ESC Annual Report 2018

HOUSING & ENERGY SOLUTIONS
HOUSING CHOICE
VOUCHER TENANTS
Neighbors & Homeownership
= Thriving Communities
It is always important in our
communities, to have more
homeowners than renters.
Homeowners generally volunteer in
the community. It does boil down
to economics. When someone
owns an asset, they are more likely
to engage in behavior that ensures
its future value. Unlike stocks and
bonds, a home’s value is determined
by both the physical quality of the
structure as well as the general
character of its neighborhood. That
means homeowners are more likely
to spend their limited time and
resources engaged in improving
their neighborhood, if for no other
reason than to protect the value of
their investment (US News, Robert
Dietz, March 2013)
ESC’s Individual Development
Program supports families with
the goal of home ownership
through matched savings, financial
education and case management.
Families who are chosen for the
program must set up a savings
account, make regular deposits,
and be able to get approved for
a home loan. Ms. Yoselyn Garza
started saving towards her first
home in September of 2016. Ms.
Garza was working full-time, while
attending Missouri Southern State
University as a full-time student
pursuing a Business degree and
raising a family. She saved $2,000
towards her down payment for
her first home. ESC and Ms.
Garza had partners who were U.S.
Bank, 1st American Title Company
and Missouri Community Action
Network. She received matching
funds of $2,000 from the Missouri
Community Action Network and
$2,000 from Economic Security
Corporation to put towards her
closing costs. Ms. Garza closed on
her first home a year later. A total
of $5,000 of Federal funds were
invested and helped leverage an
asset of $55,150.00. So for every
$1 we invested $9 was leveraged.
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