Helping families secure housing

Metropolitan Chicago is leading the nation in high-cost home loans, according to a recent analysis by the Chicago Reporter, and the number of families struggling to make mortgage payments is skyrocketing, particularly in black and Latino communities. In the face of predatory lending horror stories and sky-high foreclosure rates, what is going "right"?

Evidence shows potential home buyers who take homeownership education and counseling courses before they buy are at an advantage. Throughout the region, quality housing organizations such as Neighborhood Housing Services of Chicago, Rogers Park Community Development Corp., DuPage Homeownership Center and Housing Opportunity Development Corp., are providing these essential services to as many households as their capacity allows.

Dozens of employers in the Chicago area -- as diverse as Chicago Public Schools, Allstate and the city of St. Charles -- are investing in that capacity by participating in REACH Illinois. Through REACH, they are helping their employees avoid homeownership pitfalls, including predatory loans, by connecting them with homeownership courses offered by nonprofit organizations. Before they sign away their financial security, would-be home buyers are learning basic budgeting skills and receiving credit counseling, as well as advice on choosing a reputable lender and manageable mortgage loan; hiring attorneys and home inspectors; and interpreting loan documents. The guidelines set by these programs (including interest-rate caps and preferred lender lists) help to ensure home buyers take a mortgage loan they can afford.

Kudos to employers investing in their employees' well-being by helping them find affordable, stable places to call home.

Robin Snyderman

Housing Director

Metropolitan

Planning Council

Chicago