Print Today, Merrill Lynch (NYSE: MER), in partnership with the Orange County-based Affordable Housing Clearinghouse and the Los Angeles Neighborhood Housing Services, announced an effort to make that a bit easier.
Merrill Lynch said it is giving the agencies a total of $125,000 to fund about 125 "American Dream" certificates to help first-time homebuyers, with each certificate worth at least $1,000.
The two non-profit affordable housing groups will allow first-time homebuyers who are getting loans arranged by the agencies to use the certificates toward their down payment or closing costs.
"These certificates are intended to help make the 'American Dream' of home ownership a reality for more people in Southern California," said Peter Case, senior district vice president for Merrill Lynch. "These certificates are the latest innovation by Merrill Lynch to promote home ownership in Southern California."
"Three years ago, Merrill Lynch expanded access to home ownership with a zero-down, no-private mortgage insurance loan program," said Trinh LeCong, executive director of the Affordable Housing Clearinghouse. "Today, Merrill Lynch makes it even easier for first-time homebuyers to meet the up-front cost of buying a home."
"Our mission is to improve and restore neighborhoods," said Gerard Munson, chief lending officer of the Los Angeles Neighborhood Housing Services. "These certificates are another way we can help people achieve their dream of home ownership and revitalize our communities."
The Affordable Housing Clearinghouse focuses its efforts on Orange Country and the Inland Empire; the Los Angeles Neighborhood Housing Services primarily serves Los Angeles County.
To be eligible for an American Dream Certificate, applicants must:
The American Dream Certificate program is the latest effort by Merrill Lynch to promote home ownership in Southern California. The company also has:
The American Dream Certificate program is part of Merrill Lynch's California Partnership for Economic Achievement, a program jointly sponsored with the Greenlining Institute that seeks to expand Merrill Lynch's relationships with business owners and individuals in historically underserved markets. The Partnership was launched with a three-year, pilot program in 1996 and, last May, was renewed with a three-year, $159 million commitment by Merrill Lynch.
Merrill Lynch is one of the world's leading financial management and advisory companies with offices in 44 countries and total client assets of about $1.8 trillion. As an investment bank, it is the top global underwriter and market maker of debt and equity securities and a leading strategic advisor to corporations, governments, institutions and individuals worldwide. Further information about Merrill Lynch is available at www.ml.com.
Affordable Housing Clearinghouse is a non-profit organization devoted to the financing and development of affordable housing. As part of its mission, the Clearinghouse assists low- to moderate-income families in preparing to purchase their first home by providing mortgage loans, homebuyer education and credit counseling. Further information about the Clearinghouse can be found at www.affordable-housing.org.
Los Angeles Neighborhood Housing Services is a non-profit organization that works to improve and restore neighborhoods by promoting reinvestment, economic development and housing that is affordable to low- and moderate-income persons. The organization provides financial information, homebuyer education, credit counseling, affordable loan products and other services to encourage and support neighborhood revitalization. Further information can be found at www.lanhs.org.
People who are trying to purchase their first home and are interested in obtaining a loan through these organizations should contact: In Orange County and the Inland Empire: Affordable Housing Clearinghouse: 877-990-LOAN (877-990-5626) In Los Angeles County: Los Angeles Neighborhood Housing Services: 888-89-LANHS (888-895-2647)
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