Financial Management Services 2019
Northwest Michigan Community Action Agency’s Impact in 2019
Homeownership and Financial Center in Action
NMCAA’s Homeownership and Financial Center is able to help a wide array of community members through their various programs. Over the years we have been able to provide support and information to neighbors helping them achieve their financial goals in housing, education, and small business assistance.
The following is how we have helped in 2019:
198 Participants completed Financial Coaching, with 62 achieving and maintaining capacity to meet basic needs for 90 days
70 Homeowners facing foreclosure retained their home or transitioned into affordable housing 14 IDA participants purchased a home, enrolled in higher education, or started/expanded a small business
108 Participants attended Homebuyer Education
346 Participants attended Financial Capability workshops
39 Households participated in Pre-Bankruptcy and Debtor Education
44 Homebuyer Education and Pre-purchase Coaching participants became new homeowners
261 Households received Emergency Utility Assistance and Energy Education
3,175 Households were assisted by the Tax Preparation Program in 2019
$6,814,418 In tax credits and refunds were received by Tax Preparation Program participants
NMCAA Works with Local Partners to Solve Housing Dilemma
Mortgage Assistance
It is no secret that our beautiful Traverse City Region is suffering from a serious shortage of affordable, adequate housing for low-to-moderate income individuals and families. NMCAA’s Homeownership Center, a NeighborWorks chartered member, is continually working to coordinate resources and programs with Michigan State Housing Development Authority’s (MSHDA) Key to Own Program and Homestretch Nonprofit Housing Corporation. Together with these organizations, NMCAA is able to assist individuals to work toward homeownership and plant their feet firmly in a little piece of America they can now call home. One such individual is Patty Colegrove, who lives on Supplemental Security Income.
Client’s Story
Meet Patty
Patty was recently able to purchase a newly renovated, affordable condominium in Traverse City from Homestretch. The Key to Own Program enabled Patty to convert her MSHDA rental voucher to a homeownership voucher that assists in the purchase of a home by paying a portion of the mortgage payment. NMCAA, a US Department of Housing and Urban Development (HUD) approved Housing Counseling agency, works with Key to Own recipients to provide Homebuyer Education and Money Management workshops.
Budget and Housing Coaching
Participants also work individually with a Budget/Housing Coach to prepare a budget and address any credit issues impeding their ability to qualify for a mortgage. Homestretch constructs attractive, high quality, energy efficient affordable homes and condominiums for families and individuals with loans from project partners and grants through MSHDA locally in Traverse City. Patty was fortunate enough to purchase her condo from Homestretch at just the right time!
