First American Homeownership Foundation Awards $10,000 to El Centro de Servicios Sociales
Grant Furthers Real Estate Financial Literacy Education
September 23, 2008, SANTA ANA, Calif.
The First American Homeownership Foundation (FAHF), a philanthropic entity established by The First American Corporation (NYSE: FAF), today announced that it has awarded a $10,000 grant to El Centro de Servicios Sociales Inc., to fund real estate financial literacy classes in Spanish and English for the greater Cleveland area’s rapidly growing Latino home-buying community.
The First American Homeownership Foundation is dedicated to strengthening communities by increasing homeownership opportunities. The grant will help El Centro, which serves Cleveland and all of Lorain County, further its mission of enhancing the socioeconomic status of communities by providing essential social, educational, cultural and community development services.
FAHF provides support to organizations that assist underserved families in navigating the real estate market, understanding the home-buying process and achieving their dreams of homeownership. "We strongly believe in corporate social responsibility through giving back to the communities in which we do business," said Jo Etta Bandy, chairman of the First American Homeownership Foundation. "This has been a First American tradition throughout our 119-year history."
El Centro’s program in the greater Cleveland area provides pre-approval, credit and real estate financial literacy to approximately 5,000 people. “We are excited to be able to offer the depth of service that has made this generous grant possible,” said Victor Leandry, director of El Centro. “There is a great need to provide bilingual information to this community and provide the tools necessary to help people understand the housing market, especially regarding foreclosure and how it can be prevented.”
A major FAHF initiative for 2008 is to help current homeowners realize how adjustable-rate mortgage payment increases can affect them. The grant to El Centro is part of this initiative. In 2007, more than 10,000 individuals across the nation participated in financial literacy programs designed to help prepare them for the home-purchasing process and the responsibilities of homeownership. FAHF grant recipients also provided training to thousands of real estate professionals who serve the nation’s rapidly growing multicultural home-buying communities.
FAHF provided grants to more than 50 housing-related nonprofit initiatives across the nation in 2006 and 2007. Additionally, more than 750 low- to moderate-income families became homeowners through a blend of innovative mortgage lending programs and subsidized home construction activity.
About El Centro de Servicios Sociales, Inc.
El Centro de Servicios Sociales, founded in 1974, is dedicated to enhancing the socioeconomic status of the Ohio Lorain County Latino/Hispanic community by the provision of advocacy and human services through programs such as employment and training, housing, youth, seniors, family violence and mental health.
About First American
Since 2003, The First American Corporation and its subsidiary companies have led the settlement services industry in creating innovative programs to increase low- to moderate- income and minority homeownership nationwide. The First American Homeownership Foundation supports qualified organizations—Internal Revenue Service-registered 501(c)(3) or 501(c)(6) entities offering housing-related services—with grants and other contributions. For more information, please visit www.fafoundation.org or call (714) 250-3788.