Did you know that 46% of the workforce in Charlotte cannot afford safe and decent housing? This means that 46% of workers are forced to spend more than a third of their hard-earned income on housing costs alone.
To make things more complicated for future homeowners, rental rates are increasing annually at a much higher percentage than wages. Even successful renters are continuing to find it more difficult to save enough for a down payment on a home of their own with high rent payments and basic living necessities.
Helping to solve these problems is the motivation behind Community Link and their efforts to promote financial literacy education and homeownership in Charlotte and 16 counties in North Carolina. In addition to programs such as their Homeless to Housing, they are proud to offer low-to-moderate income households access to their Asset Building program.
This critical financial literacy focused program helps educate potential homeowners on how to avoid foreclosure, grow their savings, receive free tax preparation, and eventually purchase their first home. Through the Asset Building program, Community Link hosts a number of financial empowerment workshops include budgeting, saving, understanding credit, and education about banking products to improve participants’ financial independence.
Community Link’s Asset Building Program successfully enables Charlotteans to exercise positive financial skills and behaviors that improve their financial outcomes and build their financial security. In fact, Community Link educated and counseled 1,050 households through its Asset Building Program and 56 clients bought their first home in the 2019 fiscal year.
There is no better benefit than ensuring that every mom, dad, child, and individual in our community has a safe, decent, and affordable place to truly call home. Join Community Link in promoting financial literacy in Charlotte by giving your time and talents or donating financially to their mission.
As 2020 kicks off, Community Link is currently seeking volunteers for its free tax preparation program which begins at the end of January. Community Link can train you on what you need to know, so no special tax expertise is required to volunteer. If you’re able to support Community’s Link ability to offer free tax return help for lower-income customers, directly email Community Link at email@example.com.
Check out this list to learn about more of our local nonprofit partners who are help to improve financial literacy in our community! Thank you to the Amy and Brain France Foundation for partnering with us to highlight this story and all others in our #SpotlightOnCLT series this year.