 Bienvenidos a todos. Gracias por acompañarnos hoy para finanzas. Gracias, Bienvenidos a todos. Gracias por acompañarnos hoy para finanzas personales para propietarios de vivienda por el primera vez. Si necesita interpretación en chino o español, por favor haga clic en el icono del mundo en su barra del menú y seleccione el idioma que desea escuchar. Bienvenidos a este trabajo de la lucha de los representantes de la people de la sociedad. Si necesitas el idioma en chino o español, por favor, pídete a la barra del menú, por favor, pídete a la barra del menú y seleccione el idioma que desea escuchar. Gracias. Gracias. All participants will be muted during the program. Please type your questions into the Q&A. Este programa está siendo registrado en vivo y será registrado en YouTube. Y si seguimos este URL en la pantalla, podemos encontrarlo ahí. Tenemos una encabezada para cerrar, si necesitas una transcripción en tu pantalla. Y es un honor introducir a nuestro partner y presentador, Asesor Joaquín Torres. Asesor Torres necesita una organización de 176 profesionales para beneficiar y identificar y asesar todas las propiedades taxables en la ciudad y en la ciudad de San Francisco y aplicar todas las excepciones legales. Su oficial también recorre y mantiene los récords oficiales y recoge los taxos de transferencia de cambios y propiedades de ownership. Asesor Torres se ha inspirado a su carrera en el servicio público por modelos de trabajo que creen que el mejor gobierno es realizado cuando se escucha más de la gente que sirve y luego responde con políticas y programas diseñadas para hacer sus vidas mejor. Como director former de la oficina de Serviciosa de Económica y Developmentancias, Torres llevó a la ciudad los esfuerzos económicos para trabajadores y negociadores de COVID-19. Durante la pandemia, él llevó a la creación de una mediación de apoyo de pequeños negocios, incluyendo dirigir más de 50 millones de dólares para más de 3,500 pequeños negocios, 10 millones de dólares en el fee y el contacto con las transferencias, y apoyo aplicado para el estado y la fundación federal. Torres ha ayudado a focar en la ciudad en construir una economía más acuerdida, incluyendo el alcalde de la ciudad, el primer áfrica americano evolucionado en la fundación, y el incremento en recursos para mujeres, minoridades y inmigrantes. Como parte de la ciudad's Económica Recovery Task Force, él ha sido instrumental en la fundación de la fundación para más económicas para estas. Torres es un estudiante de Stanford University y de New York University's Tish School of the Arts, y el gran gran set de inmigrantes mexicanos. Él vive en el intercensado con su mujer, Maribel Jaume. Por favor, bienvenido. Gracias a todos por esa introducción. Y gracias al Public Library y a todos los de ustedes por acompañarte hoy. Es un placer ser con todos ustedes. De nuevo, mi nombre es Joaquín Torres, y soy el informador de asesor aquí en San Francisco. Y quiero darles la bienvenida a todos los de ustedes para el segundo webinar de la nueva serie de familia. Quiero dar un saludo a mi asesor, Carmen Chu, quien empezó un formato de familia que este trabajo ha sido expandido. En esta serie de trabajos, aprenderás sobre recursos y escuchar a los expertos sobre los topics complexos relacionados con la resiliación financiera. Mi último objetivo, junto con nuestros compañeros, es para llegar a las comunidades en el under-servo para construir la familia en todo el país. Ahora, todos sabemos que comprar una casa por la primera vez es un gran problema. Y para muchos de nosotros, es una de las más largas asesoras que tendremos. Como empezas a explorar el proceso contra la familia, es importante saber que hay recursos de ciudad valiosos y organizaciones comunitarias que pueden ayudarte. Encontrar tus propios planos de financiamiento personales. He invitado a los miembros de la comunidad y a las instituciones financieras de la comunidad para que nos acompañen hoy. Les daré un segundo para obtener este set-up para nosotros. Y si pudieras mover... ¡Bien! He invitado, y muchas gracias a todos por tus pacientes y a todas las clases que tenemos aquí. Quiero, primero, agradecer a todos los pacientes que están con nosotros hoy, que quieren darles algunos tips y un overview de los programas cuando veamos más apoyo para ustedes. Para comenzar, aquí es el agente para la próxima hora. Quiero destacar el rol de nuestro oficio de la Recuerda Asesora, la serie de la familia, y las horas de la oficina. Muchas gracias, along with David, David Williams from Homeownership SF are also in attendance to assist you with any questions and they can answer those for you in the chat box. So don't be shy about that. You can have some real time answers in the chat box section as well. Homeownership SF is a citywide collaboration of experienced nonprofit housing agencies that serve as a centralized hub for local affordable housing resources. Next slide please. So a quick overview of our office. We have two separate functions, the assessor side and the recorder side. Last fiscal year in the year of 2020-2021 we identified approximately 214,000 parcels in San Francisco with an assessed value of over $300 billion. When you think about the $13.1 billion budget in San Francisco for the coming year and you think that $3.7 of those dollars have been made possible because of the work that we do in the assessor recorders office nearly 30% of the overall budget and expenditures in the city, you know that the good work begins so much with what we and our staff do day in and day out. The fundamental service that we provide is to assess all real property and assets in San Francisco so that they can then be properly assessed and used to help deliver a very robust budget for our city and county. And I'm very proud to say that on June 25th for the third year in a row building on