Affordable Housing Equity Dream Fund

We are proud to announce the launch of our Affordable Housing Equity Dream Fund! Since 2006, Jericho Road has positively impacted communities throughout Southeast Louisiana by building affordable housing for first-time homebuyers, assisting seniors with health and safety repairs to their properties, providing career growth opportunities for under-skilled people through workforce development, and offering coaching and financial education programs for low-income and working families.

To honor the families and communities we serve, Jericho Road is launching this Affordable Housing Equity Dream Fund. The purpose of the Fund is to provide resources to families with moderate to low incomes who are future homebuyers as well as senior homeowners. For homebuyers with lower-and working incomes, there are many barriers that interfere with getting to the closing table. There are low-income senior homeowners who often face difficulties regarding long-term home maintenance and changes that must be made to homes to keep them safe and comfortable as they age.

 

Due to long-term impacts from the COVID-19 pandemic and increasing natural disasters impacting our region, there has been a significant and dire change in the costs of owning a home because of increasing interest rates, increases in construction costs, and increases in insurance rates. More than anything else, the most significant and pressing need for change is in the rising prices of homeownership and specifically, with insurance policies. Home insurance premiums are higher right now than they were in the months and years following Hurricane Katrina in 2005, the most destructive event to impact New Orleans. This rapid and inequitable change is drastically raising the monthly costs and often pricing potential homeowners out of their budget. From a historical perspective, we know that this period of elevated insurance premiums, post-disaster, usually lasts about three years.

Jericho Road does not want to lose the current momentum and recognizes the need to further assist homebuyers until the market stabilizes again. With little or no support from the government, on a national or local level, and with continuously increasing insurance prices, the need for help is more urgent than ever. The Affordable Housing Equity Dream Fund will help to mitigate many of those financial challenges. For families with low- to moderate incomes, the Fund will support by providing closing costs and downpayment assistance in addition to financial coaching. With the initial support and continual coaching, residents will be able to build and sustain generational wealth for years to come.

The Affordable Housing Equity Dream Fund will also focus on the difficulties seniors face regarding long-term home maintenance and changes that must be made to homes to keep residents safe and comfortable as they age. There are several factors hinder senior homeowners from being able to maintain homes entirely on their own. Many older adults live on fixed incomes: 38% of the population over 65 in Louisiana lives exclusively on social security payments, which average only $13,000 annually in New Orleans. Insurance, property tax, and utilities payments burden homeowners and they often lack the financial resources to make repairs and retrofits like accessibility ramps, grab-bars, roll-in showers, etc. that often become necessary for aging-in-place. The Fund will support making necessary repairs and updates, allowing seniors to enjoy their remaining years in their communities and maintain a sense of independence. The Fund will also provide resources for home improvement projects for seniors who often have financial hardships in their retirement years while living on a fixed income.

This fund will leverage assets from across the funding spectrum in order to create a larger impact including individual donors, corporate partners, and philanthropic organizations.

Jericho Road is working to provide opportunities for families to create and sustain generational wealth for themselves while building thriving communities across Southeast Louisiana. This fund will greatly assist families across the region recognize their dream of owning and maintaining a home that they own.

Partner with us TODAY by contributing to the Affordable Housing Equity Dream Fund!

Affordable Housing Equity Dream Fund

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Donation Total: $100