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Asian American Faith-Based Organization: Empowering Communities

Join Korean Churches for Community Development in their mission to maximize the capacity of Asian American faith-based organizations and community non-profits. Learn about their successful homeownership program and partnerships in creating private and public collaborations.

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Asian American Faith-Based Organization: Empowering Communities

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  1. Korean Churches for Community Development“Transforming Lives and Communities”Mortgage Industry Emerging Markets and Diversity Conference October 3 -5, 2007Marriott Crystal City, Washington DC

  2. Message • KCCD Introduction • Korean Community Introduction • Homeownership: Tool for Empowerment • Lessons Learned: Program Implementation, Partnerships, Funding Opportunities & Advocacy Areas • Outreach Strategies

  3. KCCD Mission KCCD is a national non-profit faith-based organization, which serves as a bridge between the Asian American community and the greater community at large in connecting and creating private and public collaborations. Our mission is to maximize the capacity of Asian American faith-based organizations and other community non-profits to remove the cultural, language and economic barriers by increasing their access to resources and funds in order to assist low income individuals and revitalize neighborhoods.

  4. Affiliates • California • Texas • Missouri • New Jersey • Virginia • Washington, DC • Michigan • Philadelphia • Washington State

  5. How We Help Organizations • Build capacity of individual organizations • Demonstrate Models of Success and Help Organizations Implement Programs • Seek National Funding and Subgrant

  6. New Program – Workforce Development

  7. KCCD Initiatives • Homebuyer Center • Financial Literacy/IDA • Marriage & Family Strengthening • Workforce Development for Youth & Young Adults • Organization Capacity Training Program • Church and Community Research Institute • AmeriCorps*Vista Leadership Fellowship • Health

  8. KCCD Homeownership Program Successes • Started in October 2002 • 7 Homeownership Fairs • Trained over 4,000 interested homebuyers • Many Partnerships

  9. Over1000 Participants Turn Out for KCCD's 6th Homeownership Fair

  10. KCCD Teams up with Freddie Mac, AREAA, Countrywide, and KYCC to Help Asian Americans In Los Angeles Become HomeownersCongressman Xavier Becerra Supports Homeownership Efforts

  11. KCCD First Time Homebuyer

  12. Understanding the Community

  13. Highest Rate of Entrepreneurship

  14. Class of Worker for Selected Groups in the U.S., 2000 SOURCE: U.S. Census Bureau, Census 2000 Advanced Query

  15. Educational Attainment in the United States, 2000 (Population 25 years and over) * The measure for educational attainment is having at least Bachelor’s Degree. SOURCE: U.S. Census Bureau, Census 2000 Supplementary Survey PUMS Data Set

  16. Median Household Income in the United States, 2000 SOURCE: U.S. Census Bureau, Census 2000 Supplementary Survey PUMS Data Set

  17. 2nd Highest Language Barrier

  18. Percent of Population in Linguistically Isolated Households by Race, Hispanic category, and Asian ethnicity, 2000-[Population 5 Years and older] Source: U.S. Census Bureau, 2000 Census of Population and Housing. Table produced by Eui-Young Yu and Steven T. LeeKorean American Coalition – Census Information Center, 2005

  19. 75% of Korean Americans are affiliated with the Korean American church

  20. Number of Korean American Churches • 4000 Korean American churches in U.S. • 1100 Korean American churches in LA/Orange County

  21. Asian Americans: Model Minority Myth

  22. The Homeownership Gap US Homeownership Rates 76% 59.8% 49.1% 48.1% Source: US Census Bureau, 2005

  23. National Homeownership Rates

  24. Median Household Income

  25. Per Capita Income is Lower

  26. Homeownership: A Tool for Community Empowerment

  27. Why Homeownership ? • American Dream • Political Empowerment • Wealth Building • Family Stability/Health • Great Funding Partners

  28. Don’t Reinvent the Wheel • Learn from those who have already succeeded

  29. 1st Homeownership Fair

  30. 1st Homeownership Fair • 600 Participants! • Major Ethnic Media Coverage • Vendors with Korean speaking representatives popular

  31. Findings • 95% of 125 individuals had FICO scores over 750 • 95% of 175 individuals had FICO scores over 700

  32. Survey Findings • 88% never had homebuyer education • 91% qualified 1st time Homebuyers • 95% intended to purchase home next 6 months.

  33. Key Strategic Outreach Partners • Media • Churches

  34. Partnership with Freddie Mac

  35. Various Homeownership Partners • U.S. Department of Housing and Urban Development/ Elected Officials • HUD Affiliate • United Way • Fannie Mae • Freddie Mac • Financial Institutions including Countrywide, Wells Fargo, Bank of America, Washington Mutual, Chase, GMAC & Others • State Farm Insurance, NHS, LA Housing Department, County Housing Department, Affordable Clearing House & Others

  36. New Initiatives • Countrywide • Freddie Mac • AAREA • KCCD • KYCC

  37. Other Partnerships • Media – Korea Daily – weekly media advertisement and educational facility • PSA development – media partners

  38. Program Mechanics • Neighborworks Certification • Downpayment & Financial Assistance

  39. Homeownership Assistance Programs • Downpayment Assistance • Homebuyer Education • Consultation & Guidance • Financing Options • IDA Program • Certificated LA Housing Department Partner

  40. Financial Assistance • Downpayment Assistance • City of Los Angeles: $90,000 downpayment, $15,000 for improvements • Matched Savings Money (IDA, IDEA, Wish) - $5k saving, up to $23,000 additional match • Closing Costs

  41. Homebuyer Education • Required for downpayment assistance and special financing programs • Great Helpful Insights • 12-Hour Curriculum, Certified

  42. First Graduating Class

  43. Financing Options • CalHFA’s below market interest rates • Fixed rate Interest Only programs 30, 35 and 40 years • Acorn (no PMI, low credit, good history, below market) • Lease to Purchase • Stated Income

  44. IDA Program & Financial Literacy Program • Couple can save $5000 and receive up to $23,000 free money for downpayment. • Financial Education – 8 hour class

  45. Strategies for Partnerships • Knowing Who We Are and Our Offerings (Strengths) • Turning Weaknesses into Strengths and Opportunities • Creating Win-Win Situations • Borrowing Capacity

  46. Challenges – Undocumented Income/Assets • Real Business Income • Income from outside the country • Korean Internal Savings System “Gye” • Cash under the bed • Gifts from family members • Immigrant Life Style

  47. Loan Products that Work • No Doc’s • Stated Income • No Income or Asset Verification Forms

  48. Disconnects in the Market Place • Lender Income and Asset Qualifications • Korean/Asian Immigrant Lifestyle and Income/Asset Stream • Thriving Broker Market

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