2022 Homeownership Supplement

June is National Homeownership Month

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INTRODUCTION

A Message from Chuck Bishop

The housing market has shifted dramatically over the course of the last year. Even as the market evolves, the desire to own a home has remained strong. In a survey conducted this spring, 92% Black Americans agree that owning a home is a great way to build family wealth, and 69% say they want to own their home even if it doesn’t increase a lot in value.

At Wells Fargo, we believe deeply in the benefits of homeownership – from building wealth across generations to strengthening communities. We also know that systemic inequities in the United States have prevented too many minority families from achieving their homeownership and wealth building goals. As the largest bank home mortgage originator, and largest bank originator of home loans to minorities over the last decade, we believe we have 5 Chuck Bishop, head of Wells Fargo Home Lending Diverse Segments a responsibility to develop solutions that help close the gap.

In this homeownership supplement, we share some of what we’re doing to help advance racial equity in homeownership. Our efforts include programs like the Dream. Plan.

Home. SM mortgage, which offers low- and moderate-income families a down payment as low as 3% and supports approval of those with non-traditional credit, and the Dream.

Plan. Home. closing cost credit—currently available in eight markets—which may provide up to $5,000 towards non-recurring closing costs, making it easier for low- and moderate-income families to purchase a home. We’re also developing a Special Purpose Credit Program to help eligible minorities whose loans are serviced by Wells Fargo to benefit from refinancing and have announced $60 million in “Wealth Opportunities Restored through Homeownership” (WORTH) grants projected to support 40,000 homeowners of color.

These programs add to our ongoing commitment to advance homeownership. More broadly, we’re here to help all of our customers achieve their financial goals through homeownership.

We are passionate about our work because we believe in the positive impact homeownership can make for individuals, families, communities, and the nation at large.

Wherever you are in your financial journey, Wells Fargo is here to help you reach your goals. We’re proud of the role we play and eager to do all we can for our customers.

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At Wells Fargo, we believe

In Memoriam Dr. Calvin W. Rolark, Sr. Wilhelmina J. Rolark THE WASHINGTON INFORMER NEWSPAPER (ISSN#0741-9414) is published weekly on each Thursday. Periodicals postage paid at Washington, D.C. and additional mailing offices. News and advertising deadline is Monday prior to publication. Announcements must be received two weeks prior to event. Copyright 2016

by The Washington Informer. All rights reserved. POSTMASTER: Send change of addresses to The Washington Informer, 3117 Martin Luther King, Jr. Ave., S.E. Washington, D.C. 20032. No part of this publication may be reproduced without written permission from the publisher. The Informer Newspaper cannot guarantee the return of photographs. Subscription rates are $45 per year, two years $60. Papers will be received not more than a week after publication. Make checks payable to: THE WASHINGTON INFORMER 3117 Martin Luther King, Jr. Ave., S.E Washington, D.C. 20032 Phone: 202 561-4100 Fax: 202 574-3785 news@washingtoninformer.com www.washingtoninformer.com

deeply in the benefits

PUBLISHER Denise Rolark Barnes

of homeownership – from

STAFF D. Kevin McNeir, Senior Editor Ron Burke, Advertising/Marketing Director Shevry Lassiter, Photo Editor Lafayette Barnes, IV, Editor, WI Bridge DC Jamila Bey, Digital Content Editor Austin Cooper, Our House Editor Desmond Barnes, Social Media Stategist ZebraDesigns.net, Design & Layout Mable Neville, Bookkeeper Angie Johnson, Office Mgr./Circulation Angel Johnson, Admin. Asst.

