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The CRA: A Tool for 21st Cent Desegregation

The National Community Reinvestment Coalition (NCRC) recently released an exciting report about the effectiveness of the Community Reinvestment Act (CRA), a government program frequently used to encourage private investment in neglected neighborhoods.

In 1977, Congress passed the CRA in an attempt to increase the number and amount of loans flowing to neighborhoods that had been historically neglected by financial institutions.

What is the CRA?

The CRA was written after several decades of growing pressure for Congress to reverse damage done by the legalized racism of the mid-20th century.  Between 1934 and 1968, the Federal Housing Authority effectively required that private mortgage institutions avoid lending to non-white communities by refusing to back loans that did not comply with their rules.

In the practice known as “redlining,” detailed city maps were distributed by the Authority to mortgage companies with neighborhoods color-coded to determine their desirability for lending.

A map of redlining in Philadelphia

A map of redlining in Philadelphia

The Whiter and more homogenous the neighborhoods were, the higher their ranking would be. The opposite held true as well: neighborhoods with Black, Latino, Jewish, and Asian-American populations were surrounded by red lines to show their danger because of, in the Federal Housing Authority’s words, the “infiltration of a lower grade population.”

This policy and others like it are in large part responsible for our present day racial wealth gap.

The CRA attempts to correct this by monitoring the volume of loans banks make to low- and moderate-income communities, as well as the number of branches and ATMs they have in these areas.

Financial institutions that meet the targets are more likely to be approved to open new branches and merge with other banks, whereas noncompliant institutions may be denied or required to make a plan for investment with community groups before being given approval.

Pitfalls and Accomplishments

It is, unfortunately, a colorblind policy. As the report points out, efforts to combat segregation without acknowledging the existence of race will have inherent blind spots. (For instance, as last week’s blog noted, higher income African-Americans are more likely than lower income Whites to receive predatory mortgages.)

The CRA has, however, contributed an enormous amount to community development work. Since 1996, banks covered by the CRA have issued over half a million community development loans, collectively worth $.8 trillion. That money goes to affordable housing and economic development in targeted communities.

 

CRA community development loan amounts, from NCRC

                                       CRA community development loan amounts, from NCRC

CRA institutions have also been an important source of mortgages for moderate- and low-income families. From 2007 to 2008, as the housing market was collapsing and many institutions stopped lending, CRA banks issued almost 2 million prime loans (that’s the good kind) to targeted borrowers.

While some have claimed that the CRA is responsible for the crash because it forces banks to lend to groups they would otherwise avoid, the data tell a different story.

Researchers found that mortgages from CRA-exempt institutions, mainly mortgage companies like Quicken Loans who do not take public deposits, were twice as likely to end up in foreclosure. In other words, expanding rather than limiting the CRA may be the best protection against future crises.

The CRA, says NCRC’s report, certainly has room for improvements in areas such as the consideration of race in lending and the expansion of its coverage to independent mortgage institutions. However, the report ultimately hails it as a model for reinvestment in neglected communities.

At a time when our country is struggling to respond to its historical and present segregation, the CRA offers concrete evidence of the impact that targeted legislation can achieve.

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Report: U.S. Faces “Unprecedented” Decline in Homeownership

A new report by Harvard University’s Joint Center for Housing Studies paints a bleak picture of homeownership in America. The report, titled The State of the Nation’s Housing, details the continuation of a homeownership decline it describes as “unprecedented in American history.”

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Since a peak of 69 percent in 2004, the proportion of American households that are homeowners has dropped more than 5 percent. With the slide spurred on by the 2008 housing crash and Great Recession, homeownership has never recovered—in 2015, less of the American population owned their own home than at any point in the last thirty years.

The report also notes that the homeownership gap between white and black households has widened since the recession. The economic dip overall had a disproportionate effect on minority households, with a large part of that impact coming from reduced home equity.

Racist lender practices exacerbated the issue. In 2000, the Treasury Department found that black households in wealthier neighborhoods were twice as likely to be issued expensive subprime loans as were white households in poorer neighborhoods.

Reasons for the Drop

This decline in homeownership is not due to any lack of interest in owning a home—the report notes that 78% of Americans still think owning a home is a “great investment.” Rather, it is a reflection of the barriers that potential homeowners face.

The first big problem facing many first-time homebuyers is one that their parents may not have dealt with, or at least not in the same way. As of 2013, student loan debt affected one out of every five American households. That’s up from around one in ten households in 2001.

