Empowering the Community To Achieve Homeownership

Empowering the Community To Achieve Homeownership

IBA’s Moonshot Project

Meet Pedro Miranda, the Villa Victoria tenant who enrolled in the IBA Homeownership Moonshot Project and is on his way to turning his American dream into a joyful reality.

Owning a home is a life goal for many Latinos and other BIPOC communities in this country, but achieving homeownership is no easy feat. It’s a journey filled with confusing paperwork, real estate jargon, and financial challenges. This is why IBA created the Homeownership Moonshot Project: a community-centric initiative designed to help individuals like Pedro on the path to homeownership.

Through personalized assistance, comprehensive resources, and unwavering support, IBA is helping Pedro buy his first home. As he goes through the program, Pedro continues to overcome obstacles and gain the financial empowerment he needs to buy the house that he dreams of.

Joining the IBA Homeownership Moonshot Project

Like other IBA residents, Pedro first heard about the Homeownership Moonshot Project through our community programs. As a tenant who participates in IBA’s meetings, he has become familiar with all their services.

Hearing about all the ways in which IBA could help Pedro achieve his goal of buying a home was a life-changing moment. “I hadn’t considered homeownership in the past because my salary was very low and I couldn’t save money,” Pedro says.

The program’s staff opened his eyes to the possibilities. The idea of having a support system and guidance to achieve this longtime dream deeply moved him. It sparked hope and inspired him to take action.

The Journey Begins

After joining the program, participants embark on a structured process that included:

  • Financial assessments

  • Goal-setting

  • Credit building

  • Debt management

  • Budget planning

  • Financial literacy

But for Pedro, receiving personalized guidance from trained professionals has been the most valuable part of the program. This is how Pedro connected with IBA’s partners at Urban Edge, a non-profit organization that offers first-time homebuyer education. From mortgage workshops to guidance on how lending works, this insight is key to making educated decisions about this important financial step.

“I was able to take the first-time home buyer class,”Pedro shares. “Shortly after, I joined the credit boot camp and now I’m working with a financial counselor.” All as part of the comprehensive program that ensures readiness for homeownership and sets individuals like Pedro up for success.

A Blueprint for Financial Empowerment

IBA’s Homeownership Moonshot Project equips participants like Pedro with the financial education and skills necessary to achieve sustainable homeownership. The objective of the program goes beyond helping individuals buy a home. It includes personalized guidance to ensure that each person’s unique needs are addressed, fostering a sense of confidence and a clear plan to pay off their home loan.

Pedro is proud to share that “as of today, I opened a matched savings account and I am going to use those funds as part of my down payment.” He is still in the early stages of preparation, but as he goes through the process he recognizes “it’s good to know that I’m making the right moves.”

Thanks to the financial goals that Pedro has created with help from his counselor, he now has a clear savings plan. He now knows how much he needs to set aside and how often, so he can reach his goals by a set date. This clarity is empowering.

Building a Better Future

For program participants, the Homeownership Moonshot Project represents an opportunity to build a brighter future. Owning a home is now a tangible goal for Pedro, something that he’s excited to work toward because he knows it’s doable.

While Pedro is still in the early stages of the program, he feels encouraged and optimistic about the possibilities that lie ahead. “We have meetings and phone calls just to make sure I’m doing well,” he reports. And having this support network is a big part of the motivation to stay on track.

Lessons and Insights

Through his experience with IBA’s Homeownership Moonshot Project, Pedro has gained valuable insights and lessons. For anyone considering the program, he suggests “learning how to organize your finances before anything else.”

With help from his counselor, Pedro has created a budget that allows him to make the most of his income and save money efficiently. Other important lessons learned include identifying goals, how to build good credit, and managing debt.

Continued Support and Success

One of the features that sets IBA’s program apart is the ongoing support provided even after participants achieve homeownership. Post-purchase guidance helps new homeowners manage their homes and finances, ensuring their continued success.

For IBA, helping people buy a house is as important as contributing to their long-term stability and financial success. While Pedro is still preparing for homeownership, he looks forward to continued work with the IBA team and their partners as they provide post-purchase financial guidance.

Making Homeownership a Reality

Through the Homeownership Moonshot Project, IBA is proud to continue transforming lives and communities. With collaboration, customization, and ongoing support as the foundation for the program, individuals like Pedro will achieve their homeownership goals.

If you also dream of buying your own home, IBA can help. Reach out to our team today to learn more about available resources and start your path toward sustainable homeownership.