Housing Program in National Finals

An Inglewood program that rehabilitates homes and provides financing to low- and moderate-income families buying their first home has been selected as one of 13 finalists in a national competition that recognizes community investment projects.

Inglewood Neighborhood Housing Services, which is funded by the city and Broadway Federal Savings Bank, has been selected from more than 12,000 programs for the 1997 Social Compact’s Outstanding Investment Awards.

The organization is made up of leaders in the financial services industries that work to stabilize declining neighborhoods.

The 4-year-old partnership has enabled more than 50 families to become first-time home buyers by providing secondary mortgage financing. The program has also renovated several homes and apartments that have been sold to low-income families.

“This partnership is very strong and we’ve made a lot happen,” said Martina Guilfoil, executive director of the program. “Working together, we have been able to revitalize neighborhoods and instill a sense of worth in the community.”

Without the program, many homeowners said they would still be renters. Debbie Givens, a transportation supervisor for an airport transport service, said her savings forced her to look at homes in the $95,000 range and most of them were too small for her and two children.

She obtained a second mortgage from the housing program, which has been deferred until the house is sold, and was able to purchase a three-bedroom house with a big yard for $142,000.

“I’ve always wanted to buy a home because there are no rewards for paying rent,” said Givens, 31.

“The program allowed me to buy a house close to work and get a home for a reasonable price.”