Community partners team up, encourage homeownership

Eva Degen grew up in Auburn; her husband of 19 years grew up in Lewiston. They wanted to raise their two children (ages 9 and 15) in this area. They assumed they would be life long renters; for their family, homeownership was not necessarily in their plans.

“It was something that we didn’t think was achievable, it was something that would be nice, but we didn’t plan on it,” said Degen.

Those plans changed and the idea of homeownership began to take shape when the city of Auburn recommended Degen and her husband consider a Family Development Account through the Maine Centers for Women, Work, and Community.

The FDA Program enables low-income families to establish savings accounts that will be used to buy a home, pay for education, or start or expand a small business. Participating families establish a savings account to be used toward their identified goal. These savings will be matched when withdrawn to purchase an approved asset.

Degen and her family were able to finance their home with the help of the city of Auburn’s Homeownership program.

To assist with the down payment, Degen received a 4-to-1 match, everything they saved was matched four times. To participate in the program, one of the requirements was that she had to attend “Financing You Future” classes through Women, Work and Community (www.womenworkandcommunity.org).

The Financing Your Future class helps participants gain skills and confidence needed to make the most of their money, pay bills, reduce debt, find money for savings, and set personal financial goals.

“We met five different times. The classes were very informative, with guest presenters from different backgrounds to motivate us,” said Degen. “They helped me to look to the future. Prepare for the unexpected, how to budget, look at what we really do spend.” Degen and her family kept a very detailed diary of their spending; they realized where they could cut back and saved more than they expected.

Laurie McDonnell from Women, Work, and Community says the FDA program was a perfect match for Degen and her family. “There are income guidelines and specific actions that the participants have to take. They fit the income guidelines, they had the drive and could benefit personally from the knowledge they gained.”

Degen was so engaged in the process, and provided important feedback, the city of Auburn invited her to be on their Community Development Loan Committee. The committee reviews applicants for the Auburn Home Ownership and Rehabilitation Programs.  They consider a family’s cash flow, credit, use of matching funds, and collateral, as well as the public benefit of the project.   

According to Gail Phoenix from the city of Auburn, Degen was asked to serve because she is familiar with the programs. “She understands the discipline and work required to be a homeowner on limited resources. As a family they have shown a commitment to being a positive influence on their community. “

Two years later, Degen and her family are still thankful for the help of Women, Work, and Community. “We love having the opportunity to own a home. But beyond that, what I learned from WWC is still with me. I took so much from the Financing Your Future class and put it to use every day.”

Women, Work, and Community offers both one-on-one assistance and classes in four program areas – Building Your Career, Starting Your Own Business, Managing Your Money, and Becoming a Leader. All programs offered at Women, Work and Community’s 10 regional centers across the state are free.

This summer, Women, Work and Community in Lewiston will be offering a financial management class called Credit Yourself: the Way to Financial Fitness.  This class will be offered on Thursday evenings: July 29, Aug. 5 and Aug. 12 from 5:30 to 8 p.m.  If you would like to take this class, please call 753-6612 to register.

For more information about any of the programs at Women, Work, and Community visit them on line at www.womenworkandcommunity.org.

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