Woodbridge, VA – March 10, 2023 – First Home Alliance has important information for Chicago, Illinois, and the surrounding area. Although $350B in emergency funds is available, millions of renters and homeowners are still suffering from pandemic-related financial hardship. With millions of people still reeling financially from the pandemic, FHA and HomeFree-USA are launching an innovative new partnership with the faith-based community to help homeowners and renters get their finances back on track.
Sponsored by Wells Fargo, HomeFree-USA, and FHA, Create Awareness to Reach Economic Stability (CARES) is a program to lend financial assistance to those in need. The initiative helps consumers find and qualify for programs that support their efforts to catch-up on late payments and improve their financial health. Churches will be utilized as the primary method to introduce their congregations and the members of other local communities to the program. The initiative comes at no cost to participating churches or consumers.
Communities of color have historically looked to their churches for help during the most challenging times,” said FHA President and Founder Larry Laws. “With so many people in need of financial assistance, this program will help equip churches to better aid their congregation and strengthen their communities as well.” He continued saying, “Improving the financial health of underserved communities as has always been a core principle of FHA. Through this partnership, faith-based civic organizations will continue to do something great… Transform lives for the better.”
FHA has helped thousands of consumers overcome financial hardships, avoid foreclosure, and navigate the often-rocky road to achieving and maintaining homeownership. Now, participating churches will be able to uplift their communities with financial education that can change the trajectory of lives. Together with area churches, FHA will offer consumers education, inspiration, and guidance to move confidently through distress and toward stability and financial security.
Their will be a virtual meeting with faith-based leaders in the Chicago area on March 16 and then additional meeting to support their congregations and spread the message of financial health later in the month. Participants of the CARES program will be able to take part in the series of virtual and in-person workshops and financial education events to learn more about improving and maintaining their credit, proven guidance to saving and budgeting, along with navigation tips for foreclosure prevention.
Homeowners will also learn about resources to help them efficiently maintain their homes and receive information about refinancing and other modifications that can save them money over time. For those who are dreaming of buying a home, the program provides information about building credit, structuring budgeting, and money management that puts them on the path to becoming homeowners. Watch FHA’s social media platforms for more information and to register to attend the sessions. Make sure you identify First Home Alliance during registration as the affiliate who connected you with the CARES program.
First Home Alliance is a HUD-approved 501(c)3 not-for-profit housing counseling agency promoting financial literacy and economic self-sufficiency. Their mission is to increase home ownership among low-to-moderate income communities and to sustain ownership through loss-mitigation counseling and foreclosure intervention. For more information or to make a tax-deductible donation to empower their mission please visit: www.FirstHomeAlliance.org
