Programs
Real Estate and Community Revitalization

How ASB is Revitalizing Communities Through Real Estate Development

From Tenant to Title

This program, developed and led by A Step Beyond, NFP, is a transformative initiative aimed at addressing barriers to homeownership for low-to-moderate income families and Chicago Housing Authority (CHA) voucher holders. The program focuses on providing financial education, homebuying support, and essential repairs to ensure families can transition from renting to owning a home. By fostering stability, generational wealth, and community revitalization, the program plays a vital role in empowering underserved communities across the South Side of Chicago.

Program Goals and Objectives

  1. Increase Homeownership: Transition low-to-moderate income families, including CHA voucher holders, from renters to homeowners.
  2. Financial Education and Empowerment: Equip participants with tools to manage finances, build credit, and become sustainable homeowners.
  3. Address Housing Barriers: Resolve challenges related to homes not meeting inspection standards by funding essential safety repairs.
  4. Community Revitalization: Enhance the built environment by turning vacant or underutilized properties into safe, livable homes.
  5. Promote Economic Growth: Support families in building generational wealth through property ownership while stimulating local economies.

Program Activities

1. Financial Literacy and Education

  • Conduct workshops on budgeting, savings strategies, and the homebuying process.
  • Provide one-on-one counseling to address unique financial challenges.
  • Infuse mindset training to empower participants with confidence and readiness for homeownership.

2. Homebuying Assistance

  • Assist participants in identifying affordable homes that meet their needs.
  • Partner with local developers and real estate professionals to ensure access to suitable properties in both mobility and non-mobility areas.
  • Guide participants through the mortgage application and closing processes.

3. Safety Repairs Program

  • Fund small, essential repairs to ensure homes meet CHA’s inspection standards.
  • Address issues such as smoke detectors, handrails, and functional windows/doors.
  • Advocate for funding to address homes requiring more substantial repairs to expand the pool of eligible properties.

4. Community Engagement and Partnerships

  • Collaborate with CHA, Chicago Area Fair Housing Alliance, Woodstock Institute, LUCHA, and DePaul IHS to address systemic housing barriers.
  • Work with financial institutions to provide access to down payment assistance and favorable financing options.
  • Engage residents to ensure program design and implementation align with community needs.

Impact on the Community

Reducing the Wealth Gap

  • The program directly addresses the racial and ethnic wealth gap by increasing homeownership opportunities for historically marginalized families.
  • Homeownership enables families to build equity, foster generational wealth, and reduce reliance on rental assistance.

Revitalizing the Built Environment

  • Transforming underutilized or vacant properties into safe, livable homes enhances neighborhood stability.
  • By increasing homeownership rates, the program strengthens communities and promotes local investment.

Fostering Economic Development

  • Families who transition to homeownership contribute to local economies by supporting businesses and services in their neighborhoods.
  • Partnerships with developers and contractors create jobs and stimulate economic activity in targeted areas.

Challenges and Solutions

1. Addressing Non-Compliant Properties

  • Challenge: Many homes do not meet CHA inspection standards.
  • Solution: Fund essential repairs and advocate for additional resources to address properties requiring significant repairs.

2. Financial Readiness

  • Challenge: Participants often face credit and budgeting challenges.
  • Solution: Provide targeted financial education and personalized counseling to empower participants with tools for success.

3. Affordability in Mobility Areas

  • Challenge: Homes in mobility areas are often more expensive.
  • Solution: Develop strategies to improve affordability through partnerships and funding for down payment assistance.

Plan for Future Growth

  1. Expand Funding Sources
  • Secure additional grants, corporate sponsorships, and community contributions to enhance repair programs and educational services.
  1. Enhance Partnerships
  • Strengthen collaborations with local developers, contractors, and financial institutions to expand access to affordable housing and resources.
  1. Track and Report Outcomes
  • Use a robust Customer Relationship Management (CRM) system to monitor program success, including families served, homes repaired, and community impact.
  1. Broaden Community Engagement
  • Conduct regular community feedback sessions to adapt and improve program offerings based on residents’ needs.

Conclusion

The From Tenant to Title Program is a vital initiative that transforms lives by addressing barriers to homeownership and fostering community revitalization. By providing financial education, supporting home repairs, and partnering with key organizations, the program empowers families to achieve stability and generational wealth. Through continued growth and collaboration, this program will remain a cornerstone for economic empowerment and sustainable development in Chicago’s underserved communities.

Learn How ASB is Building the Next Generation of Real Estate Owners & Investors