The problem has not only spread, but deepened. Average student loan debt per indebted household has gone from $10,500 to $17,000 in that period, and over a third of borrowers owe more than $25,000. This has made it increasingly difficult for potential buyers in their twenties and thirties to save enough for a down payment.

A second problem is the number of homeowners being removed from the pool each year. Foreclosures and foreclosure-related sales have dropped from their eye-popping numbers a few years ago, but they remain significantly higher than in the early 2000s. 2015 saw over 55,000 foreclosures and related sales per month, versus less than 20,000 per month a decade ago.

The report attributes this to “overhang” from the recession and notes that the number does continue to trend downward, albeit at a frustratingly slow pace.

Finally, the report indicates that tightening credit score requirements are keeping a large number of low- and moderate-income Americans from receiving mortgages. That group’s share of total first-time mortgages dropped precipitously between 2010 and 2014, as credit requirements became more stringent at most major lenders.

This trend also disproportionately limits homeownership for minority households, who on average have lower credit scores than their white peers.

The one bright spot? The report notes that for households who were able to buy a home between 1999 and 2009 and then hold on to it through the recession, net wealth grew by over $85,000.

And District residents can feel better knowing that their government is taking steps to address two of these issues, with its work on down payment assistance as well as homebuyer counseling to help raise credit scores.

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A meeting of the MANNA Homebuyers Club

HUD Echoes Participants: MANNA’s Homebuyers Club Breeds Success

The kind of homebuyer counseling and education that MANNA does through its Homebuyers Club increases credit scores, encourages better communication with lenders, and improves participants understanding of how mortgages work.

That’s according to a new report from the U.S. Department of Housing and Urban Development (HUD) on its early findings from a massive study of homebuyer education and counseling programs across the country. HUD looked at almost 6,000 households in 28 metro areas between September 2013 and January 2016 in a study that is being billed as “groundbreaking in its scale.”

Joseph Coates is a MANNA homeowner and member of the Housing Advocacy Team who recently also became a part of MANNA’s board of directors. He says that the Homebuyers Club was a huge help to him in the home buying process.

By attending evening classes for a just a few hours each month, Coates learned about how to improve his credit score, apply for loans, and save money for a down payment. Coates was also part of a special program that matched a portion of participants’ savings so as to incentivize greater investment.

“The biggest thing I got out of it was being prepared for what HPAP [the Home Purchase Assistance Program] and the banks—you know, the money people—what they would want,” says Coates. “If I hadn’t went through the Homebuyers Club, I wouldn’t have been ready. I wouldn’t be here right now.”

Rev. Jim Dickerson, MANNA’s CEO, says that the HUD report simply reinforces what MANNA’s leadership has known for years.

MANNA has built over 1200 homes in DC since its start in 1982. It has a paltry 3% foreclosure rate and not a single one since 2008.

“That,” says Dickerson, “is due in large part to our homebuyer counseling services.”

Thomas “TC” Caviness, MANNA’s newly hired Director of Homebuyer Education and Counseling, says that this report shows the importance of MANNA and the Homebuyers Club.

“Whenever you educate yourself before you start the process, you increase your chances of being successful.”

Coates, the MANNA homeowner, agrees. He says that for those who stick with the program, buying a home is as simple as “just doing what they tell you to do.”

Those who are interested in joining or learning more about the Homebuyers Club can visit http://www.mannadc.org/homebuyer-club/.

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Congressional Republicans Take Aim at Federal Housing Funds

As June draws to a close, it’s becoming clear that local and national leaders have very different ideas about how to best celebrate National Homeownership Month.

House Speaker Paul D. Ryan (breitbart.com)

                                                       House Speaker Paul D. Ryan (breitbart.com)

While the District government led its June Housing Bloom initiative, Republicans in the House and Senate released two separate plans that would result in billions of federal dollars being directed away from affordable housing. This comes at a time when more American renters than ever before are severely cost burdened, paying over 50 percent of their income for housing each month.

In the lower chamber, House Speaker Paul Ryan (R-Wis.) has been busy rolling out his comprehensive legislative agenda. Titled “A Better Way,” Ryan’s proposal contains the traditional conservative mainstays: consolidation and elimination of federal programs, work requirements for families receiving government assistance, and the repeal and replacement of Obamacare.

In its tax reform recommendations, it decries the current corporate tax code, which it says is “littered with special-interest deductions and credits.” To fix this (and to at least partially off-set its massive corporate tax rate cut), the plan calls for the elimination of all corporate deductions except those used for research and development.

