How social enterprise is going to rebuild homeownership
Housing starts are down one month, up the next. The trajectory of mortgage rates is higher one week and then lower the next. And while the trajectory for homeownership has turned up, the move has been small and the national rate remains well off of its peak as HousingWire reported recently.
Everyone from homebuilders to mortgage lenders and real estate professionals want to see the homeownership rate increase. These traditional pillars of the market are retooling their products and services and hoping for success. But another, often overlooked, player in the market is reconfiguring its business in order to put more wind in the sales of homeownership. I’m talking about nonprofits.
On annual basis, nonprofit housing organizations touch hundreds of thousands of potential first-time homebuyers. They do this in a variety of ways through the delivery of traditional home buyer education and financial and credit counseling, partnerships with other social service programs and increasingly as small business lenders via a growing base of community development financial institutions.
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