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The Partnership CDC has operated The HBC for 10 years and our program is one of the most successful in the City of Philadelphia. Since 1995, the HBC has graduated over 700 customers, 80% of whom have gone on to purchase homes. These classes meet for two hours in the evening to accommodate working families (from 6:00 PM-8:00 PM), once a week for seven weeks. The CDC will often offer daytime workshops for those who work the night shift. The topics of discussion include Financial Literacy and Money Management, Managing Your Credit, Mortgages, Working with Realtors and Agreements of Sale, Home Inspections and Shopping for a Home, and Homeowners Insurance and Settlement. In addition, the final session is a graduation and certificate awards ceremony. Each component of The Homebuyer's Club features a professional and experienced facilitator in that field. The classes also include one-on-one counseling with one of our certified Housing Counselors.
According to the Fannie Mae Foundation, "buying a home remains the largest single financial transaction that most Americans will ever make, and owning a home is the surest path to wealth creation for most people." Our constituents clearly suffer from a lack of wealth and access to economic opportunity. Increasing homeownership among our constituents builds personal wealth and enables them to access the economic mainstream. Many of our clients are first generation homebuyers, and purchasing a home enables them to transfer wealth to future generations, thereby breaking the cycle of poverty.
In addition, homeownership creates personal satisfaction and empowers our clients. Owning a home is a great part of the American dream and many of our constituents never conceive of being able to realize this dream. With our help they are able to get the necessary information, develop a savings plan, and go on to realize their dream. Ms. Barbara Smith, a former client who is now a proud homeowner asserts, "I love being a homeowner … I have waited all my life for this." Ms. Cheryl Hughie, another former client confesses, "Sometimes I still can't believe that it's mine."