Caught up in the bloodbath is the Low-Income Housing Tax Credit (LIHTC, pronounced “lie tech”), a program that has provided financing for over 2 million affordable units since its creation under the Reagan Administration. That number includes thousands of units in Washington, DC and even a current affordable rental project of MANNA’s.

LIHTC provides a tax credit to developers for housing that is affordable to renters making 60 percent or less of their Area Median Income—apparently just the kind of “special interest deduction” that Ryan’s plan finds so repugnant.

Senate Bill

In the Senate, Senator Mike Lee (R-Utah) introduced the “Welfare Reform and Upward Mobility Act,” which would dismantle all current federal housing programs and replace them with a block grant to states.

Modeled off of legislation announced by Rep. Jim Jordan (R-Ohio) earlier in June, it would mean the end of federal housing funds for means-tested programs. Instead, states would need to develop their own plans.

These new plans would also have to deal with ever-decreasing funds—the bill calls for cutting federal housing aid in half over the next decade.

Rep. Ryan has recently been attempting to reform Republican rhetoric on poverty, chastising himself and his colleagues for referring to poor mothers and others receiving government assistance as “takers.” It seems, however, that these reforms were indeed purely rhetorical.

If you would like to express your feelings about the importance of the Low-Income Housing Tax Credit, you can do so at http://waysandmeans.house.gov/taxreform/. Scroll to the bottom of the page to find the “Tax Blueprint Feedback” form.

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Primary winners Robert White, Trayon White, and Vincent Gray (from thekojonnamdishow.org and glaaforum.org)

Council Primary Winners Set Big Goals for Affordable Housing

Left to right: primary winners Robert White, Trayon White, and Vincent Gray (from thekojonnamdishow.org and glaaforum.org)

Washington, D.C. is set to see some new faces in politics come November, as two newcomers and a returnee beat incumbents in the City Council Democratic primaries last Tuesday. Although nothing will officially change until after the November general election, in liberal D.C. a nod in the Democratic primary is tantamount to victory.

So how will the shake-up affect affordable housing in the city?

In the Ward 7 race, the challenger certainly wasn’t an unknown quantity. Former Mayor Vincent Gray marked his return to city politics with a defeat of first-term Councilmember Yvette Alexander. Gray had been campaigning heavily on his record as mayor, citing his work to increase funding for affordable housing programs of all kinds.

“Overall, [under my administration] we invested $287 million in affordable housing and recommended that the city subsequently invest each year at least $100 million in affordable housing.”

The city has since surpassed that number, committing $100 million each year to the Housing Protection Trust Fund (HPTF) alone, plus increasing funding for the Home Purchase Assistance Program (HPAP). Gray has promised to support the HPTF at current funding levels.

Gray also cites more technical concerns, pointing to his effort as mayor to reform D.C. zoning laws and allow for greater residential density. He promises going forward to “support zoning changes to make building more affordable units easier and more straightforward.”

In Ward 8, Trayon White, a neighborhood organizer and alumni of the D.C. Attorney General’s office, defeated incumbent LaRuby May, another first-term councilmember.

Trayon White touched on a number of affordable housing issues throughout his campaign. He has said he supports the $100 million per year to the HPTF and more.

“I support raising additional revenue for housing. D.C. had a $417 million surplus in the last fiscal year. It’s not that we don’t have any money… We have to put more money into housing to ensure decent and affordable living quarters for all.”

Earlier this year, Trayon White called for an increase in HPAP funding that has since been answered by the Mayor and Council’s recent budget. He has also cited a need for tightening rent control laws by closing loopholes and limiting landlords’ guaranteed return on investment.

Like Gray, he supports efforts to allow for greater density and simplified zoning laws to accommodate the development of affordable housing.

In the At-Large race, another White (Robert) managed to unseat long-time incumbent Vincent Orange. Like Trayon, Robert White also hails from the Attorney General’s office.

Zoning law has also been on his mind, especially as it intersects with transportation concerns.

He has called for rezoning struggling commercial corridors to allow for more affordable housing in areas with easy transit access, an important goal in a city that struggles with gentrifying transport hubs.

Robert White has also proposed increased incentives for non-profit developers (like MANNA) that provide affordable housing.

In addition to his big policy proposals, Robert White has been critical of current enforcement of affordable housing laws, writing that “it’s the rule, not the exception, that developers get waivers in order to avoid building affordable housing.”

