BUFFALO, N.Y. (WKBW) — On Friday, KeyBank CEO Chris Gorman was joined by employees to announce a new partnership with Operation HOPE, a non-profit that brings financial empowerment to underserved communities.
Operation HOPE will provide free financial education to any Western New Yorker in need at KeyBank's East Delevan branch, located at 752 East Delevan Avenue.
The partnership focuses on two key areas:
- Homebuyer Education: HUD-certified Operation HOPE coaches will offer group homebuyer education classes and coaching sessions to provide individuals with knowledge, skills, and resources to help overcome common challenges first-time homebuyers face as they go through the home loan process.
- Financial Education: Credit and money management education, where on-site Operation HOPE coaches will assist and lead individuals through guided steps on how to improve money management and provide support throughout their financial journey.
Operation HOPE CEO John Hope Bryant said it comes down to improving credit scores in underserved communities, allowing for more people to be approved for prime mortgages, loans, and homeownership.
"We have to have an ownership mentality," said Bryant. "Right now in a neighborhood like this, you can go to church, be a nice person, pay taxes, but your credit score is 580. [The bank] can't say that for fear of being sued, they know the credit score and can't say yes to a good auto loan."
For Buffalo's Joann Erni, she said she plans to save money to open a hot dog stand and buy a home.
"I'd rather stack my own money up, and buy my own house," said Erni. "That’s where I'm at now."
Data shows that 44% of the homes in the East Side's zip code of 14211 are rented. 23% are vacant, and 17% are homeowners with a mortgage.
That data is different just a short drive away in the 14224 zip code. 22% of the homes there are rented, and only 4% are vacant. The data states that 46% of people are homeowners with a mortgage.
The median home value in the 14224 zip code is $130,400, which is triple the value of the median home value in the 14211.
