Weekly
Bulletin
Online
Volume 27 Issue 1
January 12, 2006
Spotlight on Excellence
Communiversity News
Calendar of Events
Job Announcements
SHOP for Wealth is coming to Alcorn State University (Thursday, February 2, 12:15pm. Campus Union Ballroom). You’ll learn how to establish good credit, avoid debt, and plan for your future.
SHOP For Wealth Program
In February of 2003, the Congressional Black Caucus Foundation, Inc. inaugurated a program designed to assist young people with becoming homeowners at an early age, while avoiding the pitfalls of poor credit habits and excessive debt. Called the Student Homeownership Opportunity Program (SHOP), this initiative has since completed its third tour, traveling to 35 universities in California, the District of Columbia, Florida, Maryland, Georgia, Louisiana, the United States Virgin Islands, Missouri, Texas, Ohio and Mississippi.
The principal objective of the program is to educate young people about the importance of: managing money smartly; establishing good credit habits; recognizing the potential hazards of easy credit; and building wealth through homeownership. While visiting universities throughout the country and speaking to students of all ages, races, and socio-economic backgrounds, CBCF has realized that, though attendees are excited about the opportunity to begin building wealth through homeownership, too many are already plagued by poor fiscal habits, which has resulted in declining credit scores. Thus, the SHOP Program is shifting its emphasis in 2006 to heavily focus on moving away from debt and towards general financial preparation, in homeownership and beyond.
This program hopes to establish a pattern of behavior that will create a paradigm shift and produce real change in the African American financial demographic. It also hopes to continue establishing a pattern of early-homeownership among this target group that can be passed on to family members and future generations, eventually erasing the African American homeownership gap. The Foundation believes this shift in demographics will improve the overall economic health and well being of young African American individuals and families.
The SHOP program’s schedule and locations for classes are developed in conjunction with the sponsoring universities. Students learn about financial literacy and preparation; the importance of homeownership; and the process for purchasing a home. As a result of participating in this workshop, graduating seniors receive a certificate of $1,000 towards down payment and closing costs on their first home!
In 2006, SHOP will be traveling to schools in the District of Columbia, Florida, Georgia, Louisiana, Maryland, Mississippi, North Carolina, and the United States Virgin Islands. CBCF has received funding from State Farm Insurance Companies and Freddie Mac to develop and maintain SHOP on the campuses of Historically Black Colleges and Universities (HBCUs) throughout the country.
University Relations Staff
W. Christopher Cason,
Director
Sherita L Bailey, Administrative Assistant,
Writer
Elena Dobrynina, Staff Writer/International Student
Recruiter
Mail:
P.O. Box 389, Alcorn State, MS 39096-7500 ~ Phone:
(601) 877-6130 ~
Email: elenad@alcorn.edu
~
Office: WWACB, Suite 511
~