The path to homeownership can feel unachievable without the right resources or information. And, with home prices on the rise, many in our area may feel they simply can’t afford to pursue homeownership. In response, North West Housing Partnership (NWHP) is on a mission to promote economically diverse housing, and provide the tools people need to access it.
The nonprofit, which was founded in 1990, promotes public and private partnerships that create cost-effective, high-quality and diverse housing for low- to moderate-income people. The Schaumburg-based organization does this through housing development and renovation, education and advocacy.
Now, Mainstreet is pleased to announce our new partnership with NWHP to help further opportunities for homeownership in Northern Illinois.
Pathways to Homeownership
Median sales prices on homes throughout Chicagoland have increased dramatically over last year, and inventory remains low. Homebuyers are having an increasingly difficult time purchasing property in this sellers’ market. For inexperienced homebuyers, this can be especially daunting.
Additionally, many people must overcome obstacles like student loan or credit card debt before they can become homeowners. While these are programs available to help people overcome these obstacles on the way to a down payment, many first-time homebuyers are not aware of these resources. When people come to NWHP for the first time, they often ask, “where do I even start with the homebuying process?”
That’s where NWHP comes in. The nonprofit informs clients of all of their options on the pathway to homeownership. Serving as a resource, guide and connector, they show aspiring homebuyers that their dream of owning a home is reachable by connecting them with partners who can assist in the process.
On top of their support with homebuying, they also recently started a rental counseling program to ensure renters know their rights when dealing with their landlord. Additionally, they buy properties, rehab them and sell to-low income people across Chicagoland.
Mainstreet Begins Work With North West Housing Partnership
Mainstreet is excited to have recently brought on NWHP as one of our affiliate philanthropic partners. We have the same mission, to promote homeownership for all.
“Their new buyer education is exceptional and the programs that they offer to a diverse demographic is bar none,” Mainstreet Board of Directors President Linda Dressler said. “We are thrilled to be able to support them in the continuation of their mission as it aligns so well with ours.”
Mainstreet and NWHP will host a variety of educational sessions to introduce Mainstreet REALTORS® to NWHP’s work.
“I want to close the knowledge gap between REALTORS® and nonprofits,” NWHP Associate Director Paula Bush said. “Most REALTORS® don’t know that organizations like us could help their clients receive homelending grants and purchase a home.”
Bush envisions a future in which more Mainstreet REALTORS® can refer clients to NWHP for the tools and programs that can aid them in their homeownership journey, whether that’s through downpayment assistance or home rehabilitation. Homeownership is a key tool to building wealth, so NWHP’s programs have the potential to impact families for generations to come.
To learn more about North West Housing Partnership, visit their website.