SOUTHFIELD, Mich. – HarMoney, an interactive virtual program providing financial education which is offered by Gesher Human Services and made possible by a $50,000 grant from Huntington Bank, will offer an information session on Nov. 4.
Classes will begin on Nov. 11 and run for six weeks from noon to 1 p.m. On completion of the program, participants will be eligible for a payment of up to $2,500 which can be used toward paying off debt, housing assistance or even toward purchasing a home. The Mortgage Bankers Association recently released data showing an uptick in the number of families applying for a mortgage because of interest rates trending downwards, and Gesher Human Services wants to enable more struggling families to realize their dreams of home ownership. HarMoney is geared towards low to moderate income families (as defined by US Department of Housing and Urban Development) who have a credit score of 620 or below. The program focuses on improving financial health through budgeting, credit and money management, and savings advice. To register for the program, which has limited spaces, go to https://www.geshermi.org/harmoney/.
Since the HarMoney program began in 2021, more than 50 families have had their financial lives transformed.
“The support from Huntington Bank has assisted us to become a beacon of hope for many families who were in financial distress and couldn’t see themselves as homeowners,” said Financial Education Manager Laltsha Cunningham. “After their participation in HarMoney, our participants are not only empowered but they also have the confidence and courage to take charge of their financial future.”
Cunningham said that the program was particularly welcome now because interest rates were declining offering more opportunities for families to purchase their own homes.
Yannick Thompson took part in HarMoney in February 2024. The 36-year-old sports store manager from Detroit felt he really needed advice on how best to manage his finances, something he had never been taught before.
“I needed more knowledge and wanted to hear about homebuying because I’m really hoping to be able to purchase a house,” said Thompson. “It was a really good experience. Now I feel more confident about my finances and think the program will help me with my future.”
Registration for the program is preferred by Nov. 1, 2024. Participants must meet all program requirements and claim their grant within six months of the final session to be eligible for the $2,500 payment.
