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For Immediate Release: 9/28//2018
Shawn Sheu
215-426-0350 x 111

10 years after housing market crash, New Kensington Community Development Corporation prepares Philadelphia residents for sustainable homeownership

Philadelphia, PA -- A decade after the housing market collapsed, a new survey reveals that many people are unaware of resources and counseling that can improve their prospects of owning their own home. Housing counseling offered by New Kensington Community Development Corporation (NKCDC) helped over 220 residents in the last year achieve their goal of buying a home, and could do so for many others who have the same dream.

"Our housing advisors will take clients from the first steps of evaluating their credit and household budget, through changes to their spending and savings plans, to connect them with resources and down payment assistance opportunities. We will introduce potential home buyers to the team of individuals involved in the home buying process and we can lead them by the hand until they get it done" said Mary Campbell, NKCDC's Director of Housing Services.

NKCDC, a member of the NeighborWorks America national network, provides financial literacy and first-time homebuyer education for residents across Philadelphia. NKCDC's housing services program is a major component of the organization's comprehensive community revitalization strategy that also includes real estate development, vacant land management, economic development, and community engagement. By expanding homeownership opportunities and helping families in crisis situations prevent foreclosure, NKCDC housing advisors work to build strong and stable communities in Philadelphia.

The sixth annual NeighborWorks America at Home survey found that people with the most debt--millennials and women--are less likely to be homeowners, and large numbers would like to be but don't know where to turn for help in achieving their dream.

Among the findings:
Women: 29 percent of women have student loan debt, compared to 23 percent of men. Fifty percent of women worry about this type of debt all or most of the time.
People of color: 48 percent of people of color are burdened with student loan debt, compared to 22 percent of white women and 15 percent of white men.
Millennials: 56 percent of millennials worry about student loan debt some or most of the time.
Overall awareness of help available: 46 percent of all adults are unfamiliar with nonprofits that offer debt counseling for free or at a low cost.

"It's important for people to have the proper tools and resources so they are informed consumers from the moment they consider owning a home," says Karen Hoskins, acting vice president of homeownership programs and lending at NeighborWorks America. "A housing counselor can guide them through what often seems a daunting, confusing process. Consumers also will benefit by thinking about housing counselors as helpful sources of information about services such as down-payment assistance."

For more information about NKCDC, visit nkcdc.org For more information about the America at Home survey, go to neighborworks.org/housingsurvey.

New Kensington Community Development Corporation (NKCDC) strengthens the physical, social, and economic fabric of Kensington, Port Richmond and Fishtown by being a catalyst for sustainable development and community building. Over the last three decades, NKCDC has developed a multi-faceted approach to neighborhood revitalization rooted in community leadership, vacant land management, creativity and arts, and strategic real estate initiatives.

About NeighborWorks America
For nearly 40 years, Neighborhood Reinvestment Corp. (d/b/a NeighborWorks America), a national, nonpartisan nonprofit, has created opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and safe, affordable rental housing. In the last five years, NeighborWorks organizations have generated more than $34 billion in reinvestment in these communities. NeighborWorks America is the nation's leading trainer of community development and affordable housing professionals.

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New Kensington Community Development Corporation
2771 Ruth Street, Suite 1, Philadelphia, PA 19134
P: (215) 427-0350  |  F: (215) 427-1302  |  info@nkcdc.org
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