For over 30 years, a D.C. non-profit organization has been offering ways to help Latino-Americans and their families with homeownership and economic advancement.
The Latino Economic Development Center (LEDC), a community-based organization run by bankers, business professionals and civil rights activists, has been supporting Latino and other underserved communities by providing financial tools and skills to create a “better future” for themselves and their families. These skills and tools focus on housing, small business and direct community investments.
LEDC’s program manager and certified housing counselor Karen Serfis said the organization provides small business coaching, small business loans, homebuyer education classes and housing counseling services in both Spanish and English.
“LEDC is happy to help any prospective first time home buyers navigate the process of buying a home,” Serfis said. “We do not charge for our services…if anybody is experiencing difficulties paying their mortgage, we are here to help homeowners apply for assistance.”
Started on July 3, 1991 after “day of violent clashes between the Latino community” and the nation’s capital triggered by the shooting of a Latino man in the Mount Pleasant neighborhood, LEDC’s founders applied for and received “seed funding” from the capital’s Office of Business and Economic Development. From there, Serfis said the organization was developed to help low-income Latino-Americans build assets.
“For 32 years, LEDC has delivered culturally and linguistically competent, comprehensive community and economic development services,” Serfis said. “Our mission is to drive the economic and social advancement of low- to moderate-income Latinos and other underserved communities in D.C., MD, VA and PR by equipping them with the skills and tools to achieve financial independence and become leaders in their communities.”
Housing services include homeownership counseling and affordable housing preservation/tenant organizing, which are stated on LEDC’s website in being “critical to helping our clients acquire and preserve their most critical asset, their housing.”
The homeownership counseling program focuses on helping low to moderate income residents build their financial capability skills, establish or repair their credit, purchase their first home or save their home from foreclosure.
The affordable housing preservation/tenant organizing program focuses on ensuring DC tenants are aware of their rights as tenants and have the necessary leadership skills to organize and preserve their housing as “affordable,” improve their housing conditions, appropriately negotiate the purchase of their buildings and have influence over housing policy decisions in the District.
In the Little City, Serfis said the organization has provided services to two households in the last 12 months. Both households were purchased through the City of Falls Church’s Homeownership Program — a fairly-new program offering affordable houses at sale prices below market rate to homeowners earning between 50 percent — 120 percent area median income (AMI).
“This program is still in its infancy but I believe that the City is trying to find ways to help low- and moderate-income and minority households purchase affordable property,” Serfis said. “It is not an easy task…We have a huge shortage of affordable housing and interest rates have also made it very challenging for prospective buyers to afford a home.”
After a client purchases a house, Serfis said LEDC does provide post-purchase counseling for households after they have bought said property. Budgeting, addressing possible financial issues or help with refinancing — if the rate drops — is also offered.
For more information about the Latino Economic Development Center, visit their website at ledcmetro.org/.
