Habitat CFC is Advancing Black Homeownership (ABH) through Financial Coaching: A New Approach to Advancing Wealth

Habitat’s ABH initiative, led by Eugene Gaillard ABH Program Manager, has amplified the necessity for affordable housing in Coastal Fairfield County. We are excited to announce that Habitat CFC has partnered with Elevate Financial to offer financial coaching for prospective homeowners.

As the housing market continues to evolve, there is a growing recognition of financial education’s pivotal role in building sustainable pathways to homeownership. Historically, Black households have faced obstacles in accessing and maintaining homeownership, often due to systemic inequalities, discriminatory lending practices, and limited access to financial resources. To combat these disparities, we offer a fresh approach that strongly emphasizes financial coaching tailored to the specific needs and challenges individuals and families face.

This innovative approach goes beyond traditional homeownership programs by integrating comprehensive financial literacy training, personalized coaching, and targeted support systems. The program will provide aspiring homeowners with the necessary tools to navigate the complexities of the housing market, individuals are empowered to make informed decisions, build strong credit profiles, and establish better financial habits.

According to the program facilitators James E. Boursiquot and Rozha Pessoa, “the essence of this approach lies in fostering a holistic understanding of financial management, encompassing budgeting, credit management, mortgage literacy, and long-term wealth-building strategies.” Through one-on-one coaching sessions, individuals are guided through of the home-buying process, helping them understand financial jargon and navigate the details of mortgage applications.

“This approach emphasizes the cultivation of long-term financial resilience and generational wealth-building strategies for our prospective homeowners,” says Director of Family Services Valencia Goodridge. As the State of Connecticut navigates the complexities of the present-day housing landscape, we work to make significant strides towards building a more just and inclusive future were homeownership serves as a beacon of hope, self-determination, and a cornerstone for generational prosperity within the low-income individuals in the Coastal Fairfield County community.