B Of A & LA Neighborhood Housing Services Launch Homebuyer Education & Ownership Initiative.

Bank of America and Los Angeles Neighborhood Housing Services (LANHS) launched a major new initiative to increase homeownership in Los Angeles County. The new program will eventually turn hundreds of Los Angeles County low-to moderate-income families desiring the dream of homeownership into homeowners. The program will provide all of the services needed to buy a home — from evaluation of the buyer’s preparedness and financial ability to purchase a home, to classes about the home buying process, assistance with credit management, down payment savings assistance for those who qualify and loan assistance.

“Promoting homeownership is a priority for Bank of America as it is fundamental to the prosperity of our communities and the success of our bank,” said Bank of America Consumer Executive Leticia Aguilar, who oversees all Bank of America offices in Los Angeles County. “Through our partnership, Bank of America and the LANHS will reach out to Los Angeles communities, especially to African Americans and Hispanics, to ensure that all groups have the opportunity to own a home.”

“Communities that have sizeable numbers of homeowners are stable communities,” said Lori Gay, president, Los Angeles Neighborhood Housing Services. “We have a responsibility to promote homeownership to all segments of our population. In doing so, we improve our cities, strengthen the family structure and foster neighborhood stability. More importantly, we provide hope to families and create the foundation for their future success. This has been the goal of LANHS for its 20 year history.”

During the initial orientation, LANHS will complete a readiness assessment to pinpoint the knowledge level and financial preparedness of families and individuals to buy homes, followed by instruction and counseling and eventually access to lenders, special loan programs like zero-down and low-down payment loans, down payment assistance for those who qualify and much more.

Those who are less prepared to buy a home will receive counseling and assistance in managing credit/debt and saving for the down payment. For those who already know some of the basics and are almost ready to buy a home, Bank of America will host at its locations the LANHS “FASTTRACK” program. This one-day, intensive course covers all aspects of preparing to buy a home, from credit, financing and home inspections to negotiations, escrow and closing and home maintenance.

Bank of America and Los Angeles Neighborhood Housing Services will hold classes at locations throughout Los Angeles County and in diverse communities, including Hispanic, African American and Asian communities. Several classes will be taught in Spanish. Classes will be held at LANHS offices in Los Angeles, Pacoima and San Pedro and at Bank of America locations in Los Angeles, Bell, Hollywood, Van Nuys and Long Beach.