REPORTERS Stacy Brown (Senior Writer), Sam P.K. Collins, Aja Beckham, Ed Hill, Will Ford (Prince George’s County Editor), Hamil Harris, Curtis Knowles, Brenda Siler,Lindiwe Vilakazi, Sarafina Wright, James Wright PHOTOGRAPHERS Shevry Lassiter, Photo Editor, Roy Lewis, Jr., Robert R. Roberts, Anthony Tilghman, Abdula Konte, Ja'Mon Jackson

building wealth across

generations to strengthen-

ing communities. We also

know that systemic inequities in the United States have

prevented too many minority families from achieving their

homeownership and wealth building goals. www.washingtoninformer.com / 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

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LEAD IN

5 Dr. Shantella Sherman, WI Special Editions Editor

Home, Safe Home Our homes are our castles. Whether palatial spaces with manicured grounds or starter single-family houses, our homes represent safe havens and personal pride. And while we fit and decorate our houses to suit our tastes, we often overlook potential hazards that could turn homes into danger zones. In 2020, 113,500 people died from preventable deaths in the home. According to the National Safety Council (NSC), since 1999, preventable deaths occurring in the home have increased 272 percent.

This grew exponentially, in large part, through a 652 percent increase in poisoning deaths and a 270 percent increase in deaths from falls. Drug overdoses are the main driver of poisoning deaths, and the data on fall deaths reflects a dramatic increase in the number of older adult falls.

Similarly, NSC cites falls as the leading cause of unintentional injuries in the United States, accounting for approximately 8.9 million visits to the emergency department annually. Slips, trips and falls, and electrical shocks also represent common injury-producing hazards around the home.

“It took watching the Final Destination films for me to understand just how hazardous my house had become,” graduate student Jason Stanton told the Informer. “I inherited a home that

needed major electrical and plumbing work that I just kind of patched up.

There was uneven floorboards and everything so my friends would come to the house and just hang out in the yard. No one wanted to come inside for fear of falling over.”

Stanton eventually faced city fines and a lawsuit when a friend fell through his basement stairs. He said that was when he really began to look at his home as a place where serious injuries – or even deaths – could occur through his neglect.

This year’s Washington Informer Homeownership Supplement encourages readers to avoid the pitfalls Stanton faced and take necessary steps to safeguard their homes. This edition offers tips and data on best practices for improving the safety of your home. Additionally, we take a look back at a year of extraordinary news features dedicated to homeownership in D.C.’s Wards 7 and 8 in the Informer, Our House Newsletter. Lead by editor Austin Cooper, Our House has made a markable difference in the ways in which area residents, policymakers, and community leaders approach homeownership in city.

Read, Learn, Enjoy.

Dr. Shantella Sherman

This edition offers tips and data on best practices for improving the safety of your home.

Additionally, we take a look back at a year of extraordinary news features dedicated to homeownership in D.C.’s Wards 7 and 8 in the Informer, Our House Newsletter.

Stay Informed!

www.washingtoninformer.com

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2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Preparation is Key to Navigating a Tough Housing Market

By Ewunike Brady VP, Wells Fargo Home Lending African American Segment Strategy Leader It’s been quite a year for families

seeking to buy a home. Interest rates are up, available housing supply is down, and when it comes to finding the perfect home, competition is fierce.

Factors like these can make the

process of buying a home seem daunting in any market – and those pressures can feel even more pronounced within minority communities where systemic barriers have made it more difficult to achieve and

Your home is out there. A down payment as low as 3% on a fixed-rate loan could help you finance it.

Each day, the sun rises on streets of houses. Neighbors wave to each other, people head off to work and school, new owners pull up to the home they’ve worked hard to buy.

More than just buildings, homes are at the heart of a community.

With Wells Fargo, you may be eligible for a range of home financing options, including low down payment loans, to help you reach your homeownership goals. Talk with a home mortgage consultant about loan amount, type of loan, property type, income, first-time homebuyer programs, and homebuyer education requirements to ensure eligibility.

Having low down payment options does require mortgage insurance — an option that increases the cost of the loan and monthly payment. We’ll work together to find the loan that’s right for you.

To learn more, call 1-877-937-9357 or visit www.wellsfargo.com/mortgage.

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2021 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801.

sustain homeownership.

