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Rocket Mortgage introduces a new initiative to assist Detroiters in saving money for a down payment on a property

In order to help some of the most renter-heavy areas in the nation become places where successful homeowners can live, Rocket Mortgage is introducing a new programme.

The processes necessary to become a homeowner are more important to comprehend, according to Rob Lockett, national director of housing at Rocket Community Fund. Rocket Mortgage’s charity and civic engagement division is known as RCF.

The “Rocket Wealth Accelerator” programme has a connection with Local Initiatives Support Coalition (LISC), a non-profit organisation that funds regional initiatives all around the nation.

For two groups, those who need financial stability first and those who want to start saving for a home in the future, money is matched dollar for dollar. For the first group, there will be a matching contribution of $500, and for the second, $300. Additionally, those who register will receive a three-month trial of the spending-tracking Rocket Money app, formerly known as TrueBill.

Four cities will each receive $2 million as part of the pilot programme: Milwaukee, WI; Atlanta, GA; Cleveland, OH; and Detroit. It occurs when Detroit needs it most.

Before beginning the route toward home ownership, we want to make sure that people are stable, according to Lockett.

The cities also have sizable Black populations, especially Detroit, which has a predominantly Black population. The institutionalised prejudice that has plagued those communities for years has prevented minority families from having their own homes.

One of our objectives, according to Lockett, is to deconstruct the mechanisms that in the past have prevented individuals from becoming homeowners and building wealth.

For these reasons, Lockett has a great sense of pride in the programme. For me, being African-American and simultaneously having the power to influence thousands of people’s financial prospects and results, Lockett said.

Lockett asserts that the initiative has just begun to gain a footing financially. Early 2023 is the anticipated date that RCF will begin accepting applications.

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  • Rocket Mortgage introduces a new initiative to assist Detroiters in saving money for a down payment on a property
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