Housing
First-Time Homebuyer Education and Counseling logic model
Homeownership among Black and Latino households in the metro area trails white households by more than 25 percentage points. Many renters who could afford a mortgage payment are held back by thin credit files, down payment costs and unfamiliarity with the process.
Inputs
- HUD-certified housing counselors at a HUD-approved housing counseling agency
- 8-hour homebuyer education curriculum meeting national industry standards
- Partnerships with lenders, the state housing finance agency and down payment assistance programs
- Credit report access and client management software
Activities
- Deliver group homebuyer education in English and Spanish, in person and online
- Provide one-on-one pre-purchase counseling with a written action plan
- Coach clients on credit repair, savings and debt-to-income goals
- Package down payment assistance applications with lender partners
Outputs
- 740 households complete 8-hour homebuyer education each year
- 410 households receive one-on-one pre-purchase counseling
- 260 households receive a written credit and savings action plan
- 135 down payment assistance applications submitted
Short-term outcomes
- Average credit score among counseled clients rises by 34 points within 9 months
- 65% of counseled clients reach a savings goal for closing costs
Intermediate outcomes
- 120 counseled households purchase a home each year
- Fewer than 2% of purchasers are 90 days delinquent after 2 years
Long-term impact
- Narrower racial homeownership gap in the metro area
- Household wealth gains through home equity
Indicators and data sources
| Indicator | Source | Frequency |
|---|---|---|
| Clients served, education completed and purchase outcomes | HUD-9902 Housing Counseling Agency Activity Report | Quarterly |
| Credit score change | Tri-merge credit reports pulled with client consent | Intake and 9 months |
| Mortgage originations to first-time buyers by race and ethnicity | Home Mortgage Disclosure Act (HMDA) data | Annual |
| Post-purchase delinquency | Lender partner and state HFA servicing reports | Semi-annual |
Assumptions
- Interest rates and home prices leave some for-sale inventory affordable to clients
- Down payment assistance funds stay open through the program year
Programs this model suits
- HUD Comprehensive Housing Counseling Grant Program
- NeighborWorks America capacity and housing counseling funds
- State housing finance agency and bank CRA-motivated grants
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