Presentation on theme: "1-866-683-1682 www.workplace.org/mortgage.asp Keep your home by getting the skills you need 1-866-683-1682 www.workplace.org/mortgage.asp."— Presentation transcript:
1 1-866-683-1682 www.workplace.org/mortgage.asp Keep your home by getting the skills you need
2 In June 2008, Connecticut legislators set aside $2. 5 million In June 2008, Connecticut legislators set aside $2.5 million* in bond funds to create a workforce system response to the mortgage crisis.*per year, up to 4 years
4 ability to pay mortgage AHA! (core concept reinforced)Insight: Loan modifications alone don’t eliminate delinquenciesNationally, more than ½ of loans modified in 1Q08 fell delinquent within 6 monthsCT’s Opportunity: MCJTP uses our workforce system to help borrowers increase their earning capacity ability to pay mortgage*>30 days past due. 36% after 3 mos, 53% after 6 mos, 58% after 8 mos. Report covers 35 million loans or about 60% of all first-lien mortgages in U.S.
5 The Situation Sub-prime mortgage resets created initial crisis Now, slowing economy + unemployment are adding to the needPoorest people in urban districts are impacted mostSources: Governor’s Sub-prime Mortgage Task Force, 2007;CT DOL December 2008; RealtyTrac.com
7 Services: Eligibility: MCJTP helps borrowers gain the skills they need to be able to earn more money to become financially stable.Services:The program offers:Customized Employment ServicesJob Training ScholarshipsJob Placement AssistanceFinancial LiteracyCredit CounselingReferrals to other needed servicesProgram Specialists; assigned to customers geographicallyEligibility:60 days or more past due on mortgageMortgage is for primary residence in CTHousehold income less than $120,000Referred by the Connecticut Housing Finance Authority (CHFA), or can demonstrate animminent need for services
8 As of 5/1/09: (7 full months in operation) Referrals to the program 2,350Assessed for Program Eligibility(one-on-one discussion with Program Specialist)Training ScholarshipsProvide Career Coaching(includes info on in-demand careersand required skills; guidance on training)Employment Support Services(Resume Prep, Interview Prep,Assistance with Employment Applications)Referral to Financial LiteracyCredit Counseling
9 Customer Profile: A Connecticut Example College Educated – many have Associates or Bachelors DegreeMix of employed (51%) + unemployed (49%)Occupations – Retail Sales, Bookkeeping, Drivers, Construction workers, Clerical & many othersSeeking Career Transition into: Health Care, Project Management, IT
10 Start-up Milestones program inception July - Dec 08’ Policies & Procedures developedData Tracking System & Electronic Referral Process designedHired and trained Specialized TeamToll-free number established:Participated in Statewide housing fairsCross Training with State Agency PersonnelExpansion of Eligible Training Provider ListCoordinate customized training for customers with common needs
11 Key Partnerships Connecticut Housing Finance Authority (CHFA) Sources for Financial Literacy Training and Credit CounselingConnecticut Department of BankingHelping reach lenders and communicate program benefitsDistributing information on the program to consumers who call their customer service centerOne-Stop CentersProviding support programs for clients and space to meet people near their own communitiesHUD Housing Counseling AgenciesState of CT Judicial Branch, Foreclosure Mediation ProgramUnited Way of Connecticut 211 InfolineLenders e.g. People’s United Bank, NewAlliance BankDeveloping more through community outreach
14 Education & Training through MCJTP 368 training scholarships have been writtenAverage duration of training is 9 weeksTypes of training include:- Certified Nurses Aide- Certified Payroll Professional- Dental Assistant- Veterinary Technician- Pharmacy Tech. Certification- Project Management- Medical Billing & Coding- Lean – Six Sigma Black Belt- A+ Network & Microsoft- Administrative AssistantCertified ProfessionalCertificate Program- CDL Class A Tractor-Trailer
15 Year 2 Plans: Respond to continued demand Expand staff to close “gap” between referral and enrollmentIncrease outreach & build awarenessCoordinate more closely with other programsEnhance state’s response to rising unemployment
17 Taking It Home/Next Steps Consider what you’ve heard here:What “challenge” comes to mind for you?Is it both urgent and important?Is someone already working on it? [piggyback]Is there a way Workforce can add value?Would a “success” enhance the relevance of Workforce overall?Gather some facts; learn more about itDiscuss informally with trusted colleaguesDecide whether to embark on development!Call on us if we can help…..
18 EXTREME RELEVANCE: Want to learn more? Contact Tom Long at (203)