Raleigh,NC – Non-profit Consumer Education Services Inc. (CESI) has launched a matched savings program to assist low-to-moderate income homebuyers in the purchase of affordable housing by offering matching funds to be used for closing costs or down payment assistance.
In partnership with the North Carolina Housing Finance Agency, First National Bank, and HomeTrust Bank, this program offers homebuyers up to $5,000 of matched savings to be used towards the purchase of a home. Participants are required to complete 21 hours of financial literacy and homebuyer education to qualify. The education includes topics on budgeting, saving, financial goal setting, credit and debt, credit reports and scores, and pathways to homeownership.
“We are excited to partner with CESI to bring homeownership to more deserving families in our area,” said David Novak of HomeTrust Bank.
MichelleEvans of First National Bank said, “CESI is one of the best homeownership counselors in the Triangle, the work they do and continue to do and strive for is highly commendable. They are making a difference and we at FNB support their initiatives and are happy to be a partner with such a great organization.”
The matched savings program can be paired with existing local and state down payment assistance programs available to North Carolina homebuyers which can provide up to $60,000 in additional assistance to qualified homebuyers. The goal of the program is to provide financial education and financial support to NC families who could not otherwise afford the purchase of a home. By pairing education with practical financial assistance, these homebuyers will be equipped to build their future economic security.
“Funding for down payment and closing costs has historically been the greatest obstacle preventing low-to-moderate income families from achieving the dream of homeownership,” said Mike Croxson, CEO of CESI. “This effort is only the most recent initiative that CESI has undertaken to break down the barriers to comprehensive financial inclusion and wealth building opportunities for families in our community.”
The IDA Matched Savings program is a part of CESI’s broader plan of leveraging the education and counseling services that have been offered since 1998 while expanding to add innovative products and services to meet the financial needs of consumers.
In 2018, CESI launched the Community Loan Centerof the NC Triangle to provide local employers with a comprehensive financial wellness program for workers that include small-dollar loans paired with financial and credit counseling services to help address long-term financial issues. CESI will continue to enhance traditional credit counseling services with financial inclusion programs in the areas of micro lending,affordable housing, and access to transaction accounts to promote financial inclusion.
Consumer Education Services, Inc.(CESI) is a non-profit service provider of comprehensive personal financial education and solutions for all life stages and for all of life’s milestones.Our goal is enhanced economic security for everyone we serve. CESI helps consumers achieve financial freedom by offering a complete life cycle of services including: credit counseling, debt management, housing counseling,student loan solutions, financial education and pre/post-bankruptcy counseling.For more information, please visit cesisolutions.org.