The Program

With the support from the City of Portland, Hacienda began “Camino a Casa,” a homebuyer financial assistance program whereby low-income working families become homeowners for the first time. The families receive 0% down payment assistance loans, training in mortgage-readiness and financial fitness training. Hacienda is a HUD Housing Counseling Agency through its affiliation with the National Counsel of La Raza, which has given the organization the means to diversify its services in the affordable housing field.

The Families

Families enrolled in the homeownership program are either long-term tenants of Hacienda CDC properties or other Portland residents. Program participants live at or below 80% Median Family Income for the area.

Financial Training

· Understanding the path to homeownership: development of a savings plan; risk mitigation and foreclosure prevention.

· Budget: Credit issues addressed and one-on-one coaching and review of a monthly budget with homeownership coordinator.

· Credit counseling: homeownership coordinator plays an intermediary role between the resident and collection agencies to try to get the accounts paid off within two months

· ABCs of Home Buying: 8-hour class required of all participants

· Hacienda also offers Individual Development Accounts (IDA). These savings accounts offer a 3-to-1 match for participants preparing and saving for home ownership. Each dollar the qualified participant saves is matched with another $3 from the IDA program.

Latino Homebuyer Fair