The Greater Flushing Chamber of Commerce will host a free workshop on homeownership organized in partnership with East West Bank on Monday, August 8, 7pm, at the Chamber located at 39-01 Main Street, Suite 511, Flushing NY 11354. The workshop is part of the Chamber’s “Financial Empowerment Academy,” an innovative community education program for local residents and entrepreneurs to learn effective strategies for saving money, building credit, and accessing economic opportunities.
Ms. Bridget Jobe, Mortgage Business Development Officer at East West Bank, will lead this workshop on homeownership, which will cover household budgeting, mortgages, down-payment assistance programs, the pros and cons of owning versus renting a home, and how to prepare to be a first time homebuyer. Ms. Jobe is a seasoned mortgage professional with more than fifteen years’ experience in the mortgage industry. Ms. Jobe specializes in providing financing for families to make the dream of homeownership more attainable and has worked with many low and moderate income families to purchase their first home.
“We are proud to partner with the Greater Flushing Chamber of Commerce to provide learning opportunities for local residents and entrepreneurs through the Chamber’s Financial Empowerment Academy,” said Wendy Cai-Lee, Executive Vice President of Consumer & Business Banking. “Our next workshop on homeownership addresses a real need in an area where housing prices have skyrocketed and the supply of affordable housing is very limited.”
In the last decade, rents in Flushing rose faster than they did in the rest of Queens. According to a recent study by the NYC Department of City Planning, rents have been rising faster than incomes, and the share of New Yorkers who qualify as “rent burdened” has been increasing on a citywide basis. Due to low vacancy rates, rent increases, overcrowding, and other factors, many households have reduced access to affordable housing. An expanding upscale residential market in Flushing is also pricing out many of these low-and moderate households from homeownership. According to Trulia, an online real estate resource, the average price per square foot in home sales in Flushing rose to $634, up from $580.
“The struggle to own a home is not just an economic issue; homeownership is at the heart of the American Dream,” stated John Choe, Executive Director of the Greater Flushing Chamber of Commerce. “The goal of our next workshop is to empower local residents and entrepreneurs with the knowledge and resources needed to build wealth, secure a home, and ensure their children’s prosperity.”
About East West Bank
With over $33 billion in assets, East West Bank is one of the 25 largest public banks in the United States. Ranked top 15 in “America’s 100 Best Banks” by Forbes for six consecutive years (2010-2015), East West Bank actively participates in nonprofit and community-based organizations and provides financial education programs to help local communities thrive. For more information, please visit www.eastwestbank.com
About the Greater Flushing Chamber of Commerce
The Greater Flushing Chamber of Commerce is a nonprofit membership association that supports the economic growth, inclusive diversity, and shared prosperity of our community through advocacy, networking, and education. For more information, visit us at www.flushingchamber.nyc.