Lack of emergency savings could lead to higher home foreclosure rates and reliance on high-cost lending products

April 15th, 2014

Morehead, KYFrontier Housing is encouraging consumers in its service area to come in to its Morehead office for a personal financial review following a new national survey that found that nearly one-out-of-three adults, more than 70 million people around the country, have no emergency savings.

“Emergency savings are an important buffer against unforeseen crises, whether a person is a homeowner or a renter,” said Sherry Farley, President & CEO of Frontier Housing. “Relying on credit cards or high-cost, short-term loans from payday lenders or title companies could quickly compound a consumer’s money troubles.”

According to the survey by NeighborWorks® America, an affiliated nonprofit of Frontier Housing, approximately one-out-of-seven consumers would use a title loan or a payday loan to pay for a major purchase. These loans are extremely expensive, with annualized interest rates that often exceed 100 percent.

Recently the Consumer Financial Protection Bureau found that 80 percent of payday loans are rolled over into new payday loans instead of being paid off.

“We’re in the midst of National Financial Capability Month and all of us here at Frontier Housing want to help consumers build a plan for a stronger financial future,” said Farley.

Although the recession is over, unemployment and underemployment are still big issues in the Kentucky communities served by Frontier. Data show that home foreclosure is closely related to loss of income or reduction in income.

“No one wants to fall behind on their mortgage or enter foreclosure,” said Farley, “But we know that more than 60 percent of foreclosure cases are because of lost or reduced income. Having a strong financial plan in place that includes emergency savings can be a buffer when a serious financial crisis occurs.”

More information about the financial education programs offered by Frontier can be found on the web at www.frontierhousing.org or by calling 606-784-2131. Details on the NeighborWorks® America consumer finance survey can be found at www.nw.org.

Frontier Housing, an affordable housing nonprofit for 40 years in eastern Kentucky, builds and develops single and multi-family housing. Frontier, a NeighborWorks® Network Homeownership Center with an Exemplary rating, is the largest residential builder in its service area and the largest nonprofit builder in Kentucky. As a Community Development Financial Institution (CDFI) and a NeighborWorks® Full Cycle Lender, Frontier has a reputation of ensuring sustainable homeownership with low foreclosure rates of less than 1%.
Frontier has proven that when quality products are coupled with responsible lending, individuals of all incomes can be successful homeowners.

For more than 35 years, NeighborWorks® America has created opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. NeighborWorks® America supports a network of more than 235 independent, community-based nonprofits located in every state, the District of Columbia and Puerto Rico. In the last five years, NeighborWorks® organizations have generated more than $19.5 billion in reinvestment in these communities.

Frontier Housing Celebrates April as Fair Housing Month

April 9th, 2014

The Board and staff of Frontier Housing ask you to join us in celebration of Fair Housing Month!
In 1968 the Fair Housing Act was passed to ensure that there would be no housing discrimination based on race, color, national origin, religion, sex, family status, or disability.

It is essential that citizens are aware of the Fair Housing Act, as well as the means to report discrimination. A complaint process must be completed by victims in order for proper action to be taken by authorities. The U.S. Department of Housing and Urban Development (HUD) provides a complaint form on their website and through a toll-free telephone hotline at 1-800-669-9777. You can also call KY Fair Housing at 502-583-3247. The process could not be easier, but Americans must be aware of their civil rights to make use of it.

This year will mark the 8th year of a collaborative Fair Housing project between Frontier, Rowan County Middle School (RCMS), and Morehead State Public Radio (MSPR). To celebrate fair housing at RCMS, Frontier’s Kelly Fleck and Wendy Puckett gave a presentation about Fair Housing to four of Ms. Amy Keller’s 6th grade Social Studies classes. Each of the students wrote a public service announcement concerning Fair Housing after the presentation.

Fair Housing PSA winners – audio clip (mp3)

RCMS staff judged the students’ PSAs. “Each class had a winner. The four winning groups took a field trip to tour the MSPR station and recorded their PSA, which will air throughout the month of April, Fair Housing Month,” said Fleck. Frontier hopes students will learn their rights and share this information with their parents to improve the lives of many families.

For more information about Fair Housing, please visit www.hud.gov. Don’t forget to tune your dials to WMKY at 90.3 FM during the month of April to hear PSAs written and read by RCMS students!

Frontier Housing, an affordable housing nonprofit for 40 years in eastern Kentucky, builds and develops single and multi-family housing. Frontier, a NeighborWorks® Network Homeownership Center with an Exemplary rating, is the largest residential builder in its service area and the largest nonprofit builder in Kentucky. As a Community Development Financial Institution (CDFI) and a NeighborWorks® Full Cycle Lender, Frontier has a reputation of ensuring sustainable homeownership with low foreclosure rates of less than 1%.
Frontier has proven that when quality products are coupled with responsible lending, individuals of all incomes can be successful homeowners.

Contact: Wendy Puckett
Fundraising and Development Manager
Frontier Housing
606-784-2131, x241
wpuckett@frontierhousing.org

Volunteering at Frontier Housing

April 7th, 2014

This year marks the 40th anniversary of National Volunteer Week, demonstrating the enduring importance of recognizing our country’s volunteers for their vital contributions.

volunteers for 40 years

Get Your Financial House in Order for Home Buying Season with Frontier’s Preparation Checklist

March 20th, 2014

Get Your Financial House in Order for Home Buying Season with Frontier’s Preparation Checklist

Morehead, KY — Suspend your disbelief; spring is almost here! As sure as the rain and flowers, the spring season brings in the highest number of people shopping for the most significant investment of their lives, a home. For many, this basic need is an essential part of the American Dream. “Home connects us all,” says Sherry Farley, President and CEO of Frontier Housing. Frontier, a member of the national NeighborWorks® network, has a mission that supports people to make this dream a reality.

According to Gallup’s annual Economy and Personal Finance Survey, “56% of Americans own a home and 25% plan to purchase one in the next 10 years.” Four out of five Americans have homeownership high on their personal checklist, but do the 25% who plan to purchase know what to “check off” in the process? Buying a home should not be intimidating, but it does take preparation and commitment. Join the majority of Americans who have claimed their piece of the American Dream with
Frontier’s preparation checklist:

  • Have a steady source of income.
  • Pay your bills on time.
  • Don’t overdraw your checking account.
  • Complete a homebuyer education course.
    www.ehomeamerica.org/fh
  • Manage your debts.
  • Get a copy of your credit report.
  • Determine how much home you can afford.
  • Discuss with your lender which loan program is best for you.
  • Talk about where your down payment and closing costs will come from.
  • Have money tucked away for unexpected purchases.

More* ..

Frontier Housing in the Community

March 18th, 2014

awardThanks to the Morehead community, Frontier Housing has been voted #1 Financial Investment! We are so honored.

Invest in your future today with us.