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Congressional Black Caucus Funds ACORN

From the 2005 archives of (CBS owned) BNet:

Congressional Black Caucus members (from L) Rep. Mel Watt (D-NC), Rep. Laura Richardson (D-CA), Rep. Bobby Rush (D-IL) and Chairwoman Barbara Lee (D-CA) take questions about the meeting with Cuban leaders Fidel Castro and Raul Castro, upon the members’ return from Cuba, in Washington, April 7, 2009.

Mortgage help for black college students: the Congressional Black Caucus Foundation promotes home buying at HBCUs

Black Enterprise, Jan, 2005 by Cassie Chew

Concerned that educational and professional opportunities might take her from one city to the next, Latosha Key was nervous about purchasing a home early in her career. But the 2004 Spelman College graduate was intrigued when she was invited to attend the Student Homeownership Opportunity Program (S.H.O.P.) at the Atlanta University Center last spring.

Although Key, whose father is a builder and real estate developer, grew up learning about real estate, she credits S.H.O.P. with helping her understand how she could benefit financially from homeownership. The Congressional Black Caucus Foundation initiative, cosponsored by State Farm, Freddie Mac, the National Association of Home Builders, and the ING Foundation, targets historically black colleges and universities and community colleges in CBC member districts where there are no HBCUs. The program offers two-hour workshops where presenters and panelists–financial and homeownership experts and professionals from related industries–teach graduating seniors the ins and outs of purchasing a home. Attendees were also taught about debt management, saving, budgeting, how to establish and maintain good credit, and the economic benefits of homeownership.

Those who complete the course qualify for a $1,000 voucher toward closing costs on a home, which can be redeemed up to two years from their graduation date. The voucher, or grant letter, is provided by a lender participating in the program. In 2004, JPMorgan Chase, Countrywide, and Pinnacle Mortgage sponsored grant letters.

In 2003, its first year, the CBCF took S.H.O.P. to four schools. Simone Griffin, manager of S.H.O.P., says the CBCF plans to visit 36 schools in 11 states during the 2004-2005 school year. "Our ultimate goal is to increase the homeownership rate among African Americans," she says. "We want to help [the younger generation] understand that the wealth-building process involves buying a home."

Teresa Merriweather Orok, associate vice president for institutional research, planning, and outreach at Albany State University in Georgia, is convinced of the program’s benefits. "Many of the students talked about how they wanted to move forward [on purchasing a home:] but didn’t know how," she explains. "The workshop provided a roadmap for them. They discussed what it means to be credit-worthy and how to build wealth."

Key certainly followed that roadmap. The native of Aiken, South Carolina, decided to spend another two years in Atlanta working in network security to fulfill her work commitment to the Federal Cybercorp Scholarship for Service program, which paid the last two years of her tuition. She was confident she’d be able to pay for a mortgage. She got a copy of her credit report and then found a lender who offered her an adjustable-rate mortgage with lower payments during the first five years of the loan. Key was able to put $5,000 down on the home using the stipend she received from her scholarship. In July 2004, Key closed on a $132,000 mortgage on a condo. Three months later, the purchase price for condos in her community was advertised at $140,000.

Griffin says Key was the first student to take advantage of the $1,000 voucher S.H.O.P. provides, although she knows of another half-dozen S.H.O.P. alums who have purchased homes. Griffin cautions students against going through the program just to receive the $1,000 credit. "The [CBCF] wants each student to find the best loan package for their needs," she says. For more information about S.H.O.P., go to www.cbcfinc.org, or call 202-263-2800.

And guess who “owns” the Student Homeowner Opportunity Program (SHOP). From the Find Owners website:

(Click to enlarge)

From the Self-help Homeownwership [Sic] Opportunity Program (SHOP) website:

Self-help Homeownership Opportunity Program (SHOP)

SHOP provides funds for eligible national and regional non-profit organizations and consortia to purchase home sites and develop or improve the infrastructure needed to set the stage for sweat equity and volunteer-based homeownership programs for low-income persons and families. SHOP funds are used for eligible expenses to develop decent, safe and sanitary non-luxury housing for low-income persons and families who otherwise would not become homeowners. Homebuyers must be willing to contribute significant amounts of their own sweat equity toward the construction of the housing units. Eligible homebuyers must apply through current SHOP grantees and their affiliates.

