LOUISVILLE, Ky. — Homeownership is a dream for many but often it comes with a hefty price tag. Some may not even know how to start the process. The Noir Black Chamber of Commerce recognized a need in the Louisville community and came up with a program to address the issue. Their 11-step Homebuyer Program was created this year to walk people through the process of purchasing a home.
"We want to provide that guidance to move more people towards homeownership," said John Shaw-Woo, Founder and CEO.
The program can help with anything from credit restoration to determining mortgage eligibility. Shaw-Woo said he is trying to change the mindset of the black community.
"We pay rent no matter what so if you are going to pay rent, you might as well pay on a mortgage where you are at least going to own that property," he said.
Shaw-Woo said homeownership provides safety, stability and generational wealth for families.
The program is nationwide but in Louisville the 11-step program works alongside Section 8 housing and their homebuyer program. This allows people who have been on Section 8 for a year to apply to convert their monthly check from the government into a mortgage payment, according to Shaw-Woo
"This is one way that they can ween families off of the welfare or entitlement system," he said.
This program is not only for first-time home-buyers. They can also work with people who have owned a home in the past.
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