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June is Homeownership Month
Carol Riggles • June 1, 2021
June is Homeownership Month!
Most renters share the dream of owning their own home someday, as do most of the clients we serve in our programming efforts to provide extensive financial education and housing counseling to prepare them for their future goals, especially homeownership.
Financial education and housing counseling is crucial toward making a difference in the lives of residents who are at risk of losing their homes through foreclosure, vulnerable to identity theft and debt reduction scams, and/or unable to create and manage household budgets that foster credit repair and asset building, such as homeownership.
Homeownership has the unique potential to break the cycle of poverty for low-income families, especially for the next generation. Low-income families that become homeowners often accumulate wealth and become more self-sufficient, depending less on state and federally supported assistance programs. They have improved mental and physical health and become more active in their communities. These families are also able to offer their children a greater sense of stability. This translates into children often making better grades and staying in school longer. In addition, success for low-income homeowners improves with pre- and post-purchase financial and homeowner education and counseling. Financially informed, low-income families with mortgages of appropriate size and with reasonable terms prove to be successful homeowners, benefiting themselves, their children, their neighborhoods, and the communities in which they live.
IHA has helped more than 300 families attain their dream of homeownership. Of these, approximately 60% are single mothers who wanted to be strong role models for their children – to show that “where there is a will there is a way” to reach your goals in life. More than 80% of these households needed financial counseling before they became qualified for a mortgage. Some of these households took several years before they were ready, but they refused to give up on their dream, and IHA provided the guidance they required every step of the way.
Homeownership programs like IHA’s help to reduce, even eliminate, the racial and income barriers that have historically and still currently exist, allowing families increased access to neighborhoods with better school districts and safer living conditions. For more information on IHA’s current homeownership program, please visit https://www.interfaithhousing.org/purchase-repair-homeownership.
Gary Free grew up in Brunswick, MD. The first time he saw the Residences at Railroad Square, he knew he would love to live in the apartments. Now all he can think to himself is, “I am living here!” Gary said the day he signed his lease he was so happy! He has a picture hanging in his apartment that says, “You’re Home.” Gary looks at it often and says to himself, “I am!” He finally feels at peace. Gary feels his home is nice! He also feels one of the ways of living at Residences of Railroad Square is that he now has everything he ever wanted, asked for and needed. The only thing he feels is a concern is that most of the time he gets lonely. His goal is to try to meet people. He says, “I’m a very friendly person.” Gary says his experience living at the Residences at Railroad Square has been rather good. If he has any concerns he can talk to the office staff. He feels it can’t get any better than this!
With excitement and anticipation, I watched the groundbreaking on June 29, 2023, with my assistant Vickie and IHA’s Supportive Services coordinator, Sandi. By the middle of September 2023 concrete walls were being set up. We watched as the roof was completed; then the windows and doors were installed. We impatiently waited for the day we received permission to see the inside of the Residences of Railroad Square property. Finally, on September 25, 2024, we had the privilege to tour the inside of this beautiful property. On the weekend of September 27, 2024, the IHA property management team along with the CEO Jodie, held a two-day in-person application event. The owners of First Stop Brunswick generously donated their space at 2. E. Baltimore Street. That lease up kick off generated 56 applications. Over the next three months, ninety more applications were submitted. Each applicant came with their own story which stirred our hearts. No matter how different their stories may have been, they all had the same wish, a place to call home for Christmas! On November 5, 2024, the first resident signed their lease and on December 23, 2024, the last empty unit was filled! Not only were we able to fulfill these residents' Christmas wishes but it also filled our hearts with joy!
In November 2024, IHA was awarded a $20,000 grant from Delaplaine Foundation, Inc. This grant supports IHA’s three workshop series: Credit Café ; Financial Freedom Bootcamp ; and Ready, Set, Go… Home! In Credit Café, participants work specifically on improving their credit. Financial Freedom Bootcamp builds critical foundational skills for financial success. Ready, Set, Go… Home! walks participants through the entire homebuying process from start to finish. IHA also received a $1,574.37 designated grant from The PNC Homeownership Fund of The Community Foundation of Frederick County. These pass-through funds will directly support low- to moderate-income (LMI) households in achieving homeownership in Frederick County. In December 2024, IHA was awarded a $29,498 grant from the Maryland Affordable Housing Trust (MAHT). MAHT is administered by the Maryland Department of Housing and Community Development (DHCD) through the Division of Neighborhood Revitalization. This grant program is a valuable resource for the advancement of affordable housing initiatives and will provide operational assistance to IHA’s affordable multifamily community in Cumberland, MD. In January 2025, IHA was awarded a $2,500 grant by The Natelli Communities Charitable Fund of The Community Foundation of Frederick County. These unrestricted funds will support IHA’s work across the multiple counties served by our programs and affordable rental communities.
Programs greatly depend on donations from the faith community, businesses, foundations, and individuals.
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