the success of Carmen Chu, we for the third year in a row we completed our our closing of the role on time. And we're now estimating about $3.7 billion in property tax revenue. Now this is the largest single source of stable general fund revenue for the city. 64% of that property tax goes to the general fund. About 34% of that goes towards public education with remainder for transportation issues such as a bar or for air quality with the Bay Area Quality Management District. On the recorder side, we're responsible for recording real estate transactions like a deed of trust or lien related documents, mortgages, public documents including power of attorney and so many of our favorites marriage licenses, certificates. There are over 200 document types that we deal with in the office. Next slide please. The importance of doing this work is because we as a city want to make sure that you as individuals and families as homeowners have access to the resources that you need and have answers to any question that you may have about your financial security. This webinar is the beginning of that process for us. And I'm happy that we're able to expand this education series into digital workshops in collaboration with the San Francisco Public Library and community organizations that we're doing this work cohesively and together. Many people in our communities as we all know face barriers to accessing the most basic of banking services, financial advising, credit counseling. And it's a pervasive and very costly issue, especially for low income individuals. Without bank accounts or credit scores, some communities are completely locked out of the financial system. And so our goal with this series is to lower those barriers and connect you and all San Francisco's regardless of your household income with the resources that you need to make the right financial choices to build a life of safety and security for yourself and for your family. Next slide, please. Now, if you have any questions, again, we are offices open for business. We have been very fortunate to welcome people back in beginning a June 7th. And here our office hours here, in addition to our phone number, which you can call. If you don't remember this number, you can always call 311. And they can connect you to our office or to the appropriate staff. You can also reach us via email. And you can see some of that information here as well. Next line, please. So please feel free to reach out any time to those numbers or to our website or to, or to me directly. So we can answer your questions. We want to make sure that no question goes unanswer, especially in regards to your most important asset, which is your home and the most important infrastructure that you need to be financially successful here in the city. So please join me in welcoming our first guest, speaker Douglas May from the Northeast Community Federal Credit Union. Under the leadership of, of course, the esteamable CEO, Lily Lowe. Lily, it's so good to see you. Douglas, it's so good to see you. And I just want to say for those of you who don't know, these are community champions who have been extraordinary partners in our city and our county. And most especially, whether any kind of economic crisis is felt even separate from the pandemic. These are partners who know you, who understand you, who understand your issues. And I'm so proud to call them partners. And I'm so glad that you've been able to join us again today to continue this work. I want to just say again, with regards to Northeast Community Federal Credit Union, this is a nonprofit, member owned, federally insured Community Development Credit Union. And they've served the city since 1981. And with that, welcome, Douglas. Thank you very much for the introduction. Good afternoon, everybody. I'm honored to be invited here to be a part of this presentation. I've grew up here in San Francisco. I work here, so this is my home, my family's here. So I understand our hardship of owning a home here in San Francisco. So it's nice to be able to present this. Like Joaquin Torres said, home ownership is tough, especially in San Francisco. We all understand the hardship of owning a home here, cost of living, cost of homes. But as a county, we want to take care of the people here because the people living here who work here are the ones that build our community and we want to thrive together. So we don't want anybody feel discouraged if they have no savings. There are programs out there. So we're going to start talking about the most recent data in San Francisco. So the typical home value in San Francisco, according to Zillow, in May of 2021, the average home price, single-family homes, is $1.46 million. And the average days on the market right now is about 18 days. So you could say it's a solar market. 698 homes were sold in the month of May alone, according to the latest data. And we're going to talk about down payment on the first time home buyers programs that government programs have. So the minimum down payment required is approximately 3%. So the main point of this whole presentation is we want to get the message out is we want you to start saving early, plan early. You don't want to apply for these programs unprepared and not knowing how much money you have in your savings, what you can afford to buy. Your down payment depends on the type of mortgage you choose and its lender too. So each lender has its own requirements. Not just a down payment alone, there's closing costs. So the fees and expenses that ranges from 2% to 5% of your loan amount, but also can be negotiable between the lenders. And moving costs. These are also added to the expense of buying your home. These are the costs of, hey, are you going to hire a mover? Are there inspections that you got to pay for? Are there any minor repairs in the homes that needs to be