HOME OWNERSHIP

Related Grants Related Investments

For many American families owning a home is a key aspiration. A family’s home provides a stable place to live, raise children, and participate in a community. Often a home is a family’s primary asset and serves as a base upon which to build additional assets. Communities with a high percentage of owner-occupied homes are generally safer, economically stronger, and characterized by a more engaged citizenry. Unfortunately, the American dream of homeownership is in peril for many low- and moderate-income families, owing to the dramatic increase in housing costs and mortgage payments. Conversely, the sub-prime mortgage crisis and rising foreclosure rate disproportionately affect low-income and minority homeowners, threatening the value of the homes and the quality of the neighborhoods.

Community Development Corporation of Brownsville, Inc. CDCB manages a comprehensive home ownership program for very-low, low- and moderate-income families below 80% area median income in the lower Rio Grande Valley of Texas. Heron has provided general support since 2003.

To take advantage of the positive outcomes that accrue from home ownership and to mitigate the negative impact of foreclosures, the Foundation will consider support for organizations working to increase and preserve affordable home ownership in low-income urban and rural communities. The Foundation considers support for organizations that:

• Develop and/or finance new or rehabilitated owner-occupied homes, including self-help housing
• Provide people with affordable mortgages and/or provide pre- and post-mortgage counseling to first-time home buyers
• Preserve wealth by preventing foreclosures due to predatory mortgages and other predatory practices
• Demonstrate innovative approaches to home ownership that enhance and sustain wealth-building opportunities for low-income homeowners (e.g. energy efficient structures and policies).