Two groups in Starkville are looking to provide residents on low to moderate incomes with ways for owning a home, while moving on from public housing.
On Monday evening, the Starkville Housing Authority and representatives from BancorpSouth met with SHA tenants to discuss the Right @ Home homeownership program. Officials briefed residents on the requirements for the program; how to manage credit; and provided basic financial planning advice for the future.
The Right @ Home program—an initiative done by all BancorpSouth branches—is the first organized effort under SHA Executive Director Amy Bishop for providing residents a possible path to homeownership.
"Public housing is a stepping stone," Bishop said, who took over as SHA Executive Director in July. "The objective is to become a homeowner. This is a stop in between that process. I am encouraging tenants to come out and learn what they can about it. I think this is a really good starting point. A lot of our tenants were not even aware of programs like this, so a lot of tenants feel defeated before they even get started."
Working with BancorpSouth will help fast-track future homeowners, and provide needed financial education for SHA tenants, she added.
"It means a lot for us to have businesses willing to help out," Bishop said. "I was not well-versed in homeownership programs. It really helps me having (BancorpSouth)."
Starkville BancorpSouth President and current SHA board member Loren Bell said the program is unique since it does not require a minimum 20 percent down payment on a property, and the initiative's parameters are tailored to each individual's situation.
"It's a way we can all shoot to have that bit of the American Dream," Bell said. "We want that for our community. This might be an avenue for people who didn't know anything about it, or had no idea they could qualify to seek homeownership."
Bell commended Bishop's work as new director.
"She's doing an outstanding job," he added. "She's raising awareness and getting tenants involved. She's doing really great work, and we are all proud of her."
SHA will host another meeting in the spring of next year to brief eligible, flat-renters, or SHA tenants who pay the maximum and just below the maximum of rent for SHA units.