Organization Supports Effort with Lending, Affordable Housing Development

HOPE (Hope Enterprise Corporation/Hope Credit Union) has helped launch Home Matters™, a national movement to build public support for the essential role that Home plays as the bedrock for thriving lives, families, and a stronger nation. Home Matters is spearheaded by the National NeighborWorks® Association (NNA), a coast-to-coast coalition of housing and community development organizations, other nonprofits, companies, and the public at large.

The launch took place in Washington, DC, where HOPE CEO Bill Bynum joined nearly 200 NNA members in meetings with Secretary of Housing and Urban Development Shaun Donovan and a bipartisan group of Senators and Representatives.

“The housing needs confronting residents in the Mid South and across the nation are urgent and demand attention,” said Bynum.  “Home Matters shines a light on the critical role that homes play in stabilizing and strengthening families, communities, and the overall economy.”

As it expands, Home Matters will go beyond housing and illuminate the connections between stable housing and other important facets of American life such as:

  • Individual Success: Home recharges adults and children alike for the day ahead.
  • Education: Children in stable homes learn and achieve more in school.
  • Health: Healthy habits take root more easily in stable affordable homes.
  • Public Safety: Stable homes make communities safer.
  • A Strong Economy: Homes that are affordable are crucial to a vibrant job-generating economy.

HOPE supports affordable housing and home ownership with responsible mortgage lending, providing financing to developers of quality low-income rental properties, and counseling to help borrowers become successful homeowners and help struggling families avoid foreclosure.

The principals of Wishrock Investment Group (a joint venture between The Wishcamper Companies and Rocky Mountain Development Group) are national developers of affordable housing, have built or rehabilitated more than 12,000 quality low-income residential units, with over 1,200 units in the Mid South.  “We understand the tremendous need that families have for a decent place to live that is affordable to them,” said CEO Rick Wishcamper.  “Because of HOPE’s deep commitment to building strong communities and their innovative and flexible financial tools and programs we view them as one of our most valuable partners in our development work in the Mid South.”

HOPE’s affordable housing work is critical in the Mid South, the nation’s poorest region.  HOPE serves individuals and markets that are often neglected by mainstream financial institutions.  The majority of HOPE’s mortgages made in 2012 were high-impact loans:

  • 77% minority borrowers
  • 57% female borrowers
  • 56% low-income borrowers
  • 82% first-time homeowners

HOPE was also involved in the development of more than 617 affordable rental units for low-income families in 2012.

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HOPE is a regional financial institution, community development intermediary and policy center that provides affordable financial services; leverages private, public and philanthropic resources; and engages in policy analysis in order to fulfill its mission of strengthening communities, building assets, and improving lives in economically distressed parts of the Mid South.  Since 1994, HOPE’s efforts have generated over $1.7 billion in financing and benefited more than 130,000 individuals in the Delta, Katrina-affected areas, and other distressed communities throughout Arkansas, Louisiana, Mississippi, and Tennessee.