Woodbridge, VA – June 26, 2023 – First Home Alliance is honored to announce that they are the recipient of a grant from Wells Fargo. The grant period will be effective July 1, 2023, through June 30, 2024, and FHA has proposed that 85% of the funds will be used for comprehensive housing counseling programs and no more than 15% for administrative expenses. The grant will focus primarily on providing assistance for low-to-moderate income and military families to enrich communities in Maryland, Virginia, and Washington, DC.
This grant fully aligns with FHA’s primary mission and values to increase affordable housing opportunities by providing comprehensive housing counseling services. In more detail, the services FHA will provide through this grant will include financial literacy education on budgeting, household financial management, establishing and restoring credit, which should increase financial capabilities empowerment. More direct housing counseling will focus on the home-buying process, loan-closing process guidelines, post-purchase guidance, loss-mitigation recommendations, and fair-housing regulations.
FHA Founder and President, Larry Laws said, “FHA has a proven history of providing help to low-and-moderate income and veteran communities to prepare them for the mortgage loan application process and introduce them to credible lending sources, and affordable housing options. We’re honored that Wells Fargo is able to acknowledge our proven performance in community enrichment with this grant.”
There will be some reporting requirements as a component of this grant, and impact will also be reported to HUD and other intermediaries, such as HFUSA. FHA is excited that this grant will allow the organization to continue to help clients stay in their homes by continuing to provide home preservation counseling, loan modification assistance by lowering homeowners’ mortgages to help make their cost for housing affordable.
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.