As Gray, White, and White look to join the Council in November, it will be up to the citizenry to remind them of their ambitious plans for affordable housing in the District.

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A Returning Citizen’s Struggle: Housing and “the Box”

“It’s like trying to get restarted, but everybody’s smacking you in the face.”

Stan has had more than his fair share of struggles in life. A senior citizen and veteran of the armed forces, Stan is now disabled, diabetic, and in search of a new home. Unfortunately, Stan has one more item to add to the list—he is also a returning citizen, having spent three years of his life in prison.

Stan, whose name has been changed to protect his privacy, recounts the process he recently went through in applying to lease a new residence. “I filled out all the forms, went through all the paperwork. I was highly qualified. And then, no explanation, I get a rejection letter.”

When Stan tried to follow up, he was stonewalled. Weeks went by with no response.

Stan remembers “the box” on the application dreaded by many returning citizens, asking if he had been convicted of a felony in the last five years. But he had thought he was in the clear. His last brush with the law was almost 15 years ago, and in any case it had been a minor probationary charge rather than a felony.

“I suspect they did their own background check,” says Stan. “It’s the only thing that makes sense.”

That background check would have turned up the charge from 15 years ago, plus Stan’s jail time. And when was it that Stan was incarcerated?

“That would have been between ’73 and ’75.”

Stan believes he was denied housing based on a charge from more than 40 years ago. And because D.C. offers no protections to returning citizens looking for housing, the lessors are well within their rights.

“A lot of times I wish I was still locked up.”

It’s a problem that faces some 70,000 District residents, the almost 10 percent of the population that has a criminal record. And with 8,000 more Washingtonians returning home from prison each year, the problem is only growing.

Ward 5 Councilmember Kenyan McDuffie spoke with the DCist blog in April about the crisis.

“It is a persistent problem that we have encountered in District,” said McDuffie. “What we want is for men and women returning to the District, after paying their debt to society, to have a fair chance, and finding decent housing is critical to their reintegration.”

According to the Councilmember, 17 percent of people under probation or supervised release struggle with insecure housing.

To help combat this, McDuffie, along with At-Large Councilmember Anita Bonds, has introduced legislation to “ban the box” on housing. Modeled after similar legislation passed last year around employment, this bill would prohibit landlords from asking about past convictions or conducting background checks until after an initial conditional offer has been extended.

While he thinks it’s a step in the right direction, Stan is unsure that this bill would help his particular situation.

He’s wise to be cautious given a recent review of last year’s box-banning employment legislation by the DC Auditor’s office. According to the review, more than half of employers were unfamiliar with the law. And although it’s tricky to draw broad conclusions from a small pool of petitioners, the numbers don’t bode well—so far, only 17 percent of complaints have resulted in monetary settlements.

The news isn’t all bad, though. Since implementation, the DC government has increased the percentage of returning citizens hired for positions requiring a background check.

In other words, “ban the box” legislation might prove to be a helpful first step, although clearly more work is needed.

And Stan? He’s in touch with MANNA’s Housing Advocacy Team, the DC Public Defenders and others, trying to figure what’s next.

“You gotta keep fighting,” says Stan. “Just gotta keep fighting.”

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Participants of all ages attended Saturday's townhall

1st Annual Homeownership Townhall a Success

The buzz started early Saturday afternoon as current and potential homeowners streamed into the exhibit hall at All Souls Church in Northwest DC. After weeks of anticipation, the 1st Annual Homeownership Townhall was finally underway!

Participants spent their first hour perusing the exhibits set up by more than a dozen District-area non-profit developers and counselors, government agencies, developers, lenders, realtors and security system companies. The hall was filled with cheerful voices as over 120 people in attendance moved from table to table learning about DC homeownership programs, property maintenance, how to improve their credit score, and more. Children squeezed in and out of the crowd, giggling, until they were herded downstairs to childcare.

As the crowd moved into the hall for the main portion of the event, they were greeted by the sultry sounds of Robert Ax Adams’ jazz guitar. His mix of oldies and original pieces gave the gathering a positive groove and set the stage for the afternoon’s speakers.