SHOP is authorized by the Housing Opportunity Program Extension Act of 1996, Section 11, and is subject to other Federal crosscutting requirements. No separate program regulations exist for SHOP. All program requirements are listed annually in the SHOP NOFA…

Current Grantees:

ACORN Housing Corporation
Contact: Martin Shalloo
Telephone: (312) 939-1611
(Service Area: Chicago, IL; Phoenix, AZ; Little Rock and Pine Bluff, AR; New York City, NY;
New Orleans, LA; and, Houston, TX)

Community Frameworks
Contact: Christina Mejia
Telephone: (360) 377-7738 x24
(Service Area: Washington, Oregon, Idaho, and Montana)

Habitat for Humanity International
Contact: Christine Ta
Telephone: (229) 410-7514
(Service Area: Nationwide)

Housing Assistance Council
Contact: Joe Belden
Telephone: (202) 842-8600
(Service Area: Nationwide)

PPEP Microbusiness and Housing Development Corporation
Contact: Joni Soriano
Telephone: (520) 889-4203 x2003
(Service Area: Arizona, Colorado, and New Mexico)

So the Congressional Black Caucus has helped tricked blacks into bad mortgages, too. (Just like ACORN and the NAACP.)

Where is the outrage? What would Castro say?

And, as we have just noted, the Congressional Black Caucus Foundation is a 501c3 “charity.” And of course, so is ACORN.

SHOP is authorized by the Housing Opportunity Program Extension Act of 1996, Section 11, and is subject to other Federal crosscutting requirements. No separate program regulations exist for SHOP. All program requirements are listed annually in the SHOP NOFA.

But most of this money comes straight from the taxpayers pocket.

This article was posted by Steve on Wednesday, April 8th, 2009. Comments are currently closed.

13 Responses to “Congressional Black Caucus Funds ACORN”

  1. Odie44 says:

    Has anyone seen the ridiculus ad on TV, where a “white guy in a suit, along with a black “slick salesman” dupe an older black woman into buying a mortgage that she doesn’t understand?

    It is the most vile ad I have ever seen and devoid of reality, but full of race baiting and projection of black “leaders”.

    You have to love when your own lies to you, then claims you were too dumb to understand the lies.

    Searching Youtube, Google, etc…

    • Euryale says:

      This is Amos ‘N Andy on steroids. Or, what Tony Brown coined as “entitlement socialism.”

  2. Liberals Demise says:

    One wonders if the money came out of the personal bank accounts of these illustrious black leaders…..would they be oh so happy as to sign for a dead beat loan?
    Better yet…..what about the poor white student?
    With the label “poor” shouldn’t they sign for white students to get their home at “dead beat” prices too?

    AS a white American, I can see that “we” are being overlooked by those in congress that have their personal agendas being paid for by all taxpayers!!

    Hey…..”We be owed, too!!!”

  3. proreason says:

    The rats are coming out into broad daylight now.

    And they are proud of themselves.

    • Liberals Demise says:

      “……..while the males thump their chests and the females chew bark and eat termites off sticks they spear into tall termite mounds………”
      Hey, I saw that on the National Geographic Channel too!!

  4. Howard Roark says:

    Am I the only one who sees a smug, self-righteous, nasty witch in Barbara Lee? When I see her looking down her broad nose in this pic, all I can see is the same evil scumbag who refused funding for our troops in wartime (“I never voted for funding of the occupation of Iraq. I do not support the funding now.“, April 08, 2009 [source: http://www.theroot.com/views/courage-under-fire?page=0,1 ] ).

    You can tell that this no-class animal has really gotten full of herself over the years. Her “courage” was bought by insulting and endangering the very men and women who go to their death to ensure her safety. She is not only a colossal stain on our country, but dangerous.

  5. Colonel1961 says:

    I’ve had enough…

  6. Grzegorz says:

    Again: nothing adverse, publically or privately or socially or politically will happen. Especially now with this administration. Honest to God, I was just over at Amazon looking at Gibbon’s “Decline and Fall of the Roman Empire”. All six volumes for $0.99 for the Kindle (which my wife recently bought) edition! I should have plenty of time to read it/them in one of those concentration camps that Halliburton set up in the Soutwest somewhere.

  7. pdsand says:

    Given the historically high default rate of student loans at HBCs, and how the DoE keeps threatening to cut off federal funding to their student loans, I wonder what the default rate is on specifically these home loans targeted toward graduates at the HBCs.

  8. Confucius says:

    More black-on-black violence. If other people weren’t get hurt, I’d say let it continue.

  9. 12 Gauge Rage says:

    What ? I’m shocked! This is a revelation. How low can you go, to prey upon the fears of your own ethnicity and then blame another race for keeping you down. Their day will come.

  10. imnewatthis says:

    This pisses me off. This program claims to be for low-income people. Latosha Key participated in the program at college, and her father was a builder and real-estate developer. Plus the congressional black caucus foundation initiative says it targets historically black colleges. So this girl came from a more advantaged background than my kids yet got this help just because she is black. (Plus she managed to get “two years of tuition” and “a stipend”.)

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