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> COMMUNITY WEALTH BUILDING INITIATIVE

Community Wealth Building Initiative

More than the building of houses and storefronts, the Initiative recognizes that the importance of community development is the health and wealth of the community and it's residents.  The Initiative's goal is to enable families to grown and build wealth.  The lifelong benefits of homeownership and good credit can make that happen.  What's more, a home serves as a solid foundation for building further wealth.  LISC’s Community Wealth Building Initiative matches affordable CDC-produced homes with potential homebuyers.

Detroit LISC is a partner with Detroit WOW (With Ownership Wealth), spearheaded locally by U.S. Representatives Carolyn Cheeks-Kilpatrick and John Conyers of the Congressional Black Caucus Foundation (CBCF), the WOW program is designed to promote homeownership in the districts they serve. 

The Detroit WOW working committee is a unique partnership of southeastern Michigan financial institutions, Detroit Local Initiatives Support Corporation (LISC), FannieMae, Staff of the 13th and 14th U.S. Congressional Districts  affordable housing producers including non-profit community development organizations, homeownership counseling organizations, realtors, and mortgage lenders.

The Program:

PROMOTES AND DIRECTS down-payment assistance to homebuyer graduates form preferred-provider homebuyer training classes.  LISC targets graduates who purchase homes that are built or renovated by non-profit community developers in Detroit.  LISC works in partnership with the financial and funding community to make this happen.

SUPPORTS Individual Development Accounts (IDAs) IDAs are a matched savings program proven to help individuals create budgets, save, adn build assets toward buying their first home.  In partnership with United Way Community Services, teh LISC-matched IDAs leverage up to $4 of match to every $1 saved.

PROVIDES Financial literacy training, home buyer education and credit repair The Initiative has professionals working directly with potential homeowners.  These professionals maintain open communication with financial institutions and mortgage brokers who are sensitive to the needs of an applicant in need of affordable housing.