fixed or as simple as the color of the paint? All these are added to your moving expenses. There are programs that assistance programs for low income to moderate families, first time home buyers. So these programs are specifically for people who does not own a home and looking for purchasing their first home. So the programs here are, we have the federal state and the local ones. The federal one is the federal FHA, the federal housing administration. And then the state, we have the California Housing Finance Agency. And of course, in San Francisco, we have the local San Francisco Mayor's Office of Housing and Community. The FHA and the California Housing Finance Agency, they both are pretty similar, but each have its unique requirements. I'm only going to touch bases on both of them, but the meat of it is we want to present the local San Francisco one that we have to offer. So each program has its own requirement, like I said, right? But all three of them provide assistance to all the first time home buyers, all with low to moderate income. And the FHA and the California one, they both require you to have a minimum credit score. And each of them have its own requirement and each different credit score versus the local one that we have in San Francisco, we don't require anybody to have a credit score. The California one, it's different from county to county. So interest rates are different. Also, your credit score will be different depending on which county you are looking to purchase the home. Next slide. So FHA and the California one do require you to have a minimum down payment. For instance, the federal one, I require you to have a minimum 3.5% down payment for and a minimum credit score about 580. And same goes with the California assistance one. You do require you have its own minimum credit score and a down payment also. So these are the requirements and these are the assistance programs from the federal FHA and the California HFA. And those two programs are not typical for home buyers in San Francisco. Maybe more also, but more widely used in more suburban areas. Because San Francisco, we have our own unique assistance programs for people with low income who wants to own homes or who wants to who can purchase homes in the low market rates. So the city created a program of the San Francisco Mayor's Office of Housing and Community Development. So this program is a really unique in a sense because it's really focused on homes ownership in our city. We want to attract the people who already work here, who want to live here and who want to build our communities and who want to help our county to thrive together. So what is below market rate housing? These housing are units that are sold specifically for people in low income, moderate families. These homes are, for instance, say a comparable unit is out in the market for a million dollars. But these homes are sold to buyers, first time home buyers who qualify for this program and say they can purchase it half the price. Because we want to give the opportunity to everybody here, especially the ones in the underserved communities. And you can also resell these. If you purchase one, you can also resell them in the future, but also at a below market rate price. Just because your neighbor and the value of your home is a million dollars doesn't mean that you can resell it at a million dollars. And you also have to work with the mayor's office. The homeowner is also with the mayor's office to resell these homes and you have to resell them at a below market rate as well. And usually these homes are not the typical single family homes that we have in San Francisco. It's mostly in condominium units that makes income buildings. So it can be residential over commercial buildings. And many of these have its own HOA dues. And be aware that these HOA dues, it's not governed by the mayor's office. And it can increase over time as well. And there's a lot of information on the mayor's office and the website. There are a lot of different programs. We have the down payment assistance programs for home buyers. We have programs for the first responders and we have programs for teachers next door. They open these programs specifically because the mayor's office, the city, they understand the hardship of owning a home here. So they want to take care of the people who take care of our community and try to keep them here and continue to help us thrive and grow together. They are programs such as the down payment assistance loan program. Also, where you apply for it, you have to make a certain, there's a limit of amount of income. You have to qualify for it. They offer up to $375,000 for certain individuals who qualify to help them for down payment to the homes. And there are regulations, there are rules. You do have to take a class because they do want to educate you. It's not just money they give you. They want to make sure you're responsible with it. They don't want you getting to default with it. And there are regulations that when you do sell it, you do have to work with the mayor's office and its program and whatnot. And it's money that you do have to pay back also. So it's not free money, but it is a great assistance program for it. And there's also mortgage credits and refinancing assistance also. But the main point is we want these home buyers and new home buyers. We want you to start early, start planning early. It's not just you want you to go get a, you need to go get a pre-approval from an approved lender in these programs. And they'll give you a hey, this is what you qualify for. You qualify for a million dollar property, a million dollar home. But just because you qualify for it doesn't mean you go out there and say, hey, I'm going to look for a home that's a million dollars. You have to think about what your financial situation is. You have