ARTICLES OF INCORPORATION OF
FIRST TIME BUYERS EMPOWERMENT
A [ENTER STATE] Nonprofit Corporation.
The undersigned for the purpose of forming a nonprofit corporation, do hereby adopt the following Articles of Incorporation/ Bylaws:
ARTICLE I — NAME.
The name of this corporation is First Time Buyers Empowerment.
ARTICLE II – PURPOSE.
The purpose of the corporation is to provide credit facilities to help low-to low-income borrowers attain their dream of owning a home. We bring no less than the utmost personable and attention to detail in service.
ARTICLE III – AIM/MISSION.
First Time Buyers Empowerment was founded on the mission of giving credit services to low-income earners who don’t have the capability and resources to get the funding they need, for that initial boost to home ownership.
ARTICLE IV — DURATION.
The period of duration of the corporation’s existence shall be perpetual.
ARTICLE V – LOCATION & ADDRESS.
The Corporation is Incorporated in [ENTER ADDRESS].
ARTICLE VI – REGISTERED AGENT
The name and address of the registered agent of the Corporation for service of process on the Corporation in the State of [ENTER STATE] are: [ENTER NAME AND ADDRESS].
ARTICLE VII – FOUNDER/OWNER
The Corporation is owned by [ENTER NAME], of address [ENTER ADDRESS].
ARTICLE VIII– CORPORATION’S FUNDS
The Corporation shall raise its funds from donations from sponsors. All money raised shall be put inside a business bank account.
ARTICLE IX – LIABILITY
The Founder and Officials shall not have personal liability for corporate obligations.
ARTICLE X – OFFICERS
President. The President shall be the Chief Executive Officer and shall preside at all meetings of the Board of Directors. He shall be responsible to look for donations.
Vice President 1. The first Vice President shall finish up/ close out the donations.
Vice President 2. The second Vice President shall honor and send out appreciation letters to all sponsors.
Accountant– The Accountant shall fund the grant to the title company once the borrower got approved. The Accountant shall also determine how much they qualify for.
Secretary. The Secretary shall handle all bank Accounts and make sure the Corporation’s books balance. The Secretary shall also pay any expenses the Corporation might have.
ARTICLE XI – MEETINGS
Meetings shall be held annually. The Location and time for the meetings will be given to members with two (2) weeks’ advance notice.
In the annual meetings, the Officers shall vote for new president.
ARTICLE XII – INTEGRITY
The Corporation is bound by the values of fidelity, credibility, trust, fairness, and consistency.
ARTICLE XIII – RESPONSIBILITY
The Founder and Officials shall have an individual responsibility to ensure that corporation’s activities are customarily performed and enjoyed by Corporation’s clients.
ARTICLE XIV– ACCOUNTABILITY
Results matter and that a focus on transparency and excellence yields improved outcomes, work quality and stewardship of resources. Accordingly, Founder and Officials are obligated to be accountable in all decisions and actions made.
The Corporation’s members must pay fees as follows:
- Insurance $500
- Title company $10,000
- Loan officer $1000
- Realtor $2000
Each borrower who receives the grant must choose one of the members from the corporation for their mortgage/realtor/loan officer/ Insurance agency/ title. Once the borrower fills out the first-time buyers’ information online, they are allowed to pick out the person they want to work with in their journey.
The Lenders must apply or register with the Corporation in order for the loan officers to work or to be members with the Corporation. The application fee is $975.00.
Brokers must also be registered with the Corporation. Their fee is $495.00.
ARTICLE XVI– AMENDMENTS
Amendments to these By-Laws shall be held yearly. Such amendments need two-thirds (⅔) majority vote to pass, and approval from the Founder.
ARTICLE XVII– DISSOLUTION
The Corporation may be dissolved only with authorization of its Board of Directors given at a special meeting called for that purpose, and with the subsequent approval by no less than two-thirds (⅔) vote of the members.
IN WITNESS WHEREOF, the Founder has caused these Articles to be executed and acknowledged, this ___ day of April 2021.
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