Mission: Neighborhood housing services of orange county strengthens communities and enhances the quality of life for working families by expanding housing opportunitites, promoting sound personal financial management and encouraging civic engagement.
Programs: A. Education and counseling:nwoc's education programs provide information in the form of seminars and workshops for individuals seeking assistance with basic financial management, purchasing a first home, or working with lenders and servicers to preserve ownership of a primary residence. Operating within nwoc's neighborworks homeownership center, education programs provide a continuum of strategies to ensure successful, sustainable home ownership for orange county individuals and families. Successful, sustainable homeownership begins with educated consumers who have the tools, capacity and options to make good choices about their homeownership decisions, financing products and home maintenance. In the fiscal year 2013-14, nwoc conducted 28 (twenty-eight) 8-hour hud approved first-time homebuyer classes which were attented by 582 individuals. 18 (eighteen) financial education classes were conducted with 199 individuals in attendance. Many of the attendees were low-income, minority, homeless individuals, some of whom were residents of battered womwn's shelters in orange county. These programs were conducted in english, spanish and vietnamese. Nwoc also conducted 5 foreclosure classes serving 28 individuals. Nwoc's counseling programs provide one-on-one counseling and/or coaching for individuals seeking assistance with basic financial management, purchasing a first home, or working with lenders and servicers to preserve ownership of a primary residence. In the fiscal year 2013-14, nwoc counseled 310 individuals seeking to purchase their first home. An additional 190 individuals received financial coaching and counseling, learning to budget, establish savings patterns, and develop and maintain good credit. By working with distressed homeowners and their lenders, we were able to provide counseling to 176 households, saving 56 homes from foreclosure.
b. Down payment assistance lending:nwoc offers a variety of down payment assistance loan and grant programs to qualified applicants. Nwoc's lending staff work/help/match buyers with main low cost and safe community loan programs offered by major financial institutions. These down payment assistance programs are funded by a variety of sources including: the federal home loan bank of sf wish and idea program hud neighborhood stabilization program 1 (nsp 1) hud neighborhood stabilization program 2 (nsp 2) state of california housing and community services department cal home down payment assistance program local cities private institution cra programsin the year 2014, nwoc provided down payment assistance to 17 first-time buyers which totaled approximately $900,000, leveraged over $2. 8 million in first mortgage loans, resulting in $3. 7 million dollars of new loan fundings in orange county.
c. Property acquisition and development program:the goal of this program is to undertake the development of real estate projects and oversee real estate services that complement the needs of the communities served by nwoc. Through the homeagain initiative as well as the neighborhood stabilization program (nsp1 and nsp2) administered by the united states department of housing and urban development (hud), nwoc is actively engaged in the purchase, rehabilitation and resale of foreclosed homes to help stabilize targeted neighborhoods. Nwoc launched the homeagain initiative in january of 2008. The homeagain initiative turns vacant, distressed properties into affordable homes for working families. Nwoc also spearheads the homeagain consortium, a partnership of 7 local non-profits, to access nsp2 dollars through the united states department of housing and urban development. The home again consortium was the first nsp2 recipient to draw down 100% of its funding. The property acquisition and development program has been successful in preventing urban blight by focusing on targeted communities. Nwoc works with cities, lenders, and donors to acquire the capital to operate the program. Fye 2014, nwoc acquired 9 reos and sold 10 rehabilitated homes to qualified buyers.
nwoc has various other programs which provide assistance to first-time homebuyers in achieving their dream home.