My Home Pathway Launches Homeownership Pilot Program With Support From Wells Fargo, TransUnion, Morgan Stanley, Invest Newark & LISC NY

NEW YORK, November 12, 2024 /3BL/ - In a groundbreaking initiative to foster homeownership and financial inclusion, My Home Pathway has launched a comprehensive Home Buyer Nurture Program, with investment and support from the Wells Fargo Foundation, TransUnion, LISC NYC, Bilt Rewards and Morgan Stanley.

This innovative pilot program aims to equip aspiring homeowners with the resources, education, and the support necessary to navigate the complex journey to homeownership.

With support from program participants, My Home Pathway is launching a pilot to put forth actionable solutions to address existing gaps in equitable financial access for all. Also, My Home Pathway is an alumnus of Ernst & Young's Entrepreneurs Access Network (EAN), completing the program aimed at helping minority-owned companies.

The program was inspired by dialogue and participants at the Project REACH Financial Inclusion Summit (May 29-30, 2024) – part of the OCC’s Project REACh (Roundtable for Economic Access and Change), which promotes financial inclusion through greater access to credit and capital.*

"Our platform is designed to make the homebuying process as smooth and accessible as possible,” says Castleigh Johnson, CEO of My Home Pathway. “We are excited to collaborate with these esteemed partners to help more people realize their dream of owning a home."

“Homeownership can create the type of generational wealth that’s necessary to close the racial wealth gap, but the road to obtaining it, particularly for minorities, is filled with blockades that make homeownership impossible,” says Valerie White, NYC LISC Director. “We’re proud to advance the Home Buyer Nurture Program with our partners and break down these blockades to boost homeownership and continue to do all we can to close the racial wealth gap that holds back the full power of our economy.”

“At Wells Fargo, we believe everyone should have access to a quality, affordable home and opportunities for creating generational wealth through homeownership,” says Stacy Spann, head of Housing Access and Affordability Philanthropy at Wells Fargo. “We see our funding as catalytic to empowering more individuals with the resources they need to become mortgage ready and achieve their homeownership goals.”

“With Bilt Rewards, renters can earn rewards on rent and in their neighborhood, while also building their credit and preparing for homeownership,” says Jonathan Lawless, vice president at Bilt Rewards. “It is critical to make renters aware of programs like the Home Buyer Nurture Program which can really give them a massive boost towards buying their first home.”

Empowering Future Homeowners:

The Home Buyer Nurture Program aims to address the persistent homeownership gap, especially within minority communities. This initiative will focus on marginalized and underserved communities, including Black, Hispanic, and other minority groups, to help bridge the homeownership gap and foster economic stability.

By leveraging the strengths and expertise of each partner organization, the program will offer a holistic approach to homeownership, focusing on financial education, credit improvement, and down payment assistance.

The program will be implemented in two phases. Phase one will focus on cities including Philadelphia, PA; Camden, NJ; Queens, NY; Chicago, IL; Newark, NJ; and Detroit, MI. Additional cities for Phase two are being identified and will be finalized with input from program participants.

The mission is to unite key stakeholders in the homeownership sector to make homeownership accessible for everyone. This involves increasing access to capital for communities still lacking equitable resources decades after redlining was outlawed and supporting organizations that can provide affordable housing where available.

Results and lessons from the pilot will be used to encourage national objectives and collaboration across the nation to drive greater outcomes for consumers and mortgage market participants.

The program is looking to partner with interested mortgage lenders and other innovative organizations that would like to join our efforts to create sustainable change and equity for all.

For more information about the Home Buyer Nurture Program, please contact: Castleigh Johnson at castleigh@myhomepathway.com

Key Highlights:

Financial Education and Coaching: Participants will receive personalized financial coaching to improve their credit scores and financial habits. The program will include access to the My Home Pathway platform as well as workshops and access to digital tools for continuous learning.

Credit Improvement: Leveraging credit education tools, participants will have the opportunity to understand and improve their credit profiles, making them more attractive to lenders.

Downpayment Access and Special Purpose Credit Programs: The program will provide centralized access to down payment assistance programs and other special credit programs that are already available to assist prospective borrowers in the target cities in both phases.

Tech-Enabled Homebuyer Support: My Home Pathway will offer a seamless, tech-driven experience for participants, guiding them through the mortgage pre-approval process and providing ongoing support.

Tailored Outreach: The program will leverage audience marketing to reach underserved consumers and increase awareness of the Homeownership pilot program to further inclusion opportunities.

Program Supporters and Participants

TransUnion, a global information and insights company, is proud to help create opportunity for underserved consumers to advance their financial futures. As part of this initiative, TruAudience(TM) Intelligent Invitation to Apply (IITA) will be used to help promote credit products and offers to a custom audience based on credit-informed financial attributes. When working to reach underserved consumers, having the appropriate channel mix and precise audience targeting are key to achieving program goals.

Bilt Rewards is a loyalty program that allows renters to earn points on their rent payments, which can be redeemed for various benefits like travel, dining, fitness, and more.

The Prudential Foundation supports the Home Buyer Nurture Program to foster homeownership and financial inclusion in their home city of Newark, NJ via their financial support of the nonprofit organization Invest Newark.

Invest Newark is the City of Newark's Economic Development Corporation. The organization drives economic growth and social equity through strategic initiatives focused on job creation, neighborhood revitalization, and investment attraction. It is partnering directly with My Home Pathway to bring the pilot program to Newark.

My Home Pathway, a tech platform dedicated to helping first-time homebuyers, will offer personalized coaching, loan pre-approvals, and homebuyer readiness assessments. Its innovative approach has already empowered many individuals to overcome financial barriers and achieve their homeownership dreams.

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* Note: References to the OCC and Project REACH do not constitute an endorsement, recommendation, approval, or favoring of any Project REACH participant, the Home Buyer Nurture Program, My Home Pathway, or other affiliated entity or their actions by the OCC. National banks and federal savings associations are responsible for ensuring that all actions taken pursuant to the Home Buyer Nurture Program are consistent with safety and soundness, compliant with applicable laws and regulations, and protective of consumers’ rights, as applicable.

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