children, what are your monthly costs, what are your bills right now? And can you actually really afford that payment monthly payment? So that's very important to know. Finding out the numbers and down payment. Do you have that money saved? It's not something that you could, hey, I've got to pre-approve. I'm going to deposit all this cash in your bank account. It doesn't work like that. It needs to be traceable. How did you get these money? Do you work? Do you have a family loan for you? And each family can only I believe $10,000 to $15,000. You need proof of that also. There's got to be a trail of where all this money, your savings come from. And not just 3% that you have to say, if you think about the closing costs, like I mentioned earlier, it can range from 2% to 5%. So you have to include that into your expenses. And like I said, it's also negotiable between the lenders as well. And your moving costs, like I mentioned too, it also depends on do you need work being done. Besides the down payment, you have to compete the home buyers education that the city provides, which is 10 hours total. Generally every adult living in the household should and must finish home buyer education. Gather all your documents, get them all ready, though not wait until the last minute, and get them together. It's a very stressful time buying a home because I remember myself when I first bought my first home. It's very stressful. It's a lot of back and forth. I didn't have any of my documents ready because I never went to these seminars. So I understand the hardship and the stress it can cause. You want to have minimum three months of your most recent bank's statements, three years of your tax returns, and three most recent paystubs. Pretty much the rule of threes, three, three, and three. Get your lower pre-approval letter. Get an idea of what you can afford. And then you can work around those numbers. What are you comfortable with? And look at the guidelines. What are you looking for? Are you looking for a low market rate housing? Are you looking for the down payment assistance program? Give you a better idea. And so you could know which direction you're going to. Keep in mind, this is not a guarantee program just because you sign up, you're going to get qualified. You're going to be qualified and you're going to get paid. This is a lot of system too. There are preferences as well. They do this preferential points. They do want to take care of those people who apply for this are already living here in San Francisco. And they are working in San Francisco. And why are they applying for it? Did their home get damaged by a fire? Did they get evicted? The city wants to take care of those people as well. So it is a lot of program. It can be stressful. It can be a long process as well. But for the meantime, prepare yourself for it. Build your credit. Do you have bad credit or do you have no credit? Check the credit score annually. You can check them for free. I believe you can get a one free credit score for one of the companies. If you have bad credit, talk to a financial advisor. There are programs out there that can advise you how to rebuild your credit. If you have no credit, maybe start getting a credit card. You can start with getting those gas cards so you don't overdraft on the gas card going to default or you miss a payment. Phone bills, utility bills, all those can help you build your credit. Start early. Sign up. If you have a lot of things in mind, a lot of things to do, I'm guilty at this too. Sometimes I forget a lot of things. You can set up an auto bank. So you know that you're not going to miss any payments. Because if you miss payments, it does affect your credit score, especially if you're trying to rebuild all those. It's a lot to do, but there are a lot of assistance out there that our city provides, and that's the benefit of San Francisco. We do take pride in the residents and the people that help our communities, and we do want to help take care of the people here. And that's the pride of San Francisco. So thank you very much. Well, Douglas, thank you very much. We're very lucky to have you here. And also, I'm going to shortly ask my staff to put in in the chat section some of the information for smart money coaching that's provided by the Office of Financial Empowerment through the Treasurer and Tax Collectors Office. So we can include some of that information to you. If you or others you may know, may be in need of also some general financial coaching. So again, thank you to Northeast Federal Credit Union. A lot of information to cover there. So a lot of questions that you may have, please do reach out to Northeast Federal Credit Union to get some of those answers. You can see the phone number here on the screen, 415-434-0738. Y, of course, the email that is there, make note of the dot between SF and Chinatown 2021 at gmail.com. I'm very pleased to welcome our next speaker from the Mission Asset Fund, who will discuss a community-oriented, hi Diana, it's good to see you, who will discuss a community-oriented way to build a credit. The Mission Asset Fund launched Lending Circles. In 2008, a nationally recognized program, I might add, from an extraordinary community organization. This program is a unique social loan program, which has helped people open bank accounts, avoid predatory lenders, and quickly build credit, following up on the conversation that we just heard about. So please join me in welcoming Diana Adame from the Mission Asset Fund. Thank you, Diana. Hi, thank you so much for looking for the introduction and I'm super excited to be here. So thank you so much everyone. My name is Diana Adame. I am the campaign and outreach manager. So my job is to go out into the community and do these types of presentations for the services that MAF offers. And with me today is my