Among the stellar lineup were several speakers with first-hand knowledge of what it takes to navigate the District’s real estate market and assistance loan programs for first-time homebuyers. Stanley Augustin, who has a longtime connection to MANNA’s work, shared how important the Homeowners Purchase Assistance Program (HPAP) was for him as he looked to buy a first home for a growing family, purchasing the home that his household has been renting from the current landlord. Eusabia Diaz spoke powerfully in Spanish (and with translation) about how her move from renting to owning a property developed on land formerly owned by the District had increased her confidence and peace of mind.

“Now I pay a similar amount to what I paid before,” said Diaz, “but I am the owner of my home. My old apartment is now renting for double what I was paying.”

Councilmembers Anita Bonds and Brianne Nadeau also addressed the crowd, speaking about their work for the Committee on Housing and Community Development, which Councilmember Bonds chairs. Through their hard work, and with the support of organization like MANNA and CNHED, the maximum HPAP award is increasing from $50,000 to $80,000, and Mayor Bowser is increasing the HPAP budget by $6 million, the first increase in almost 10 years.

Councilmember Anita Bonds meets with townhall attendees

Councilmember Anita Bonds meets with townhall attendees

Councilmember Nadeau also reflected on her personal experiences with homeownership, acknowledging that she would not be able to buy her own house at its current value without HPAP.

As the central piece of the event wrapped up, participants headed downstairs to join workshops on credit building, home maintenance/energy efficiency, and advocacy.

In the advocacy workshop, a lively group of participants learned from CNHED’s Director of Housing Advocacy Elizabeth Falcon about the members of the DC City Council, their respective roles, and the city budget cycle. Falcon also spoke about the successes that the Housing for All campaign has seen over the past five years and encouraged townhall attendees to become more involved in the campaign.

As participants regrouped in the main hall for a door prize raffle and closing statements, MANNA’s Housing Advocacy Team (HAT) members, the main orchestrators of the event, passed smiles and thumbs-up between each other. One thing was clear: the 1st Annual Homeownership Townhall had been a great success.

If you’d like to connect to affordable homeownership advocacy and next year’s town hall, email us at sscruggs@mannadc.org

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Empowerment – Jobs and Homeownership

EOR Fair 2016MANNA’s 5th Annual Homebuyer Fair and Job Tour took place  on May 14, 2016. The event sought to bring homeownership opportunities and resources to D.C. residents in Wards 7 and 8. This year, MANNA partnered with Training Grounds, an organization that “helps young adults and adults with the training necessary to obtain and maintain living wage careers.” Training Grounds focuses on creating jobs in and for residents from Wards 7 and 8, an area that is severely lacking in job opportunities. MANNA and Training Grounds have partnered on several initiatives in the past, including last year’s Paint the Block event to clean up an area in the Ward 7 neighborhood of Deanwood and equitable banking advocacy. Union Temple Baptist Church, just off of MLK Ave. SE, served as the venue for the event, providing the perfect setting for outreach to the community.

Some of the businesses and organizations who brought their knowledge and resources to share with event participants included Capital One, HPAP, Anacostia River Realty, Housing Counseling Services, Prince George’s Community College Workforce Program and Casey Trees, among many others. Many visitors were able to talk one-on-one with the vendors, enabling them to receive advice that was catered to their own personal needs and questions. MANNA staff were also present at the Homebuyer Fair to discuss opportunities for getting involved with our Homebuyer’s Club (HBC) and Housing Advocacy Team (HAT).

MANNA volunteer and homeownership expert, Frank Demarais, held a “Pathways to Homeownership” workshop at the fair to discuss personal and housing finance. Demarais covered topics like credit management, budgeting, and mortgage readiness. The presentation also discussed the value of good credit when pursuing homeownership and strategies to maximize credit. Highlighting homeownership as the number one wealth builder, the workshop was an in-depth example of the type of programming MANNA offers through the Homebuyer’s Club. MANNA’s newest HBC chapter, the Ward 8 Homebuyer’s Club, has made our homeowner education and financial counseling more accessible to residents of Ward 8.

With a prevalent lack of homeownership and job opportunities available to residents in Wards 7 and 8, MANNA and Training Ground’s collaboration at this year’s event is one example of the type of work we would like to provide and build upon. It’s about respect, connecting folks to education, resources and community, and supporting people and neighborhood power. By providing homeownership education/resources and job training, while also partnering with local residents and initiatives, MANNA and Training Grounds plan to continue supporting Wards 7 and 8 to move forward and empower themselves.

Ruth Bordett is an AmeriCorps VISTA volunteer at MANNA.

