Jonathan Young | May 9, 2017
CEF matched savings accounts now support Members in reaching goals all along the continuum from homelessness to homeownership. We launched a new program in 2016 to support first-time homebuyers with Reinvestment Partners and the Duke Homebuyers Club.
Paige was one of the first 5 CEF Members to successfully purchase their own home during the first year of this collaborative program!
Paige worked incredibly hard and with amazing focus to reach her goal in just ten months. She worked extra jobs in addition to her full-time job at Duke. She participated in CEF’s Financial Coaching, meeting regularly with Donna Carrington (CEF’s Housing Stabilization Specialist) and sharing, “Donna was a great motivator and kept me on track with my financial goals.” Paige was able to pay off debts and improve her credit score, which qualified her for an affordable mortgage. Meanwhile, she successfully saved for her down payment and closing costs, receiving a dollar-for-dollar match from CEF!
Paige is proud to be a homeowner. One of the best parts? Her mortgage payment is actually cheaper than her rent payments were, and she is building an asset for the long term.
CEF is supporting this pilot program for first-time homebuyers in Durham in collaboration with Reinvestment Partners, the Duke Homebuyers Club, and the Duke University Office of Durham & Regional Affairs. The Homebuyers Club partnership brings together incredible resources for the participants, including homebuyer education and credit assessment through Reinvestment Partners, and a wide array of community experts through Duke’s partnerships, including attorneys, appraisers, and credit unions.
Meanwhile, CEF provides our one-on-one financial coaching so that participants like Paige can take action steps in building credit, budgeting to reach their goals, and accessing resources. In just the first year of this pilot collaboration, we have seen amazing results.
Since the Homebuyers Savings program began, results from April 2016 – April 2017 include:
- Pilot participants have built $16,864 in savings towards the purchase of their first homes.
- 5 of the first 9 members have already bought their homes, with the remaining participants well on their way towards achieving their goal within the 18-month pilot period!
- Members are saving on average $144 each per month
- 67 one-on-one coaching sessions completed with members in 1 year
- 85% of program participants are women
- 100% of program participants are people of color
- Thus far, mortgage payments for these homebuyers are less expensive than their monthly rent payments were previously.