding that someone else will take the title for you.” She advised to make sure your name is on the deed during the purchase process. Ms. Burns also cautioned homebuyers when signing the mortgage to make sure you know what you are reading and never sign if you are unsure of any portion."

Chancela Al-Mansour

Executive Director, Housing Rights Center

Chancela Al-Mansour explained the importance of Fair Housing. “It is very important to know your rights, whether a homeowner or a renter, regarding housing discrimination.” She shared about the Fair Housing Act, which protects discrimination from race, color, national origin, religion, sex, familial status, and disability

Moses Kim

Development Manager, KCCD

Moses Kim shared KCCD's homeownership program, which includes homebuyer education and pre-purchase counseling. "The class is important, not only because it is a requirement if you are seeking down payment assistance but because of the valuable resources and education you gain in learning how the home buying process works." He also covered the topics of credit building which includes KCCD's partnership with Safeguard regarding debt management, and foreclosure prevention programs, which includes the Keep Your Home California and Making Home Affordable programs.

In lieu of the assigned local contractor for the City of Los Angeles Handyworker Program, Mr. Kim shared briefly on the eligibility and program guidelines. The Handyworker Program provides free minor home repairs and/or installation of safety and security devices for homeowners and renters. Please click here for more information.

Oscar Morales

Homeowner Relations Intake Manager, Habitat for Humanity of Greater Los Angeles

Habitat for Humanity is offering great programs for low-income homebuyers for home purchase and also for home repairs. “We will be building in the cities of Culver City and Long Beach.” Oscar Morales shared. “Here is an opportunity for everyone. Applications will open starting in November.” You may check here for eligibility.

In addition, the home repair program gives current homeowners a chance to make necessary repairs related to carpentry, electrical, plumbing, roofing, painting, etc. with an opportunity to get the loan forgiven for the total project costs.

Doo Hyung Kang

Program Associate, Koreatown Immigrant Workers Association

Doo Hyung Kang talked about the importance of identifying lead exposure and taking measures to correct it through the lead stabilization program. “Lead exposure primarily happens through the chipping and peeling of paint, " stated Mr. Kang. He shared that homes built before 1978 can potentially still contain lead paint. Through the City of Los Angeles Lead Hazard Remediation Program, a renter or a homeowner can apply to make the property lead-safe.

Bank sponsors including Union Bank, U.S. Bank, Bank of America, Boston Private, CalHFA, and Bank of Hope presented on their special loan products for first-time homebuyers. These loan products are special due to their low to no down payment requirements with no mortgage insurance, lower credit score requirements, and receiving closing cost assistance as well. (Learn more about these products by taking KCCD's Homebuyer Education Class!)

A special Congressional Recognition was given by U.S. Congresswoman Loretta Sanchez to our bank sponsors.

The Honorable Jerome Horton, Chair of the CA Board of Equalization shared special remarks to all prospective homebuyers in attendance. “Homeownership is one of the most important things we can do for our citizens. Currently 70% of our residents cannot afford to buy the median homes. Many cannot afford because they are not aware of the various programs established to assist in homeownership. I want you to be encouraged in what you do in order to be a homeowner in the state of California.” The Board of Equalization represents 9 million Californians and oversees the welfare exemption for affordable housing.

The fair program concluded with several raffles, including a grand raffle prize of a big-screen HDTV!

Want to Get Started?

Be a smart homebuyer and learn of the valuable resources available to you by taking KCCD's Homebuyer Education Class. Experts will be available to discuss the various aspects of the home buying process.

Learn more about:

Down payment assistance programs to get up to $60,000 to help purchase your home
Special loan products available to first-time homebuyers, which include LITTLE to NO Down Payment requirements and NO mortgage insurance
Importance of building and maintaining credit
Finding the right real estate agent and the escrow process

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