Housing & Affordability

TEC: Educating & Counseling about Mortgage Subsidies

Housing affordability is a major factor in where people choose to live and how well they live. When housing isn’t affordable, people can’t afford to buy a home or must choose housing far from their job. The affordability of housing in Miami-Dade County remains as an obstacle to ownership and affordable rentals. Another major obstacle to our low-moderate residents is the lack of knowledge about subsidy programs that help make ownership affordable. Unfortunately many of the families that would be eligible for the subsidy programs suffer from habitually low credit scores. On the 3rd Saturday of each month, Trinity Empowerment Consortium “Trinity” hosts a pre-purchase homebuyer education class. In the class we review the types of subsidies available based upon income and family size. We also review credit scores with a soft touch (does not impact scores). The scores which may be below the requirements of the subsidy programs must be improved in order for the family to participate in the subsidy. This is the point where many clients drop out and the commission based professionals who don’t get compensated until the family closes on their home move on. Enter Trinity and its financial coaching program. Everyone receiving a credit report is provided the opportunity to meet one-on-one with a financial and/or credit counselor. During that one-on-one counseling session we assist the family in developing an action plan to overcome the low credit scores. We also provide this service for families that may have been displaced during the housing crisis and are now looking to rebuild and restore their financial health.

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