colleague Susana Gamma. So Susana, I'll let you introduce yourself. Hello everyone, my name is Susana Guama. I am the financial coach for the empowerment team in the Mission Asset Fund. Thank you, Diana. Thank you so much, Susana, and if you could go to the next slide. So for today's agenda, I'm going to be talking a little bit about who MAF is. Sometimes, you know, you might know about lending circles that have heard about it, but we just want to introduce you to the organization that offers it. We will also hear about Susana's story about when, how she was able to obtain her first home. We're going to be talking about the program lending circles that helped her achieve that and as well answer any questions that might be coming in. Next slide, please. So who is Mission Asset Fund? We are a nonprofit, so we help the community. And our mission pretty much is to create a fair financial marketplace for hardworking families. Our focus is on many different programs. Like Joaquin mentioned, we have the lending circles, which focuses to help folks to start or to improve their credit. But through that, we've also, because of the pandemic, we've also had different programs such as grants that we provide to the community. So if you'd like to learn more about our services, about our programs, about the impact in the community and even client stories, you are more than welcome to visit missionassetfund.org. Next slide, please. So Susana, if you can share with me, you know, how the opportunity to become a first time home buyer happened, your participation in lending circles and your whole experience. Thank you, Anita. Yes, I would like to share my story because as an immigrant, I would like to tell everyone that it is possible to own our own home. I came from Mexico in 2003 as an immigrant. I started working in the mission district because I didn't, I didn't have any knowledge about the English. And like many immigrants, I just speak Spanish at that time. And still, in after three years, when I got my green card, I started working as a Spanish business trainer in a nonprofit organization called Women's Initiative for Safe Employment. Working there, I have a visitor from mission asset fund in 2008. And they talk about the TANDA, so lending circles, and invite my group to start one. And really, I was renting at that time in a room, one room, and I was asked to leave the room. I have seven rooms in seven years. And my goal was building my credit, but I really never told for me to be, to have the possibility to ever have my own home. I was living with my sister and my nephew, and I was the only supportive for my family. As I said, when I was working in Women's Initiative, the person from mission asset fund came to my classroom and invited us to have the lending circles, to build credit. For me, it was too for less, and it was unbelievable, really. It was so simple that I cannot believe it. As an immigrant, I did understand, I didn't understand the system, the economical system at that time, and it was difficult for me to build credit. I was supposed to spend a lot of money in order to build my credit, and I was really amused how easy it was to build my credit with lending circles. I started participating in the first, in the second lending circles for mission asset fund, and my credit went up so much that I was able to buy my house in 2010. Achieving stability is one of the most important goals of my life, and owning a house gave me that stability. I wanted to tell everyone that it is possible to own a home just to make that goal in your head and work for it. Yes, Danita. Thank you. Thank you so much, Susana, and I love your story. I really do appreciate the time, and like Susana mentioned, she was the second group to start a lending circle. Just at the beginning stages of mission asset funds, a lending circles program. I'm really glad that you were able to share your story and that advice that you give everyone, that you never give up on that dream. I think that the whole purpose of this presentation is to provide you a estructura, an idea on how to get started. So, please do not hesitate to reach out. So, for those of you that said, okay, Susana. Susana and Diana, you got us our attention. We would like to learn more. Susana said that lending circles really helped her to start her credit. So, what I'm going to review next is our lending circles program. So, we can go to the next slide, please. So, again, lending circles can be a powerful tool to help you establish or build your credit. That's if you've already have your credit started. So, if you could go to the next slide. So, social lending is pretty much a global practice. So, it's practice all over the world and it has different names. So, in the Latin America section of the world, we have tendas, gondinas, and if we can click one more time, we also call it bandero. In Africa, we call it susu. So, as you can see in Australia, es gamete. So, this is practice all over the world. And what it is, is essentially a group of people getting together, build on trust to lend money to one another. So, they take turns in receiving the funds. And, you know, this is a great opportunity that you also get to meet a lot of people in your community. Next slide, please. So, essentially, what lending circles is, is again, where a group of people get together, they lend each other money, they take turns based on trust, when it's just in an informal way. What Mission Asset Fund has done is taken this informalized practice and turned it into a formalized way where it could also be reported to all three major credit bureaus. So, this is again a cultural practice that has been formalized. This loan offers a zero percent interest rate. So, one of the things that a lot of clients ask, you know, so, if I borrow money, how much interest am I going to pay? None. It's zero