During the month of March 2022, SERCAP’s Housing Counseling Department closed-out its FY2021 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. In 2021, SERCAP was awarded the FY2021 Housing Counseling & Education (HCE) Credit Improvement Focus Area Grant from Virginia Housing. The primary purpose of this funding 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 SERCAP’s HUD Certified Housing Counselor in order to qualify for the $2,000.00 debt reduction payment. Once the sessions are complete, SERCAP makes the payment directly to the debt collector or financial institution. Throughout the program, SERCAP also soft-pulls the credit score of each program participant multiple times to evaluate if participation in the program is helping to improve their credit score.
Through the FY2021 Credit Improvement Program, SERCAP has enrolled 12 clients into the program, and made debt reduction payments for these 12 clients totaling $19,818.57. All of the enrolled clients are planning to purchase a home. One of the participating clients is even currently in the process of purchasing a home within the next 45 days, illustrating that the program is positively impacting the lives of its participants.
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/ (opens new window)
*Funding for SERCAP’s Housing Counseling Department is primarily provided by grant support from Virginia Housing, and local banking institutions such as Wells Fargo and Truist. Additionally, SERCAP’s 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).