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CHICAGO DEFENDER ---- People who pay rent have the opportunity Saturday to find out about moving into homeownership by putting those monthly payments to work as an investment in home equity rather than as income for landlords.
The 10 Weeks to Homeownership Program, led by Rep. Bobby Rush (D-1st), is designed to show rent payers who spend monthly amounts comparable to mortgage payments how they can realize the American dream and become owners of their own homes.
Rush and the Congressional Black Caucus Foundation, the First Congressional District of Illinois Task Force and the Rebirth of Englewood (ROE) Community Development Corporation intend to bring homeownership to 1 million families nationwide by the end of 2005.
The 1st Congressional District Homeownership program host a series of conferences and workshops for aspiring Chicago homeowners.
"The result will be the transition of 1,025 residents from renters to homeowners, totaling over $128 million in new mortgages," since Rush. 
Since the program started last year, the District's Illinois Housing Task Force has reported the creation of more than $9 million in new mortgages in Rush's congressional district.
"Today's mortgage payments can actually be less than what many South Side residents pay in rent because mortgages rates are at their lowest in more than 40 years," Rush said.
"The 10 Weeks to Homeownership program is for individuals who do not realize that they could be in a home of their own in just 10 weeks. We will walk participants through the homeownership process, highlighting key facts such as the cost of renting," he said.
Rebirth director Vincent Barnes said the program works extremely well.
"It has enjoyed tremendous success since its inception, and for that reason it is important that we continue this initiative because homeownership is the key to personal and community wealth," he said.
Steven Hunter, Rebirth's communications director, said a related goal is the community's increase of intergenerational wealth.
"The wealth leave real estate when they pass, but too many African American residents don't distribute wealth to the next generation. We're pushing for the African American community to understand the importance of equity for family as well as for bringing that wealth to the community," he said.
Story courtesy of Joe Ruclick, staff reporter
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