Habitat for Humanity

Habitat for Humanity of Greater Portland and the Institute for Financial Literacy have formed a partnership in which the Institute provides counseling and education sessions to Habitat clients. 

The Institute provides financial literacy education courses to prospective Habitat clients.  This education provides them with the basic financial management skills necessary for successful homeownership.

Pre-closing counseling sessions provide support and information for Habitat clients about to take possession of their home.  The session consists of constructing a balanced monthly budget based on projections for the additional costs of home ownership and discussing the importance of monitoring cash flow on a monthly basis.  Potential cash flow problems are identified, and a final recommendation is provided to both the client and Habitat prior to closing on the home.  After the client has closed on the home, a post-closing counseling session is conducted based on the client’s actual expenses.

Occasionally the Institute also provides delinquency counseling sessions to existing Habitat clients who are experiencing difficulty in paying their mortgage.  The focus of these delinquency counseling sessions is reviewing the client’s budget and assisting the client in evaluating their spending habits.  In most cases the delinquency counseling sessions have positive results and the clients are able to get back on track.  Unfortunately, some homeowners face circumstances which prevent them from making arrangements to correct their financial issues.  While this is always a disappointing conclusion, in these cases both Habitat and the homeowner can then feel confident that all avenues were explored.

For more information about the Habitat for Humanity partnership, or to discuss creating a similar project for your own organization, please call the Institute at 207-879-0389.