But a tough housing market doesn’t mean the dream of homeownership is out of reach – or that the benefits of owning a home are any less significant. When it comes to achieving your financial goals via homeownership in this housing market, time spent planning and preparing can give potential homebuyers a big leg up when the time comes to make an offer on that perfect home.

A few simple steps can help would-be homebuyers navigate the challenges presented by today’s market.

First, take time to think about what you want – and what you need – out of a home, especially given how our individual perceptions of “home” have evolved over the last two years. In a market as competitive as today’s, it’s important to know ahead of time where you’re willing to make trade-offs and where you’re not. If you’re a remote worker, maybe space for a home office is more important than proximity to a corporate office. Maybe your pandemic puppy is growing and needs more space, so a nice yard takes precedence over walkable restaurants.

Understanding the difference between “nice to have” and “need to have” has always been important. In today’s market, it’s essential to know where you stand before you look.

Next, it’s crucial to know ahead of time what you can afford and have a plan for financing. While it may seem like a no-brainer in any market, the current environment is so competitive that those without a strong understanding of their budget – and ideally pre-approval from a mortgage lender – may be at a disadvantage when bidding for their dream home.

Homes for sale are often flooded with interest within days of being listed, and it’s becoming increasingly common to see all-cash buyers swoop in with an offer above the asking price. Taking the time now to establish your budget, determine how much wiggle room you have, and begin the process of securing pre-approval can provide buyers a serious head start when the perfect house comes along.

Finally, as you work with a lender to seek pre-approval, make sure to ask lots of questions and have a detailed discussion about your goals and your current financial situation.

5 Ewunike Brady

Understanding the difference between “nice to have” and “need to have” has always been important.

In today’s market, it’s essential to know where you stand before you look.

Your mortgage lender may be able to share information about programs that could help you bring your goals closer to reality through programs that help address some of the factors that can make homeownership seem less unattainable to some potential homebuyers.

At Wells Fargo, for instance, Home Mortgage Consultants can provide information about programs like the Dream. Plan. Home.SM mortgage, which offers low- and moderate-income families a down payment as low as 3% and supports approval of those with non-traditional credit.

The Dream. Plan. Home.SM closing cost credit—currently available in eight markets—may provide up to $5,000 towards non-recurring closing costs making it easier for lowand moderate-income families to purchase a home.

Programs like these can make a real difference for eligible homebuyers. They can also play a role in helping to address some of the systemic inequities that have prevented

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www.washingtoninformer.com / 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

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Thinking of buying a home?

It’s an exciting and hopeful time, but you probably have questions too.

Our My First Home® website is a great place to start.

This site was designed with your home financing needs in mind: You can check your credit score, find out your debt level, review your savings, and more with just a few clicks. Knowing where you stand financially makes it easier to plan next steps. You can also tackle any areas that might need improvement.

From start to finish, we’ll work with you. Because a home is more than just four walls.

It’s where the celebration of the present meets the promise of the future.

To learn more, go to https://myfirsthome.wf.com/.

Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2021 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801.

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2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Increasing Black Homeownership

5 Kristy Fercho

By Kristy Fercho CEO of Wells Fargo Home Lending and Chairman of the Mortgage Bankers Association Over the past two years, home has never been more important. Safe, af-

fordable housing has long been one of the most common aspirations for all Americans, and the principal way most families build wealth in this country. Yet obtaining this goal remains more difficult for people of color.

The racial homeownership gap is as large today as it was during the days of segregation, with the white homeownership rate roughly 30 points higher than Black households.

Recent Urban Institute analysis shows that the gap may continue to grow absent intentional action. This has lasting implications: when one generation misses the wealth-building opportunities of homeownership, successive generations feel the impact as well. For me, this is personal. As a Black woman and the Head of Wells Fargo Home Lending, I am passionate about growing Black homeownership and providing access for those shut out of the American dream.

I’m proud to have a leadership

role at Wells Fargo as we take action to increase Black homeownership.

We’re doing this by incorporating low-down payment financing options and closing cost credits available through offerings like our new Dream. