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IBA’s Moonshot Home Buyers Program: Making Homeownership a Reality

Last month, IBA announced the launch of the Moonshot Home Buyers program, a community-focused initiative designed to support individuals on their journey to homeownership. As part of the launch we welcomed 10 enthusiastic IBA affordable housing residents into the program, ready to begin their path to owning a home and securing their financial future.

The Moonshot Home Buyers program is dedicated to assisting and guiding members of IBA’s Latinx and BIPOC communities in achieving their dream of homeownership. By offering personalized assistance, IBA aims to simplify the process and provide comprehensive and accessible resources to make the journey to owning a home less complicated.

With guidance from dedicated counselors, participants learn to organize their finances, set goals, build good credit, and manage debt with regular check-ins that keep them motivated and on track.

Additionally, IBA offers down payment assistance up to $100,000 to its residents to make homeownership a reality. Other external collaborators like Urban Edge, Massachusetts Affordable Housing Alliance (MAHA), and the City of Boston contribute to make our clients financial journey a doable one.

“Latinx and BIPOC communities in Boston, New England and across the country have faced the most barriers and active resistance to becoming homeowners, which is a key way for families to build generational wealth and access socioeconomic mobility,” said Vanessa Calderón-Rosado, CEO of IBA. “IBA has a long history of activism and providing our local, diverse communities with some of the capital needed for a down payment is an extension of that work that can make an impact for families right now and for generations to come.”

Since its inception, the Moonshot Home Buyers program has successfully assisted two new homeowners, Pedro Miranda and Jarilis Fontanez, who began their journey as part Thof IBA’s initial pilot program last year.

Meet Pedro Miranda

Pedro Miranda, a proud participant in IBA’s Moonshot Buyers program, moved from Puerto Rico to Boston 30 years ago, relocating around the city numerous times before finding IBA’s Villa Victoria, where he has resided for the past 10 years.

Before joining the Moonshot Home Buyers program, Pedro had limited knowledge about the process of owning a home. His journey began when Leesandra Merced, IBA’s Financial Empowerment (FE) Program Director, invited him to a resident meeting where he learned about the various programs made available to him. Expressing a strong interest in homeownership, Pedro was referred to join IBA’s Moonshot Project, a pilot of the full program, which would allow him the opportunity to make that dream a reality.

With one-on-one support, financial coaching, and group education classes, Pedro worked with the FE team to develop an effective savings plan to get him closer to his goal.

“The one-on-one sessions were extremely helpful, it gave me a sense of relief knowing that I was getting the support that I needed.” said Pedro, “There were so many emotions, I don’t know how to explain them all, even today.”

After a year with IBA’s support, Pedro is set to officially move into his new condo in Mattapan. Reflecting on his journey, he emphasized the importance of being aware of opportunities like the Moonshot Home Buyers program in the community and taking advantage of their full potential.

His advice to others aspiring to own their own home, “The help is out there, and it’s crucial to know what resources are available. Know what you want and stay focused.”

Meet Jarilis Fontanez

Jarilis Fontanez, another proud participant of the Moonshot Home Buyers program, is a Boston native with Puerto Rican roots. Like Pedro, Jarilis was living in Villa Victoria when she was introduced to the program by Leesandra.

With an invitation to join an in-person group meeting to learn about the home buying process, Jarilis had opened the door to valuable resources that would support her through her journey.

Reflecting on her initial understanding of homeownership, Jarilis admits, “I didn’t know what buying a home entailed. Once I received the one-on-one support, financial guidance and access to resources that would prepare me for the journey, I felt like I had a built-in team that could guide me through.”

After a year of planning, budgeting, and learning, Jarilis is now the proud owner of a single-family home in Lynn.

One of the most valuable pieces of information Jarilis shared she has received from the program was being given the tools to organize her finances and utilizing a high-yield savings account.

While expressing immense gratitude for achieving this significant goal, she advises others who also hope to become a homeowner to utilize the program as a resource.

“I recommend that everybody tries. There’s nothing to lose, and everything to gain. The program is helpful. It’s useful. Remember to be patient.”

Building a Better Future

IBA’s Moonshot Home Buyers program is empowering our community to achieve financial sustainability and success. One of the program's key features is its ongoing support even after participants become homeowners, ensuring long-term stability and financial well-being. IBA’s commitment to post-purchase guidance helps new homeowners manage their finances and maintain their homes successfully.

IBA is dedicated to transforming lives and communities through the Moonshot Home Buyers program. If homeownership is your goal, connect with IBA today to unlock resources and begin your journey towards owning and sustaining a home.

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