A Success Story: The Gutierrez Family

August 25, 2005

Maritza Gutierrez is a mother of three and works for the Los Angeles County Consumer Protection Department as an investigator. Maritza and her husband Joseph came across CFRC’s IDEA program in partnership with FHLBSF (Federal Home Loan Bank of San Francisco) and CB&T (California Bank & Trust). Maritza enrolled in August 2004 and began saving by making monthly deposits of $500.

Maritza and her husband also attended a series of financial education classes, homeownership workshop and saver club classes to learn about the nuts and bolts of the homeownership process. Maritza and Joseph put what they have learned in their financial education classes into practice and asked their children to do the same. Each family member had a budget and each learned to bargain shop. Maritza and Joseph also prepared a list of items that they should look for in a house and made sure all of their documentations were in place.

They found a property in the East Los Angeles area that needed rehabilitation, but they found much potential in the property and knew that they could work on the rehabilitation on their own to save money. With the IDEA match money of $14,400 and other saving programs that they have enrolled in, Maritza and Joseph purchased the property for $289,000. Maritza and Joseph received funds from the Los Angeles Community Development Commission Home Ownership Program and American Dream Down payment Initiative and IDA program with New Economics for Women.

After the family moved in and started the rehabilitation process, the neighbors also began to upgrade their homes to raise the values of the community. The property still has much work to be done, but Maritza and her family are excited about working on their home together and seeing the transformation of their house and neighborhood.