#United States #Fairfax #Freedom Bank #LEDC #Down Payment Assistance

Freedom Bank Foundation Launches a New Initiative

In a groundbreaking move to address housing affordability, the Freedom Bank of Virginia has announced the launch of its Down Payment Assistance (DPA) Program. Administered in partnership with the Latino Economic Development Center (LEDC), this initiative aims to ease the path to homeownership for families in Northern Virginia.

Understanding the Freedom Down Payment Assistance Program

The Freedom Down Payment Assistance Program is a part of the Foundation's broader NOVA Freedom Fund, which has already provided crucial financing and technical assistance to underrepresented entrepreneurs since its inception. With the new DPA program, the Foundation seeks to extend its support to families hoping to become homeowners, further emphasizing the importance of housing stability as a pillar of financial health.

Joe Thomas, President and CEO of the Freedom Bank of Virginia, expressed his enthusiasm about this new program, highlighting the team’s efforts and noting, “This new program will expand the Fund's reach from helping entrepreneurs with their businesses to now helping families achieve their dreams of homeownership.” This initiative marks a significant step towards alleviating financial burdens that many families face when seeking a residence.

Impact on Families in the DC Region

The DPA program aims to mitigate the upfront financial barriers such as down payments and closing costs that often hinder first-time homebuyers from accessing the housing market. According to Emi Reyes, CEO of LEDC, this program represents a vital opportunity to help low- and moderate-income families secure their first homes. LEDC has been instrumental in providing housing counseling and support for potential homeowners in the region.

Since its founding, the Freedom Bank Foundation has raised over $500,000, enabling it to assist local entrepreneurs and now families in their quest for homeownership. With a focus on bridging the gap in financial resources, LEDC hopes to scale up its support for first-time buyers, thus creating a more inclusive and equitable community.

A Stronger Partnership for Economic Mobility

This partnership between the Freedom Bank Foundation and LEDC is designed to address not only the immediate needs of potential homeowners but also long-term economic stability for families within the area. By equipping hopeful buyers with the necessary resources, the program aims to pave the way for financial growth and empowerment.

The Freedom Bank Foundation is a registered nonprofit organization dedicated to fostering economic development within Northern Virginia. Through collaborative efforts like the DPA program, it seeks to create lasting impacts within the community, providing families the chance to achieve their dreams of homeownership.

Individuals or businesses interested in learning more about this transformative initiative can reach out directly to the Freedom Bank Foundation or visit freedom.bank/foundation for additional information about the DPA program and the NOVA Freedom Fund.

By launching this initiative, the Freedom Bank Foundation demonstrates its commitment to not just economic development for entrepreneurs but also building a foundation for families to pursue their dreams of owning a home. This initiative exemplifies a comprehensive approach to enhancing housing accessibility, thereby contributing to the overall success of individuals and families in the community.