Volume 12 | Issue 8

Helping Hispanic Families Obtain Affordable Homeownership

NPHS works to preserve housing affordability, by offering programs and services to homebuyers and homeowners. This Hispanic Heritage Month, NPHS is recognizing the efforts, opportunities, and the need for servicers like NPHS that assist homebuyers and homeowners obtain affordable and responsible mortgage financing.

Last year, about half of Latino households in the U.S. were homeowners. And according to the Urban Institute, this group could make up 70% of new homeowners over the next two decades. But new findings suggest Latinos are more likely than any other ethnic group to use risky home financing. More than a third of the Latino households surveyed by the Pew Research Center said they'd used something other than a traditional mortgage. Alternative financing can come with high costs and risks.

NPHS Community Land Trust

NPHS is also preserving long-term homeownership affordability through its Community Land Trust (CLT), as part of a holistic framework to develop, preserve, and protect affordable homeownership opportunities. The NPHS CLT plays a critical role in providing Hispanic and other homebuyers of color with opportunities to build generational wealth through homeownership.

Recently, NPHS acquired a vacant dilapidated property in the City of San Bernardino that was then fully renovated and sold through NPHS' Community Land Trust. With the recent passing of his wife and the mother of his children, Mr. Jaramillo was struggling financially and was forced to live at a friend’s home where he and his children slept on couches. While homeless, Mr. Jaramillo contacted NPHS for help. After providing extensive financial education and counseling, NPHS was able to put Mr. Jaramillo on the path to homeownership. NPHS sold the home to Mr. Jaramillo at a discounted purchase price under its Community Land Trust. The home also included a new solar panel system which nearly eliminated monthly electrical bills. Now, Mr. Jaramillo has a safe, healthy, and affordable home to raise his children.

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Family of Six Becomes First-Time Homeowners

With rising interest rates and home prices, finding the perfect forever home can seem unachievable for many. For Mrs. Bahamon and her family, what started as an unexpected worry transformed into a beautiful homeownership story that serves as a beacon of hope for many first-time Hispanic homebuyers.

The Bahamons had been renting a home for years and were very established in their neighborhood. In addition, they had affordable monthly rent payments since they had lived there for so long. Unexpectedly, the Bahamons were notified by their landlord that the home was being sold and they needed to vacate within 60 days. This was a shock for the Bahamon family, and they immediately started searching for a new place to live.

Experiencing the harsh housing market first-hand, every apartment and home Mrs. Bahamon had come across was way over her budget. After weeks of searching to no avail, Mrs. Bahamon’s cousin recommended that she should consider buying a home rather than purchasing one. Homeownership was the furthest from her mind, as it seemed unattainable. With time winding down to find a new home, Mrs. Bahamon started exploring homeownership options.

While searching extensively, Mrs. Bahamon came across a home that was perfect for her family and was within her price range. Unfortunately, the seller accepted another offer. Determined, Mrs. Bahamon submitted a backup offer and knew that it would work out if the home was meant for her family. A few days later, she received the news that the buyer had backed out of the deal, and her offer was accepted. Mrs. Bahamon’s dream of homeownership was now manifesting into a reality.

Things ran smoothly until Mrs. Bahamon realized she couldn’t cover the closing costs. At that point, Mrs. Bahamon’s Realtor referred her to Neighborhood Partnership Housing Services (NPHS) for help. In partnership with the California Association of Realtors and the Housing Affordability Fund, NPHS provides closing cost assistance grants for first-time underserved homebuyers. While working closely with NPHS, Mrs. Bahamon was approved for a closing cost assistance grant just in time for the loan closing.

“I was approved for the closing cost assistance grant, and it just left me speechless; I couldn’t believe it,” said Mrs. Bahamon. “It was just mind-blowing that there was actually a program that was out there to help people in need of it, just like me.”

The C.A.R. HAF Closing Cost Assistance Grant covered 100% of Mrs. Bahamon’s closing costs. Thanks to the program, the Bahamons could buy their dream home.

“I want to give my thanks to NPHS, especially Curtis and Mara, for all the hard work in helping my dream of homeownership come true,” said Mrs. Bahamon.

NPHS is dedicated to helping underserved communities build intergenerational wealth through homeownership. To learn more about our down payment assistance programs and services, please contact Curtis Miller at (909) 986-5843 or at [email protected].

Up to $100,000 in Down Payment Financing Available

NPHS offers a variety of mortgage assistance programs for first-time homebuyers purchasing a home in Riverside, San Bernardino, and Eastern Los Angeles Counties. These down payment assistance programs give families the opportunity to fulfill their dream of homeownership. Please click on the link below to learn more about our down payment assistance programs.

NPHS Home Improvement Loan

NPHS’ Home Improvement Loan offers up to $50,000 for each eligible household in the Inland Valley to be used for financing any desired home improvements including health and safety repairs, beautification projects, and energy efficiency upgrades.

The purpose of this Home Improvement Loan is to provide low-income homeowners with affordable financing options for home improvement projects.

The NPHS Home Improvement Loan is a 20-year amortized loan with a 2.99% interest rate available for eligible homeowners.

2.99%

Interest

Up to $50,000

20-year Amortized Loan

Advancing Solar Equity

Everyone Owns the Sun and we should all be able to afford its benefits. The cost of solar technology has declined significantly, and yet only higher-income, well-to-do homeowners are accessing this technology. Communities of color and lower-wealth homeowners are still priced out of the solar economy or believe they cannot own solar panel systems. This was the drive for NPHS to design and develop Sojourner Solar, a solar platform that connects underserved communities to the benefits of solar by bringing a level of unprecedented affordability not offered by for-profit solar companies.

Sojourner Solar consolidates the supply chain to help our clients save thousands of dollars on their purchase of a solar panel system. Sojourner Solar eliminates markups and unnecessary premiums and passes those discounts to the consumer, disrupting current pricing models. By dealing directly with Sojourner, homeowners save on purchasing and installation costs.

Sojourner is a purchasing and financing social enterprise that makes owning a solar panel system more affordable to lower-wealth homeowners. Sojourner makes it easy and simple to go solar with a one-stop-shop and full turn-key service. This includes the purchase, installation, and financing of a solar panel system. Sojourner Solar even helps with roof repairs and renovation to prepare a home for solar. And with Sojourner Solar, homeowners keep all available federal and state income tax credits and incentives, further reducing the net cost of their solar panel system purchase.

The sun belongs to everyone and consumers shouldn’t pay a hefty premium to enjoy its benefits. Join us on our journey towards advancing solar equity.

As a HUD-Approved Housing Counseling Agency, NPHS provides FREE Home Buying Orientations to individuals and families who are seeking to purchase a home. Homebuyers will learn about:

• Down Payment Assistance Programs
• Affordable Financing Programs
• Grants for Closing Costs
• Affordable Homes for Sale

This orientation will be hosted in person. Please click on the button below to register. Space is limited

Operations Manager

The Operations Manager performs Operations and Administration, Board Governance, Facility, and Information Technology duties for NPHS and its affiliates. This position is essential in communicating with all departments and ensuring the organization and its affiliates operate smoothly, efficiently, and within compliance. This position is characterized by a dynamic, proactive, results-driven personality with a high degree of creativity, detail, communication, people, and performance-oriented skills. As a member of the management, the Operations Manager will actively work to grow NPHS’ reputation for excellent customer service and innovation.