Chinatown Homeownership Initiative
The process of homeownership for ethnic, linguistic and immigrant communities such as Chinatown can be extremely challenging. As an example, the U.S. Census of 2000 has showed that even though the “core” of Chinatown is made up of at least 80% Asians, the rate of Asian-owned households is between 17 and 38%. Language barriers can pose problems for Chinese clients interested in seeking competitive mortgage rates from mainstream lending institutions. Similarly, nontraditional proof of credit may also prevent Chinese clients from obtaining a fair and competitive rate for a mortgage.
And lastly, a general lack of knowledge of the personal financial management prevents our constituents from taking steps towards a financially stable future, and eventually moving in the direction of homeownership. Our goal is to assist families in Chinatown to achieve their dreams of homeownership so that they can establish their roots in this country.
PCDC will provide the following services to the community:
• Quarterly community-wide financial expos that feature banks, mortgage lenders,
• Classes and seminars training families in the area of financial literacy and home-ownership readiness
• Individual counseling for mortgage preparation
• Placement of families into affordable homeownership opportunities
Call Wendy Lee at 215-922-2156 for more information.