June is National Homeownership Month

Rachel Gardner • June 4, 2024

June is National Homeownership Month

Homeownership means more than just a safe, comfortable place to come home to, it is oftentimes the only way for a low-income household to build wealth. And not just for the immediate household, but for the future generations that will inherit that wealth.

For example, one of our clients purchased a home in November 2019 and could sell it today for $166,000 more than she paid for it. That is a gain (non-taxed income) of about $36,889 per year. A remarkable return for a single mom with 6 children earning just $50,000 a year.


However, some would say that there are better ways to increase wealth, for example by investing in stocks and bonds, which historically do show a higher return than the growth in home prices. What is being ignored is that low-income households can’t afford to buy stocks and bonds in addition to paying for housing – one of our basic needs. Others suggest that renting may be a better choice without stopping to realize that unless the landlord intends to lose money, renters pay for 100% of the costs of ownership plus a percentage of profit to the owner of the rental unit (not-for-profit owners like IHA excluded).


What homeownership offers is a way to keep some, or as in the case mentioned earlier, all of their homeownership costs as part of their overall net worth. It is a form of forced saving – the family needs to pay for housing, so why not build your net worth instead of your landlord’s net worth.


Of course, homeownership includes maintenance and repairs, but so do rentals, so again, these costs are also reflected in the rent a landlord charges. Because home maintenance and repairs can be expensive

and IHA wants its clients to be able to afford living in the home they purchase for many, many years, our homeownership program strives to teach basic maintenance and repairs to our program participants.


Learning how to take care of a home builds confidence through knowledge that some things don’t require a contractor such as power washing decks, caulking and painting, cleaning gutters, repairing driveway surfaces, patching settlement cracks and dents in drywall, rehanging closet doors, replacing screens, etc. In addition, for those repairs that do require licensed contractors, we teach our clients how to solicit and compare estimates, choose the right contractor and make sure the work and price agreed upon is in writing.

Most of IHA’s homeownership clients are first generation, meaning the first in their family to purchase a home.

To learn more visit: www.interfaithhousing.org/purchase-repair-homeownership

Gary Free resident at Residences at Railroad Square Apartments

March 3, 2025
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!

Lease-up of Residence of Railroad Square

By Crystal Thomas • March 3, 2025
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!

Interfaith Housing Alliance (IHA) is proud to announce 4 funding awards received this quarter from community partners.

March 3, 2025
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.
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