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Expanding Consumer Education for the Next Group of Homebuyers

This summit explores key trends, best practices, and innovative strategies in consumer education and outreach for future homebuyers. Topics include homeownership programs, counseling and education, loan products, property and neighborhood services, and keys to success. Held on October 7, 2008.

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Expanding Consumer Education for the Next Group of Homebuyers

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  1. Expanding Consumer Education for the Next Group of Homebuyers Summit of Housing – Partnering for Responsible Policy October 7, 2008

  2. Overview of Key Trends • Difficult Times in the Housing Market • Increasing Household Debt Burdens • Rising Cost of Oil, Food and Commodities • Mortgage Defaults/Foreclosures Have Exploded • Importance of Emerging Markets • Best Practices in Homeownership Programs

  3. Homeownership Boom of the 1990s • Historically low interest rates • Demographic influences on housing demand • Public policy promoted minority purchases through CRA, GSEs, FHA • Mortgage finance systems changed dramatically to serve “emerging markets” • Nonprofits acted as new channel for low and moderate income homebuyers

  4. Outreach Group Training Individual Counseling Flexible Loan Underwriting Down Payment Assistance Mortgage Rate Subsidy Home Renovation & Repair Subsidized Home Development Affordable Homeownership:A Continuum of Strategies to Address Barriers Information Barriers Credit Barriers Financial Barriers Supply Barriers

  5. Best Practices in Homeownership Outreach and Marketing • Homeownership Centers • Employer-Assisted Housing • Affiliate Partnerships - Churches • In-House Realtors • Home Buying Expos • City Living Sundays • Refer-A-Friend Contest • Clever Marketing

  6. Best Practices in Homeownership Counseling and Education • High-Quality Training and Counseling Programs • In-House Programs with Partners (e.g., employers) • Lunch and Learn Programs • Incentives for Completion • Financial Education • Credit Counseling • Online and Telephonic Counseling

  7. Comprehensive Wealth Building Homeownership Counseling System Mortgage Brokering Services Credit Repair Pre-Purchase Services At-Purchase Services Real Estate Services Budgeting Access to home in market With potential for price appreciation Personal Finance Downpayment, Closing Cost Assistance Flexible Loan Products Employer Assisted Housing Down Payment Assistance Assessment of Rehabilitation Needs Tax Services – EITC, Other benefits Home Maintenance and Repair, Weatherization and other Property Services Emergency Reserves Savings - IDAS Insurance Services Post-Purchase Services Wills, Estate Transfer Refinance Predatory Lending Prevention and Intervention Financial Education, Credit and Debt Mgmt. Tax Services – Mortgage Interest Deduction, EITC, Other Benefits Insurance Services Legal Services

  8. Best Practices in Homeownership Innovative Loan Products • Down Payment Assistance • Closing Cost Assistance • Rehab Loans for Repairs • Energy-Efficiency Loans • Shared Equity Loans

  9. Best Practices in Homeownership Property Services • Home Safety & Energy AuditsInspections • Home Maintenance Inspections • Tool Lending Programs • Decorator Home Show • Home Maintenance Labs • Mini-Repair Program

  10. Best Practices in Homeownership Neighborhood Services • Welcome Visits and Gifts • Leadership Training Workshops • Homeowner Reunions • Neighborhood Tours • Neighborhood Asset Plans • Weed and Seed/Neighborhood Watch

  11. Best Practices in Homeownership Preservation Services • Preservation Workshops • Foreclosure Counseling and Referrals • Financial Counseling • Rescue and Refinance Loans • House Recycling Programs • Vacancy Services/Land Trusts

  12. Keys to Success • Customer Focused – Accessible • Remain relevant (understand market conditions • Efficient and Effective • Sustainable funding models • Look beyond government and philanthropy • Fee for Service Models • Evaluation of Impact

  13. Expanding Consumer Education for the Next Group of Homebuyers Summit of Housing – Partnering for Responsible Policy October 7, 2008

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