$10,000 Wells Fargo grant helps with homebuyer education
ANCHORAGE, Alaska - The Rural Alaska Community Action Program, Inc. (RurAL CAP) will receive a $10,000 grant from the Wells Fargo Housing Foundation to support homebuyer preparation counseling for potential clients of RurAL CAP's Self-Help Housing program. This owner-built homeownership program serves low-income families in the central Kenai Peninsula.
Potential homeowners will receive in person credit and financial literacy counseling aimed at enabling them to qualify for a USDA home loan. Counseling services can assist borrowers with resolving collections issues, divorce, imperfect work history/job loss, co-signing, large purchases, legal matters, cultural differences, medical emergencies, and other events that have a negative impact on credit scores.
RurAL CAP Planning and Construction Division Director Mitzi Barker says, “Taking small steps under the guidance of a homeownership counselor to correct credit problems will result in large strides toward achieving the dream of homeownership. We are delighted that Wells Fargo shares our vision and is partnering with RurAL CAP to help families get ready for homeownership.”
In 2012, nine Self-Help homes were completed in Kenai, bringing the total to 36 homes constructed since 2004. Each household is required to work a minimum of 30 hours per week building their homes and their neighbors’ homes. Participants earn “sweat equity” in their new homes, which eliminates the need for a down-payment and reduces the size of the mortgage.
The Rural Alaska Community Action Program, Inc. (RurAL CAP), founded in 1965, is a private, statewide, nonprofit organization working to improve the quality of life for low-income Alaskans.
Wells Fargo Housing Foundation
Since its inception in 1993, the Wells Fargo Housing Foundation has stewarded more than $278 million and 4.6 million team member volunteer hours in support of creating affordable housing and community revitalization programs. Wells Fargo Housing Foundation’s Team Member Volunteer Program has mobilized more than 184,000 volunteers to build or refurbish nearly 5,000 homes in low-to-moderate income communities. 2013 marks the 20th anniversary of the Wells Fargo Housing Foundation.
Source: RurAL CAP