The Bank of America Charitable Foundation has awarded Cabrillo Economic Development Corporation a $12,000 grant to support Cabrillo’s HomeOwnership Center’s financial literacy and homeownership programs.
The center offers foreclosure mitigation, pre- and post-purchase homebuyer education, and credit and counseling sessions to those interested in improving their economic situation. NeighborWorks certified and HUD-approved counselors provide all services in both Spanish and English.
A 2016 survey by NeighborWorks revealed 28 percent of adult Americans have no emergency savings in place; 25 percent of adults have only enough saved to get by for less than one month if they were to face a financial emergency; and 61 percent of adults do not follow a formal budget plan.
This underscores that millions of Americans are at financial risk, with the most vulnerable being those with lower incomes and people of color. As low/moderate income families are especially vulnerable, CEDC is a viable solution for financial coaching, said Cabrillo Development Specialist Angela Barosso.
“This grant will provide 400 low- to moderate-income families in Ventura County access to counseling services that will help them navigate the homeownership process,” said HomeOwnership Center Director, Omar Madrigal. “Pre-purchase workshops and group and individual counseling sessions examine the potential homebuyer’s personal and financial situation; details about house selection, the financing process, and the closing; and post-purchase concerns, such as home maintenance.”
Madrigal said he is grateful for the support Bank of America and its commitment to the community and Cabrillo.
“Providing support to organizations like Cabrillo Economic Development Corp, that are providing critical services and programs are just one of the ways we are helping improve the quality of life in the Communities we serve,” said Pamela Gabriel, Bank of America’s Suburban Market Project Manager for Enterprise Business & Community Engagement.