F.R.E.E.D.O.M. Affiliate – Orlando, Florida

Overview/Objective

The Catch the Dream Orlando initiative will call for Freddie Mac to work with the Mortgage and Credit Center of Orlando, New Covenant Community Development Corporation, Grand Avenue Economic Community Development Corporation, F.R.E.E.D.O.M., Iglesia Ebeneezer, Catholic Social Services, Bank of America, SunTrust Bank and Wells Fargo Home Mortgage. These partners will work collectively to provide expanded offerings throughout the MSA starting with community wide outreach that will lead to comprehensive education ultimately resulting in qualified referrals for the participating lending institutions. Through the approved lenders, Freddie Mac will make a $25 million commitment of new flexible mortgage products that will be offered in conjunction with outreach and counseling services by Mortgage and Credit Center. These offerings will be designed to enhance the new construction being completed by New Covenant CDC and Grand Avenue Economic CDC. CTD Orlando will build on existing resources and add new value by: 1) expanding access;2) and providing new mortgage financing tools and resources 3) More effectively leveraging the resources currently allocated for homeownership.

Background

The primary objective of this initiative is to expand the availability of affordable homeownership within the minority community of Orlando, FL with a particular focus on African-American and Latino area residents. MCC, NCCDC, SJCDC, IECDC and CSS, will begin a community wide outreach campaign designed around the Freddie Mac Credit Smart curriculum. These organizations will offer the 9-module credit smart program in English and Spanish languages at various locations throughout the city. Consumers who feel they would like to continue on and pursue homeownership, there will be bi-lingual homeownership education offered as a part of the program. Each family will have an action plan to homeownership developed for them and at the point the counseling agencies determine their readiness the families will be referred to the qualified participating lenders.