percent interest. So, what that means is if your loan was $800, that's exactly the amount that you'll receive, and when you pay it back, you have paid also $800, not a penny more. It also consists that when you're completing the application, you will also complete financial education modules. We have 30 education topics, and out of those 30, you select five that are most applicable to you, and actually one of the sections that we offer is about home purchase as well. So, it really goes in hand with a lot of the information that's been provided to you today. It's also a lot of the clients ask, well, you know, if I get enrolled in the program, how do I make the payments? So, the payments will automatically be deducted from your checking account. So, no need to go out or make a payment, no need to go online. As long as you have the funds ready in your checking account, we do auto-deb, it's every 17th of the month. So, again, this cultural practice has been formalized through the lending circles program, so that enables us that when you obtain the loan, we look at it more at the social aspect where you meet other people in your community, but what math does is that it reports it out as you having just the loan with us, and every single time that you make your contribution to the circle, that gets reported out as you making a payment to your loan. So, that gets reported out to all three major credit bureaus. Next slide, please. So, if you're asking yourself, okay, so how does the lending circles work? When do I get the funds? You're saying that it involves other people, you know, who gathers all these people. So, we have our online application. So, as people start following the application online, we start to gather the people. So, no need to worry about, you know, having to collect, you know, six to 12 mumbres. We handle all of that. But just to give you an example of how the program works. So, we have an example here with a group of eight people. And so, in this circle, everyone's going to be pitching in $100. And every single month, if everybody pitches in $100, then that means that there's $800 collected. So, we'll take the lady with the glasses, just like me. She was the lucky person that received the funds the first month. So, en January, or the first month that the distribution happens, she will be receiving the $800. For the second month, and if we can click on the next, perfect. The second month, then again, everybody pitches in $100, $800 gets collected because there's eight participants. And in the second month, we have the second gentleman that receives those $800. And if we can click one more time. So, this will happen until everybody gets their turn. And again, this is the practice that's been done throughout the world. We have just formalized it. So, maybe I can answer a couple of questions here. So, a lot of people ask, you know, well, I've participated in one, but what happens if someone doesn't contribute? So, that's the part where math takes over. So, in case, let's see that the third person was supposed to receive their $800, but, you know, someone was short, they weren't able to provide their $100 contribution. There's no worries at all. As math will be taking that place so that way the next person will receive the full funds. And again, every single time that you pitch in or that you contribute your $100, that gets reported as you make a payment towards your loan. And that will be reported again to all three major credit bureaus. And then once you receive your funds, you're able to use those funds for whatever you need, whether it's to pay down your debt. You can add that as, you know, your down payment for your house or your savings for your house. You can also send it out to families that live outside of the country. So, pretty much once you receive the funds, it's up to you on how you manage the funds. And if we can click on the next slide. And again, it's reported to all three major credit bureaus, which is TransUnit Equifax and Experian. Next slide, please. So a lot of clients also ask, so what is the amount, how often, and how much is collected? So there's three amounts. And what we suggest is that rather than focusing on how much can the amounts that you can collect as the loan, rather look at it as how much you can contribute. So whether it's a $50 monthly contribution, $100 monthly contribution, or $200 contribution. So look at your budget and see what's feasible. So if we're looking into a $50 monthly contribution, we have between six to 12 people. And we have to have at least six members participating. The reason why, in order to really see a difference in your credit score, something has to be reported for the next six months to really see an increase. So that's why we have six people. And 12, because we don't want the loan to go over a year. So then six to 12 people. And in that amount, depending on how many people join that circle, the loan amounts can be between $300 to $600. For the $100 monthly contribution, again, it's between six to 12 people. And depending on how many people participate, the loan amounts can be from $600 up to $1,200. The same thing goes for the $200, six to 12 people. And the loan amounts can be between $1,200 to $2,400. Next slide, please. So what are the program benefits? And you can just click through them so that way they could always show up. Thank you so much. So the program benefits, again, is that you have a 0% interest social loan. You play absolutely nothing into the loan. So a lot of clients also ask, well, how about if I don't have such great credit score? Will I still receive the 0% interest? Yes. As a matter of fact, we do not look at credit to determine your eligibility to the program. I'll review the list of requirements. But again, credit history, credit report, credit score is not one of the things that we