Asset Builders of SWLA is a program that allows participants to quadruple their savings very quickly. For every $1 saved, (up to $1,000 maximum) they receive $4 in matched funds for a total of $5,000 that can be used to achieve their homeownership goals! Homebuyers are supported through counseling and financial literacy classes to help encourage and teach them to save. The picture above is of the very first home purchased through this program.
Q: Does Calcasieu Parish Police Jury administer the funds for the IDA program or do other members of the Asset Builders Collaborative manage funds separately?
A: The Asset Builders collaborative received a Federal Grant and procured local match money through various partners in the community, including Calcasieu Parish Police Jury (CPPJ), Project Build a Future, United Way of Southwest Louisiana, and the Calcasieu Parish Public Trust Authority. CPPJ holds and manages the federal funds and the matched funds. CPPJ is considered a governmental entity.
Q: Does this program have a recapture provision for matched funds received through the program?
A: Asset Builders does not have a recapture provision for its funding. Monies are matched $4 for every $1 saved, and all monies are released fully to the borrower for use in the purchase of his/her home without any repayment requirement.
Q: Does the lender need to provide any documentation to your agency for the borrower?
A: The only documentation required by Asset Builders is a review and approval of the loan estimate and/0r closing disclosure documents prior to the closing. An Asset Builders partner must review that document to ensure that the Asset Builders funding is listed properly. The partner can then email approval to the underwriter prior to closing the loan. A final executed closing statement will be needed post-closing.