Homeownership is one of the biggest "hand-ups" you can give to help lift a family out of the cycle of poverty. Now, thanks to great generosity and our partnership with Bryan House Community Development Corporation, we can begin helping families in East Aurora move towards home-ownership through our new Emmanuel House.
Children of homeowners are: 25% more likely to graduate high school and 116% more likely to graduate college. Homeowners are 12 times wealthier than renters of same income, age, and race. Homeowners are 28% more likely to repair or improve their homes; 15% more likely to vote; and homeowners will live in the same community 4 times longer than renters--providing both community & family stability.
The Emmanuel House model allows families to rent an apartment for 18 months. The rent they pay during that time is reinvested for them so that at the end of their lease, they will have enough money saved for a downpayment on their own home. We are closing on our first Emmanuel House tomorrow, and it is just the first of 4 multi-unit homes we aim to acquire in East Aurora in the next year that will be used to help families break the cycle of poverty. Our long-term goal over the next 10 years is to help increase homeownership rates in the highest poverty area of Aurora from 44.1% to 50.1% by moving 150 families into homeownership.