Housing Counseling Program Wins Grant Award from Virginia Housing to Continue Offering Credit Improvement Program throughout the Commonwealth

Friday, 02 September 2022 Stories, SERCAP News

SERCAP - Web Image - for Housing Counseling Program

Recently, SERCAP’s Housing Counseling Program was awarded the FY2022 Credit Improvement Program, in partnership with Virginia Housing. SERCAP is an approved HUD Local Housing Counseling Agency (LHCA), and regular sub-grantee of Virginia Housing’s grant programs for housing counseling. After successfully completing the FY2021 Program, SERCAP was awarded additional funds for the FY2022 Credit Improvement Program, which will allow the agency to serve more potential homebuyers.

The primary purpose of the Housing Counseling & Education (HCE) Credit Improvement Focus Area Grant is to assist clients, who are planning to purchase a home in the near future, to reduce their debt by up to $2,000.00 and improve their credit score. Program participants are required to attend at least four (4) one-on-one counseling sessions with one of SERCAP’s HUD Certified Housing Counselors in order to qualify for the $2,000.00 debt reduction payment. Once the sessions are complete, SERCAP will make the payment directly to the debt collector or financial institution, and all debt reduction payments must be applied to a closed credit card, collection account, or judgement in order to make the greatest impact for the client. Throughout the course of the program, SERCAP will also soft-pull the credit score of
each participant multiple times to evaluate if participation in the program is helping to improve their credit score.

For the FY2022 Credit Improvement Program, SERCAP intends to enroll and graduate at least 13 clients from the program, investing $26,000.00 into debt reduction payments throughout the Commonwealth of Virginia. This is a 30% increase over the number of clients assisted through the FY2021 program.

Without SERCAP’s full slate of Programs and Services, many rural communities and low-to-moderate income (LMI) individuals would be forced to go without such necessities as reliable access to clean drinking water, indoor plumbing, safe and affordable housing, community development and infrastructure needs, water/wastewater infrastructure solutions, and more. It is important to remember that even in the US in the 21st Century; there are those who do not have reliable access to clean, safe drinking water, environmentally sound septic facilities, and affordable housing. In order to help SERCAP continue to provide assistance to both the individuals and communities in need, please consider making a donation to SERCAP’s Water Life! Fund!

Donate Today: https://sercap.networkforgood.com/


*Funding for SERCAPs Housing Counseling Department is primarily provided by grant support from Virginia Housing, and local banking institutions such as Wells Fargo and Truist. Additionally, SERCAPs services in Virginia are leveraged by a Budget Appropriation granted by the Virginia General Assembly, and administered by the Virginia Department of Housing & Community Development (DHCD).