Since 2000, Jacqueline Burau has honed her professional skills and has worked her way through the ranks within the LISC organization. Since 2012, she has provided strategic leadership of LISC’s Economic Development portfolio, including support of the financial opportunity and workforce programs, place‐based, community‐centered economic development, and small business support ecosystem.
In 2024, her role expanded to include leadership of internal operations, including: budget, management, fund development, and communications strategy for the office. Previously, Jacqueline managed the Michigan Neighborhood AmeriCorps Program, an initiative of the University of Michigan. She is a member of the Detroit Workforce Leadership Academy, class of 2017, part of the Economic Opportunity Fellows Network, a network of leadership and fellowship programs run by the Aspen Institute Economic Opportunities Program (EOP). She received her bachelor’s degree in human resources: training and development from Oakland University.
Jacqueline spoke with rolling out CEO and publisher Munson Steed about the important role of wealth accelerators in creating first-time homebuyers. Here is their recent conversation:
Please introduce yourself and tell us something special about your commitment to making homeownership a part of the lives of those you serve in the beautiful city of Detroit.
My name is Jacqueline Burau. I am the director of Program Impact and Operations at the Local Initiative Support Corporation (LISC) in Detroit. I am thrilled to be here to talk to you a little bit about LISC. Part of our holistic strategy in Detroit is that we invest in all of a neighborhood’s assets. We invest in partnerships and inclusive success. The overarching goal is to generate sustainable wealth and equity for people of color by investing in homeownership. As you said, [we are committed to] the creation and preservation of quality, affordable housing, building credit and savings, and supporting residents with quality training and education to get those good jobs with a path to financial stability.
When you think of the whole idea of being a first-time home buyer, what does LISC offer?
Homeownership is key to wealth building and generational wealth. In a city like Detroit, we are a majority single-family city. It’s so important that our residents are able to be homeowners. The understanding, though, is that it can be a long process. Homeownership is a major commitment; and it’s also a major opportunity. We are thrilled to have the support of the Rocket Community Fund and the Rocket Wealth Accelerator, which provide financial counseling and matched savings programs for participants.
We’ve really been using this matched-savings program to meet clients within our Financial Opportunity Center network. Those partners are Wayne Metro Community Action Agency, the International Institute of Detroit, and SER Metro. Within these organizations, our coaches serve folks and help them create their own goals, many of which [include] homeownership.
What does it take to get there?
A lot of it means you need to work on your credit. You need a good credit score and good savings habits. That’s right where the flexible product of the Rocket Wealth Accelerator comes in. Having this option as a product can really help build and strengthen the relationship between the client and the coach, fostering long-term savings habits to achieve the goal of homeownership. These behaviors our clients learn from our coaches extend into homeownership because, as a homeowner, you need to save [for repairs], and you don’t have a landlord to call anymore — it’s all on you.
The additional support our sites provide in homeownership, along with the Rocket Wealth Accelerator, has had a major impact. We hear from our coaches that some folks didn’t even realize that homeownership was a possibility. This program is really opening up new opportunities for our residents and clients of our centers. We are super-excited to have the ability to use the Wealth Accelerator for our work.
For people who don’t know what the Rocket Wealth Accelerator [is], what are some of the elements of this program that make it flexible, time-sensitive, and culturally relevant to the residents of a city like Detroit?
The Rocket Wealth Accelerator is primarily a matched-savings program. What this product allows for our partners to do, again, is to work with clients, understand [their] goals, and then see if this is the right time [to achieve those goals]. What happens is they sign up to do a matched-savings program of either $300 or $500, and then they commit to saving a certain amount each month to reach that goal. At the end of that time, [the amount they saved] is matched. By the end of six or 12 months, you’re either matched with $300 or $500. Having that incentive of a match at the end has been a real game-changer. People are like, ”I didn’t think I could do it, but I could,” which opens the door to so many other things that they can do and accomplish. Alongside the support of our fantastic organizations on the ground doing the work, this has been transformative.
When you think about coaching someone into saving, what are the principles of saving that a coach would share with someone, so that they are educated on their journey toward acquiring, or at least moving into the position to be able to qualify for a mortgage with Rocket Mortgage?
At the end of the day, it’s really [about] reframing your relationship with money. I think that’s the biggest coaching technique that our coaches use with our clients. Money is a funny thing. Some people may have learned about managing money and credit scores; some may not have. It really is individualized to the person. It’s about the relationship with money, the decisions you make, and what you’re in control of. [It’s good to have a] coach as an advocate and sometimes an accountability buddy. It’s about the numbers and the budget, but it’s also about how you feel about money and practical steps you can take. Even saving $5 a week can lead to something …
Please repeat and finish the three sentences I’m about to give you:
The Rocket Wealth Accelerator has made a difference because …
Because of the flexibility of the product, the incentive at the end with the matched savings, and the ability to have people believe in themselves and their goals with a tangible outcome at the end.
Homeownership in Detroit is transformed by investment because …
It will make a long-term difference for individuals and families.
The impact of the Rocket Wealth Accelerator program …
It cannot be understated. It is transformative, tangible, and it builds confidence in the clients of our centers that they can achieve the goals they set for themselves.
Considering the value of having LISC and its partners, how do you set culturally relevant goals connected to a beautiful city that’s transforming right before our eyes like Detroit?
I believe you have to meet people where they are, understand where they’re coming from, and recognize that there is no timetable. Life is busy, life is hard, and life gets in the way. Having people alongside our residents and clients to help them navigate whatever comes their way is crucial. It’s important to understand their goals because a lot of people might not have even thought about their own goals. They’re doing things because they’re told to, but what do they really want to do? Helping our clients own those goals and supporting them on their journey takes time, patience, and support. All of that is important to truly build wealth and generational wealth for the citizens of Detroit.
Success is not always as tangible as people might imagine it to be. Why are you committed to this work? What does it give you? How does it add to your purpose each and every day?
I didn’t expect to be in this field coming out of college. I had the chance to serve as a community organizer 20 years ago. I went block to block in southwest Detroit, knocking on doors and building block clubs. That experience showed me the strength and resiliency of the community of Detroit. The residents know what they want and what they deserve. It’s important for them to have that voice in whatever is coming into their community and city.
I was just excited and humbled by that work 20-some years ago, and I truly believe that we need to lift community voices. We need to break down barriers and ensure that the folks in Detroit who are longstanding residents have equitable access to all things, whether it’s a clean playground, quality jobs, or quality training. It’s on us to do that. I’m excited to work for an organization like LISC, which develops relationships with all kinds of partners on the ground, listens, and puts our investment behind those solutions to get things done for the residents of Detroit.
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