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Reflections From A Blogger

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For the past nine months, I have had the pleasure of being the Policy and Outreach Intern here at MANNA. In this position, one of my key duties was serving as the primary blogger for MANNA’s Housing Advocacy Team. I came to MANNA in August 2015, a few days before the start of my first semester of graduate school. Now that my first year of grad school is over, my time with MANNA has come to an end as well.

I have been passionate about affordable housing for some time now. In undergrad, I studied affordable housing and conducted research on people’s perceptions of affordable housing. I also had the opportunity to intern for an organization that financially supports the development of affordable housing, and worked for a separate organization that provided games and activities as a part of a night time summer program that took place in public housing communities. Through these experiences, I learned that every form of housing on the continuum is important, but I was especially attracted to the concept of affordable homeownership.

When I interviewed with MANNA, I learned about their history and how they have been around since 1982. I was impressed by the fact that they have their own construction team, which has developed about 1200 units. I was captivated by MANNA’s impact, and their ability to empower families and revitalize entire neighborhoods through homeownership. I was also drawn to MANNA because in addition to developing housing, they give District residents the tools they need to purchase and maintain their homes by providing homebuyers education and counseling.  And MANNA trains residents how to become community leaders and advocates for housing programs.

I was thrilled when MANNA offered me this internship position, and I have looked forward to coming into the office every morning since my first day. Not only is MANNA true to their mission, but their staff is friendly and genuine. Many of MANNA’s past home buyers visit the office, become involved in the Housing Advocacy Team, or find other ways to remain connected to the organization. I view this as evidence that people value the services that they received from MANNA, and they believe in the organization’s work. Also, MANNA has a strong familial dynamic, which I believe is what makes folks want to stick around.

The biggest take-away that I have as I leave MANNA is that anyone who is determined to own a home can do so, when they are given support and access to the right tools. Also, being here at MANNA has strengthened my belief that homeownership can be used as a tool to close the racial wealth gap.

I am truly grateful for this experience and how it helped me grow personally. I am appreciative to MANNA for taking a chance on me and giving me the opportunity to meet great people - two of which passed earlier this year, yet I am still inspired by the interactions that I had with them. Moreover, I am thankful to you, the reader, for checking out our page, and reading what I had to say over these past several months. Thank you.

 

*Victoria Palacio*

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Homeownership Town Hall – Making DC Homes Affordable

2016 Homeownership Town Hall flyer English

On June 4th, MANNA will be hosting our first annual Homeownership Town Hall in collaboration with our partners LEDC and CNHED. The concept of this event was envisioned by our Housing Advocacy Team (HAT), and they have been diligently     working to make this event a success.

What is a Homeownership Town Hall you ask? It is an event in which both current homeowners, and future homeowners are able to gather together, and share and receive resources to improve their homeownership experience. This event also provides attendees with the opportunity to hear their elected officials and government agencies speak about and commit to homeownership initiatives.

In addition, we will have several workshops at this event that attendees will be able to choose from. Guests will have the opportunity to learn how to improve their credit; they will be able to receive home improvement and maintenance tips, as well as learn how to advocate for tools that make homeownership in DC affordable. We will also have a number of vendors at this event who will be able to share resources that can help improve people’s homeownership experience.

One of the most unique features of this event is that it will offer future DC homebuyers an opportunity to meet, build relationships and learn from current MANNA homeowners and others. It takes commitment, resilience and support to purchase a home in DC. This event will provide guests with the opportunity to gain the support and knowledge they need to purchase a home from people who have completed the home buying process.

Here at MANNA, we know the value of affordable homeownership. Homeownership has been linked to a number of positive outcomes for families and communities, which is why we want to ensure that everyone who wants to become a homeowner in the District has the resources they need, in order to do so. Increased homeownership has been found to lead to a decrease in crime within communities, and children of homeowners have a greater likelihood of completing college, than children on non-homeowners. In addition, homeowners benefit from being able to accumulate wealth from the equity in their homes, which they are able to use to invest in themselves and their families. Past MANNA homeowners have used their equity to start their own businesses and to send their children to college. Homeownership is an amazing opportunity, and the goal of this event is to get people excited about homeownership advocacy and connecting folks to resources to make homeownership possible and maintainable in the long-term.

We hope that you come out to this event, and bring a friend! It is on Saturday, June 4, 2016 from 1:00pm to 4:30pm. It will be held at All Souls Unitarian Church – 1500 Harvard Rd NW in Washington, DC. We look forward to seeing you there! CLICK HERE to learn more about the event.

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