U.S. Representative Bobby L. Rush Graduates Homeownership Participants
Chicago, IL. ---- Congressman Bobby L. Rush (IL), the First Congressional District of Illinois Housing Task Force and the Rebirth of Englewood Community Development Corporation (ROE CDC) will graduate participants of the first class of 2004s Ten Weeks to Homeownership participants on Saturday, July 17, 2004, from 10:00 A.M. 12:00 P.M., at the First Congressional District of Illinois Office, 700 East 79th Street, Chicago.
The program targeted persons who were paying rents comparable to mortgages and moves them into homeownership. 49 participants will graduate from the program. From this class, 22 have been pre-approved to own homes, totaling more than $2,639,000 in mortgages.
The Ten Weeks to Homeownership program was founded under the banner of the nationally-recognized WOW (With Ownership, Wealth) Initiative and is being led by the Congressional Black Caucus Foundation (CBCF). The CBCF formed a goal to create over 1 million new African-American homeowners by the year 2005. Locally, Congressman Rush and the First Congressional District of Illinois WOW Initiative will identify 1,025 new homeowners, equaling an estimated total of over $128 million in new mortgages.
"The WOW program is an aggressive and obtainable strategy that is designed to stimulate African American homeownership," said Rush. "By providing a foundation for families, were preparing them for the future."
Building personal and family wealth through home ownership is the first step to community wealth, said Vincent Barnes, Executive Director of ROE CDC, the non-for-profit corporation responsible for establishing and executing local WOW Initiative goals and objectives.
The Ten Weeks to Homeownership graduation is opened to credentialed media. For more information, please call the Rebirth of Englewood CDC office at 773/778-2371.