Networked Saving makes it possible for a working family to save for a down payment on a home – while still paying market-rate rent. This turns permanent renters into permanent homeowners. And that changes neighborhoods, communities and lives – for generations to come.
Networked Saving doesn’t just help the working poor.
It breaks the cycle of poverty.
Networked Savings leverages the time and resources of 4 key players:
Program participants live at an Emmanuel House property and pay regular, market-rate rent (typically between $800 and $1000 a month for a family apartment in a duplex). The program lasts 18 months.
- Before moving in, you complete a credit check and begin homeownership classes with our partners at Joseph Corporation.
- For the first 3 months of renting, 100% of your rent goes to Emmanuel House. You’ll complete a full credit assessment, register for personal finance classes and set up a personal savings account.
- For the next 6 months of renting, 50% of your rent goes to Emmanuel House and 50% goes into your personal savings account. You’ll take personal finance classes and hone your credit.
- For the last 9 months, 100% of your rent goes into your personal savings account. You’ll finish finance classes, get realtor referrals and start looking for a home of your own.
Participants exit Emmanuel House with a full year’s rent in savings, ready to purchase their first home. In 18 months, a family’s life trajectory can change forever.
Church Sponsors and Volunteers are the key support network of our 18-month program. Your church or small group can sponsor a duplex for $400 a month – but it takes more than money. Sponsors provide volunteers to do home maintenance and rehab, provide financial training and build life-changing friendships with participating families. Without church help, our program fails. With it, the future is rewritten.
Monthly Sponsors and One-time donors provide essential extra income, helping cover housing costs at a residence so participating families can save. Learn more.
Investors purchase homes to be used as Emmanuel House properties. An investment covers the down payment and rehab costs on a new duplex. We improve and maintain the property and operate it as a Networked Saving residence for 15 years – and then it’s yours, with nothing more to pay. As a long-term investment – for yourself and your community – an Emmanuel House residence is hard to beat.
There are other ways to invest in Emmanuel House properties as well. Learn more here.