Johnson Development Corporation Expand Home Ownership Education Program
Washington Mutual is furthering its partnership with Earvin "Magic" Johnson, Chairman and CEO of Johnson Development Corporation (JDC) by kicking-off a new phase in their commitment to increase homeownership in underserved communities, and celebrating the grand opening of a new home loan center in Chicago's Logan Square.
For the first time, Johnson's is expanding beyond African American community to bring home ownership to members of the Hispanic and Asian communities. In addition to opening new home loan centers in urban neighbourhoods nationwide, Washington Mutual and JDC continue their mission to help people in these communities build wealth, achieve their financial goals and realize the dream of home ownership through the introduction of a free, four-part financial education and credit building program, Solid Start(TM).
The Solid Start program, which is available in English and Spanish, takes 12 to 18 months to complete and pairs prospective homeowners with a Washington Mutual home loan consultant who guides them through courses on banking basics, home buying education, purchasing a home and loan maintenance. Upon completion of the comprehensive and individualized coursework, the prospective homebuyer is expected to be in a good position to be approved for their first home loan.
Beginning in 2003, Washington Mutual and JDC have opened 21 home loan centers together in New York City, Washington, D.C., Atlanta, Chicago, Los Angeles and most recently, the Bay Area and Houston. This year, a total of six more home loan centers will open across the country, including centers in Miami; Newark, N.J.; Rialto, California and the center opening today in Chicago's Logan Square.
"The Johnson Development Corporation is excited to be part of the Chicago community and to share our passion for educating people about how they can become homeowners," Johnson said. "This partnership could not be successful without Washington Mutual's commitment to put home loan centers in the communities that need them most."
Johnson said the joint effort is also about building communities. "This is one of four JDC/Washington Mutual home loan centers now located in Chicago and we are proud that each is located in such diverse neighbourhoods." He added: "Economic growth is the key to solving many problems faced by minority community residents, and by joining forces with Washington Mutual; we hope to help rebuild urban communities, stimulate local economies, and bring much needed services to residents."
Johnson Development Corporation, a company formed in 1994 by Johnson, is comprised of five separate companies, each functioning independently to serve as a business stimulus, foster local economic growth and create financial empowerment in long neglected minority urban and suburban neighbourhoods. JDC develops entertainment complexes, restaurants and retail centers. The development projects provide jobs and employ local minority contractors in the communities in which they operate.
