Nothwest Ohio Community Action Commission (NOCAC) is celebrating Financial Literacy month by providing virtual live housing workshops on home repair and home purchase Tuesday 6-7:30 p.m.
Home repair speakers will include: NOCAC Weatherization, Maumee Valley Planning, USDA home loan and home repair loan. In addition, there will be a speaker on home ownership and credit building products including NOCAC’s Matched Savings Program.
Attendees will have an opportunity to learn about the free program details and have their questions answered by the experts. Register for this event by contacting NOCAC’s financial coach, Amy McMaster at 419-990-5136 ext. 3122 or [email protected].
“Most people aren’t aware there are free programs to help them purchase their home or repair it,” McMaster explained. “This workshop brings all of these agencies into one location so the public can learn more and have their questions answered by the experts. There are so many families on a fixed income, including our elderly, who are not in safe housing. NOCAC wants to make sure families are aware of programs that could make their home more energy efficient. NOCAC looks forward to bringing awareness to the community.”
NOCAC’s Weatherization Program wants to improve the energy savings for income eligible individuals. This is done by providing energy related home repairs and other modifications to make the homes safe, comfortable and energy efficient while reducing the heating and cooling cost paid by low-income consumers. Health and safety issues such as furnace and water heater replacement are also assessed; however funding for this is limited, and if the unit is a rental the landlord is recommended to contribute to the repair cost. To be eligible for this program, a person may not make over 200% of the Federal Poverty Guidelines. For more information contact Brandy at 419-784-5393 ext. 3110; to schedule an appointment with your local NOCAC Outreach office please call 1-419-219-4641 or visit the NOCAC website at www.nocac.org .
Maumee Valley Planning oversees the Community Housing Impact and Preservation (CHIP) program which also provides home repairs and often partners with the NOCAC Weatherization Program. The CHIP Program provides funding to address housing-related activities including the full rehabilitation of the property. The goal is to bring the entire home into conformance with local and state codes while addressing health and safety concerns. The improvements will include correction of structural issues, heating, electrical, plumbing, lead paint hazards, accessibility, and water/sewer issues. To learn more, contact Liz Keel at 419-784-3882 or visit https://www.mvpo.org/housing.
The USDA Rural Development’s Section 502 Direct Loan Program provides a path to homeownership for low- and very-low-income families. No down payment is typically required and there is no private mortgage insurance involved with low interest home loans. This provides an opportunity for families who do not have the funds for a down payment. For more information contact Melody Massey at [email protected] or 419-581-4507.
McMaster has been helping families purchase homes for 12 years and continues to offer all these services for free through NOCAC’s Financial Opportunity Center (FOC). The FOC can help families improve their credit, reduce their debt, sign up for federal student loan payment plans, and much more. McMaster goes on to say, “I don’t have a magic wand to magically make all their credit problems disappear, but I do have some resources that can make the journey to home ownership easier.”
NOCAC also administers a Matched Savings Program that provides one time down payment assistance toward home ownership. Income eligible participants receive up to $650 in matched savings toward a home loan down payment and closing costs. Participants save $50 a month for up to 12 months in a personal savings account and receive the NOCAC match once they have completed all program requirements and purchase their home. A free financial coach is provided to help participants become mortgage ready. Most mortgage loan products require a credit score of 640 and NOCAC’s financial coach can help participants reach this credit score in a timely manner while learning new ways to make their income stretch. Contact McMaster at 419-990-5136 ext.3122 or [email protected] to learn more.
McMaster went on to say “there are so many people who have the dream of owning their own home and do not know where to start. This housing workshop explains the process and links them to agencies that can assist them. Most families need a credit score of a 640 to purchase a home in Northwest Ohio. There are programs to help families reach this credit score and reduce the debt that could disqualify them from a mortgage loan. In addition, they can learn more about down payment assistance programs such as the $5,000 Welcome Home Grant that provides a onetime down payment assistance if you purchase a home in March”. Attendees will walk away with information and resources to make their home ownership dream come true. NOCAC will also be offering a free online Credit Repair class as well, Tuesday April 27th @ 6pm. Please reach out to the FOC if you would like to learn more by calling 419-990-5136 or visiting our website at www.nocac.org.