When a cause is given its “own month”, it creates space for discussion by highlighting the issue, drawing people’s attention, and hopefully resources towards it. May was Affordable Housing Month and we were incredibly grateful to see so many people join the discussions, advocacy, and events focused on working towards a reality where all of our neighbors have a safe, stable, and affordable place to live.

In this month’s issue we’re exploring how unreported rental payments has long been a barrier to individuals building or repairing their credit, and how Burbank Housing is forging partnerships to fix that. We then highlight a generous gift helping some Burbank families overcome financial challenges. Finally, we’ll move from renters to soon-to-be-homeowners, as we take a look at an affordable housing community about to come online in southwest Santa Rosa.

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Thank you for checking out this month’s edition of Nuts+Bolts! We hope you find inspiration in the tireless work the staff at Burbank Housing and its partners are committing towards ensuring all people in our community have a safe and stable place to live.

Checking in with Resident Services

In the United States, a person’s credit score can be powerful tool that facilitates access to opportunities, or is an obstacle that keeps those doors shut. For renters, the regular rent payments they make seem like a perfect example of the kind of financially responsible behavior credit agencies and lenders are wanting to see and yet these timely payments have not traditionally been factored into one’s credit score. Burbank Housing and ESUSU Financial have partnered together to make sure that changes. 

A boon or a burden. Few things affect our access to shelter, mobility, and potential prosperity more than the three-digit credit score. Having a “good score” will open up doors like ability to rent an apartment, buy a car, secure a loan for a business idea, or lock down a mortgage for your first home. It will also determine how much money you will have to pay back in interest when borrowing. Having a “bad score”—or what is all more common, not having a score at all due to having little credit history, just makes all the things mentioned above that much more out of reach.

The answer is that the rent payments aren’t being reported. No reporting means no history to reference in order to build your credit score.

Burbank Housing understands that while access to affordable housing is a fundamental baseline in creating a stable and healthy environment for people and communities to grow, that a comprehensive and equitable approach beyond housing is needed if people are to create stability and prosperity for themselves. With nearly 10,000 residents across 73 housing communities in Sonoma and Napa counties, Burbank Housing recognizes the value in creating opportunities for its residents and has decided to partner with ESUSU Financial, a San Francisco based company whose mission is “to dismantle barriers to housing for working families” by reporting tenants’ on-time rental payments to the three big credit bureaus in order to begin repairing or building individual’s credit scores so that they can realize their potential on their own terms.

Currently the rent reporting program is being piloted at 9 Burbank communities comprised of 370 rental units throughout Sonoma County, touching urban centers and rural areas alike. Next month, the program will roll out to all 73 communities and will begin helping residents create a stronger financial foundation for themselves.

For more information on ESUSU, Credit Scoring, or the recently passed California State Bill SB-1157 requiring landlords that receive local, state, or federal subsidies to report their tenants’ rent payments, feel free to follow the resource links below.

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The economic hardship faced by many in our community as a result of the COVID-19 pandemic has meant that the stress of trying to stay financially stable has only been exacerbated. Many households, both in affordable housing and not, have seen the burden of debt pile up.

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On behalf of Burbank Housing and the households helped through this, we extend our sincere gratitude to CCRH and its leadership.

To learn more about how CCRH is supporting affordable housing efforts for low income and rural households, please click on the image below.

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Updates from Burbank Housing's Development Team

Watch the video below to learn about the steps taken to provide families with this wonderful homeownership opportunity.

Thank you for your interest in Burbank Housing!

Access to affordable housing is a key component to any healthy community. Please consider partnering with Burbank Housing in its efforts through a tax-deductible donation.

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Our mailing address is: Burbank Housing 1425 Corporate Center Parkway Santa Rosa, CA 95407