Nueva Esperanza, Inc. was founded in 1988 to assist the low- and moderate-income Hispanic community of Philadelphia with housing and economic development. Nueva Esperanza provides mortgage counseling and assists families in becoming first-time homeowners. In 1994, the agency opened Esperanza Institute, a neighborhood educational tutorial program that focuses on language, culture, education, and basic study skills for elementary and middle school students. The Esperanza Institute also works with parents, encouraging and enabling them to become more involved with their children's performance in school.