The purpose of this study was to determine the effectiveness of a local afterschool program in helping underserved elementary school students improve their reading achievement. The study followed a cohort of students with 28 participants who were low-income, ethnic minority children in the 1st-6th grades between the ages of 6 and 12. Data on students' developmental assets and school progress were collected at two different time points. Overall, students showed increased perceptions of efficacy about having the ability and skills to do well on a task and getting good grades in school, as well as improvements in reading achievement over time. While changes in homework completion predicted changes in reading achievement, changes in efficacy beliefs and program exposure did not. Results suggest that teacher perceptions of homework completion may be an important pathway through which afterschool programs can help narrow the reading achievement gap experienced by ethnic minority students from disadvantaged backgrounds.