look at to determine if you're going to be able to join the program or not. This program helps you to either establish or to build on your credit. It also increases your financial knowledge. As again, part of the application processes for you to complete those five financial education modules. And you know that your money is safe because, like I mentioned, math is the one that covers and makes sure that everybody receives their funds in full when it's their turn. And if we can click one more, you also get to meet new people in your community. Because, again, we are the ones that manage that aspect where once a person is ready to join, there will be a formalized meeting where we will review the rules. You'll get to know the other people that will be also in your circle. And you even get to name the circle. So it's a very interactive moment. And it also gives you an idea on to hear what other people are going to plan to use those funds for. Next slide, please. So what are the program requirements? So you have to be at least 18 years and older. That's because in order for you to establish credit, you have to be at 18. The second thing is that you have to have a personal email. Once you go and visit our website at lendingcircles.org to start your application process, you will then make sure that the program is in your area. There's a provider in your area. For California residents, you are able to select us as your provider, Mission Asset Fund. And then once you fill in your name, you will also have to fill in your email address. And that's because the application will be emailed to you so that way you can begin it. So you have to have a personal email address. There's the valid photo ID. So whether it's your driver's license, state ID, consulate ID, home country passport, you're able to use that as your government issued ID. You can either have a social security number or a NITIN number. So your immigration status is not a factor that we look at to be eligible to join our program. So again, as long as you have either a social security number or a NITIN, you also have to have a checking account. Like I mentioned, the payments are automatically deducted from your account. So you have to have that checking account. An income, whether it's household income, maybe you're not working at the moment, but your partner's or someone in the household is, we're able to receive that. So whether it's through wages, benefits, you can either present pay stubs as well as bank account statements. A lot of clients sometimes are self-employed or they get paid in cash and say, you know, well, I don't have pay stubs, but you know, how can I prove the amount that I'm making every month? So again, you can present pay statements in that case. Next slide, please. So how does the program work? So first you go online to landbiencircles.org to begin your application. You complete the financial education part as well as the survey. Next slide. Then you join landbiencircles. So again, you go to the formation meeting where you get to meet the other people in your group. You get to learn about how they plan to use the funds once they receive the loan. And also you get to formalize everything and get to learn more details about how the program works. Next slide, please. Once you start making your monthly payments, you start to build your credit. Next slide. And once you receive the loan, you get to receive it and to use it in the way that fits best in your financial situation. Next slide. So any questions? Well, thank you. Thank you so, so much, Diana. Before we go into questions, I just wanted to welcome a special guest who I believe is on with us right now. And that is our mayor, Mayor London Breed. I want to make sure that I can... Mayor, thank you so much for joining us. We're just concluding the first two presentations, so it's perfect timing. And let me just allow myself to introduce you very briefly to make some quick remarks. Very briefly, Joaquin. Just for everyone, it's a great pleasure to be able to introduce Mayor Breed because she's been extraordinary for our communities and especially addressing inequities in our communities and communities of color across San Francisco, both throughout this pandemic and before. I want to make sure that she's aware of the positive work that we are doing collectively as nonprofit organizations to ensure that you are getting the resources that you need because I know that London Breed, mayor of our city, cares about that so deeply for the benefit of all of our communities. And with that, I just want to say Mayor Breed, thank you so much for joining us. It's a pleasure to have you. Well, thank you Joaquin and I'll be brief. Good afternoon, everyone. I'm glad you are all here today. I know you've already covered a lot in this webinar. So I'm sure you're ready to get on with the next exciting steps ahead of you. And I really want to thank our assessor, recorder Joaquin Torres and the San Francisco Public Library for hosting the Family Wealth series. And I want to thank our community partners, Northeast Community Federal Credit Union and Mission Assets Funds, as well as our other community-based organizations who assist our residents with access to vital financial resources every single day. The information you receive today is so important because it's about your future in this city. It's about our city's future and our need to preserve the people who are here and the diversity of what makes San Francisco special. As we get on the road to recovery after this very challenging 15 months of dealing with this COVID pandemic, I want to make sure that San Francisco remains a city for everyone, including all of you. That means making sure that this city is a place where people can actually afford to live. That starts with doing a better job with building housing in all neighborhoods