MEDA’s Homeownership Program Rebranded as Housing Opportunities

Mother and daughter hugging

MEDA has long been helping low- and middle-income Latinos with their housing needs. This program is being rebranded today.

Vincent AlvarengaInterview with:
Vincent Alvarenga
Housing Opportunities Program Manager

MEDA: Why are you changing your program’s name from Homeownership to Housing Opportunities after two decades?
VA: My team and I realized that our clients’ needs had changed over time. People must understand all aspects of housing, whether purchasing or renting, so Housing Opportunities now better describes the services we are offering.

MEDA: Will you still offer First-Time Homebuyers workshops?
VA: Yes! MEDA launched its housing program 20 years ago with our First-Time Homebuyers workshops, and it is as popular as ever. We will still teach the basics. About 25 percent of workshop attendees have everything in order, from a credit score of 720+ to having all of their paperwork in order. The other 75 percent need some help, which is where our coaches come into play. If a credit score is not good enough, financial capability is woven into the coaching sessions until the person’s fiscal situation is good enough to make the home purchase. That takes three to six months in most cases, but we work even longer with some clients to make sure they decrease debt and increase savings.

MEDA: You will have a new Post-Purchase workshop for current homeowners?
VA: Yes, this will be held once a month, in English and Spanish. This two-hour workshop will give an overview to everything people need to know once they own their home. We will focus on property tax, homeowners’ associations, upgrades/repairs and insurance. We’ll also stress financial capability to keep finances stable and prevent foreclosures. Once we assess a homeowner’s specific needs, we can then offer coaching to identify a plan and then execute that plan until the goal is met. For example, if they are looking for financing because they need a new roof, they can be advised of the state’s CalHome Program, which offers a three percent loan of up to $50,000 to do home repairs—better than a HELOC.

MEDA: What about the Foreclosure Intervention & Default Counseling workshop?
VA: In 2009, in the midst of the Great Recession, MEDA started the Foreclosure Intervention & Default Counseling workshop because of community need. We used to see 20 people in that workshop, and then it dwindled to just a few, so that is being rolled in the Post-Purchase workshop for current homeowners.

MEDA: You are also starting a Rental Preparedness workshop. Can you explain the need?
VA: Renting in San Francisco can be daunting. We will alert clients to special programs of which they can take advantage, such as below-market rate (BMR) rentals. Our team will also work to foster a sense of pride in renters. Tenants’ rights will be explained—vital in the Mission, where no-fault evictions run higher than other neighborhoods. In alignment with MEDA’s Community Real Estate team taking on affordable housing with their Mission Action Plan 2020, I foresee these classes being brought right into complexes, so that residents can get the counseling they need. It’s important to teach the responsibilities of being a tenant, especially for those in affordable housing. For example, you need to stay on top of your paperwork if you are in subsidized housing. While many see this as a hassle, it is imperative—you can lose your housing subsidy if you do not take care of the annual paperwork.

We will also weave our Housing Opportunities program throughout other MEDA programs. For instance, the Young Adult program called Mission Techies, whereby 17- to 24-year-olds are put on the path to an IT career, has many clients who are interested in getting their first apartment, but they have little idea of what that entails, especially in San Francisco. We will teach such clients how to get everything in order to become a renter, plus let them know that landlords want prospective renters to have below 50 percent of gross income as a debt ratio. If they do not have such things in order, renting becomes a problem.

MEDA: Best of luck with your new program items.
VA: I know in 2015 we will be able to help our clients all the more. My team and I are excited to help!

 

 

 

 

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