Latino Economic Development Center

Programs: Ledc's homeownership counseling program (regional): the homeownership department is a hud-certified housing counseling agency that helps families in the dc region build sound financial management skills, buy their first home, and save their homes from foreclosure. In the district of columbia and maryland, our housing counselors help prospective first-time homebuyers understand the process and responsibilities of homeownership and access local financing to put the cost of homeownership within reach. We also assist homeowners at-risk for foreclosure qualify for assistance programs and fight housing scams. Families work closely with our counselors to strengthen their financial practices and identify their best long-term housing solution. The department has adopted the national industry standards for homeownership education and counseling. In fy2017, ledc educated and counseled 1,742 low to moderate income residents through courses and counseling. Ledc staff conducted a total of 186 courses/workshops. Ledc staff counseled 505 low to moderate residents on sound financial practices and responsible homeownership. As a result, 48 low to moderate income families purchased their first home. 127 clients submitted dc home purchase assistance program (hpap) applications. In addition, with ledc's assistance 23 families avoided foreclosure through principal reduction or permanent modifications.

ledc's small business services programs offer coaching and financing to low to moderate income aspiring entrepreneurs and existing business owners in the dc and baltimore region. Ledc's small business development team offers group workshops and individualized technical assistance on diverse topics including business planning, licensing, marketing, recordkeeping, sales, and technology integration. The team also connects entrepreneurs with expert consultants. Ledc's lending program offers micro loans ranging from $500 to $50,000 to qualified start-ups and existing businesses that have difficulty obtaining credit from mainstream financial institutions. In fy2017, ledc's small business coaches in maryland and d. C. Served a total of 644 clients and conducted a total of 71 workshops and courses related to business planning, licensing and permitting, marketing, accounting, and technology integration. In terms of our microlending, we disbursed 182 loans in d. C. , md, and northern virginia totaling more than $2. 1 million in capital. Our programs led to the creation of 91 businesses, supported/retained 481 equivalent full-time jobs, which we estimate will lead to the creation of 260 equivalent full-time jobs during the following 12 months. Our lending portfolio at risk rate (loans more than 30 days late) at the close of fy17 was at 7. 8% and our annual write-off rate was 4. 65%.

ledc's affordable housing preservation program: works to preserve multi-family, rental and owner-occupied housing as affordable and prevent the displacement of renters and low-to moderate-income multifamily owners. Through popular education, technical assistance, community organizing, and advocacy, ledc organizers help renters establish tenant associations so they may leverage dc's tenant rights. Our team works with tenants to stop illegal rent increases, purchase their apartment buildings, and improve housing conditions. Ledc also works with owners of affordable multifamily housing, usually cooperatives, to ensure ongoing sustainability. The program helps residents develop their leadership and organizing skills so they can craft and lead campaigns to advocate for improved housing policies in d. C. . Since its inception the program has successfully helped over ten thousand families maintain their affordable housing and prevent displacement. In fy2017, ledc supported tenants and residents in preventing displacement and preserving affordable housing in 83 buildings. Ledc provided tenant organizing at 26 federally subsidized buildings, 10 owner-occupied buildings, 47 rent-controlled buildings; and through 10 neighborhood or community-specific trainings and our 11th annual city-wide tenant town hall. Of these tenant associations, we assisted 61 through the tenant opportunity to purchase act (topa) process. Ledc's work in fy2017 led to the long-term preservation of 83 buildings (10 as owner-occupied cooperatives) with 1,534 units. These buildings will remain affordable for at least 40 years.