because we know for far too long we have not built the housing we so badly need and we are seeing the impacts of that with the prices being driven up and so many folks who are born and raised here not being able to afford to live here, including so many people that I grew up with. But as we do that important work we also need to continue our programs that help people find a place to live so that they can make sure that they have stability for years to come. We all know buying a home is hard, is expensive, the down payment, the resources, the repairs, all the things that go into even managing a home once you own it. It can be very costly and that's why workshops like this are so important. I've been focused on making sure the city has the tools to set people up for success. People who are trying to grow their roots here in the city for example, I'm really proud of our down payment assistance loan programs. It provides support for so many San Franciscans who are really committed to this city but need just a little support in coming up with the money for a down payment on a home which can be, as I said, really expensive. I'm really proud of our programs for our teachers, our first responders including our firefighters, our paramedics, our police officers who are so important to our city as well as new housing assistance programs for African Americans in this city who have seen a significant decline in the population and these are just a few examples of what we are doing but they are all driven by the need to find ways to help San Franciscans. Giving the people that know and love our city the resources they need to make San Francisco their permanent home is how we'll build our city back after this pandemic stronger than ever before. So thank you all for attending the workshops today as you continue to move forward. I hope you feel supported by the city and our partners. Thanks for your time and good luck and I'm hoping to see each and every one of you move into your own home in San Francisco soon. Take care. Thank you so much, Mayor. Take care. All right, everyone. Well, I want to make sure that we can go back. I want to again thank Diana and Susana for their presentations, for Douglas and Lili for also joining us today. But I want to make sure that we can come back to some of the questions that we have. Before we move on, I just want to remind everyone that there is some property tax one on one. It's part of our webinar series that will begin next week. So please do register for the show. You'll see the information in the link that will be provided shortly. And so please do join us for that. And again, please help us make these sessions better by sharing with us. I wish you had more information here. Could you simplify this in some way? Can you clarify? Can you make this simpler for us? So we can best target this communication, this information for you and to you. So with that, I just want to open it up to any questions that we may have with regards to the presentation today. So our panelists can maybe answer some of those before we sign off. Only applied to the current residents or people who work in San Francisco. I want to say that specifically if the question was around who qualifies for the home ownership programs and how, I think it's best to to engage the partners directly on which programs you may qualify for based on your employment or based on your residents because I do believe that the programs are different based on what criteria you may be coming to the table with. I just want to remind everyone that again please do make use of our community partners. That's why they're partners. That's why we're partners so that they can help you answer some of the very specific questions that you may have about your financial a present condition and also about the financial future that you wish to create for yourself. There are so many programs out there that at the beginning of my career I wish I had known about and that's why I'm very passionate about making sure that we can bring these resources to you. So again, make use of those financial coaches share them the information with your friends. We want to make sure that people have that sense of hope that there are resources out there that can benefit you your families and your future. I just want to say thank you to the San Francisco Public Library for all of the support that you do in making these presentations accessible to the public. I want to thank our translators who have been on the line supporting individuals to make sure that we are accessible with the information that we're providing. I want to thank our community partners again for being present today and ensuring that our communities are being served where they need to be met. I think that's one of the most important lessons that we have that we need to continue to build on. But with that unless there's no more questions we can go ahead and conclude. And of course I want to thank my staff who continue to make this work possible. There is one more question Shirley is asking did you say that if a person is on a deed they are not able to apply? Again I think the specifics of the question will require a bit more of a session. So if the person who is asking the question can send us an email we can have that conversation directly. But no I did not say that a person if they are on a deed is not able to apply but I think we need to learn more about the situation that they're speaking about directly. Well thank you all so much for joining I hope this was helpful and please do reach out to us with again with any questions that you may have and join us if it makes sense for you for our property tax 101 series next week. Thank you. Thank you so much as I told us and we'll see you next week and thanks to all your great staff and my staff as well. Bye bye everyone. Thank you everyone.