Homebuyer Education and Counseling
We provide a comprehensive program designed to help first-time homebuyers successfully navigate the home buying process. We combine our education curriculum with one-on-one financial counseling sessions where buyers and counselors develop individualized budgets and action plans to guide each buyer through the process. In 2011 HomeSight began providing full service mortgage default prevention counseling and loan modification assistance for households that are experiencing hardships in their current housing situation.
HomeSight developed the Puget Sound Revolving Loan Fund in 2003 to address limited loan assistance resources and the growing gap between family incomes and home prices. We combine public and private investments to package amortizing second loans with deferred loans for low- and moderate-income homebuyers. This allows us to eliminate the need for private mortgage insurance, increasing the buying power of low- and moderate-income, first-time homebuyers.
Real Estate Development
HomeSight builds high quality homes that are affordable for first-time homebuyers and are attractive assets for local communities. We have developed a range of housing, from single-family units to town homes and condominiums, and have built over 450 homes since our founding.
Recent Successes and Current Challenges
In 2010 HomeSight played a catalytic role in a regional partnership that developed a proposal to HUD’s new Sustainable Communities program. We were one of 45 regions around the country to receive an initial grant. Our proposal was unique in its focus on equitable development and creating a structure to ensure real community decision making power and provide some funding support for communities to participate in planning processes. HomeSight is playing a leadership role in the Equity Network of the Growing Transit Communities program to identify and implement policy tools and strategies that create opportunities for low-income and people of color communities living close to new light rail and high capacity transit corridors.
In our work last year we realized that even with some funding for community representatives there is still a significant unmet need to build capacity and develop leadership among the community members participating in the program so they can fully engage with other stakeholders and feel comfortable in these planning and policy settings. In light of this HomeSight is seeking additional funding to provide leadership training and mentoring to community members in Southeast Seattle participating in the program.