The Rocket Community Fund in Detroit is partnering with New York City-based Local Initiatives Support Corp. (LISC) to invest $2 million to expand the Rocket Wealth Accelerator program to help people in Michigan and Ohio.
“Our mission at Rocket Community Fund is to help families achieve stable homeownership so they can lead more prosperous lives,” says Laura Grannemann, executive director of the Rocket Community Fund. The Rocket Community Fund is part of Detroit-based Rocket Cos.
“This expanded investment allows us to deepen that commitment across Michigan and Ohio, reaching more families and providing the financial foundation they need to thrive.”
Created in 2022, the Rocket Wealth Accelerator is a joint program designed to “advance homeownership and long-term wealth-building opportunities.” The accelerator’s goal is to help more than 800 income-qualified people in Detroit, Flint, Toledo, and Cleveland buy a home.
It does this by strengthening their financial stability with financial coaching and matching savings incentives to improve their chances of getting the loan necessary to buy a home. It’s helping people build savings, improve their credit, and reduce debt — necessary steps to improve their chances to qualify for a mortgage.
Overall, the accelerator looks to address the “long-standing wealth gaps” that limit the ability of many people to build the assets needed to buy a home. However, it also does more than that as participants can visit a Financial Opportunity Center (FOC) and meet with a financial coach to determine if they are eligible for assistance.
Qualified participants include individuals working toward homeownership, purchasing a vehicle, or strengthening emergency and short-term savings. During the past three years, its coached more than 3,600 people, generating $676,600 in “anticipated participant savings” and supported 789 matched savings accounts.
The accelerator is offered through existing FOC sites, including the International Institute of Metropolitan Detroit, SER Metro (Detroit), MiSide (Detroit), Mott Community College (Flint), Lucas Metropolitan Housing Authority (Toledo), NeighborWorks (Toledo), Towards Employment (Cleveland), and Urban League of Greater Cleveland.
“Housing is the cornerstone of our work because a safe, affordable home is one of the basic requisites of life. It’s a key to well-being and the foundation for sustainable, economically vibrant neighborhoods and community,” says Michael Pugh, president and CEO, LISC.
The LISC, which was formed in 1979, is in the midst of a three-year, $5 billion effort to help people across the country. Since its start, it has invested $35 billion to help tens of thousands people find affordable housing and jobs as well as improve their finances.
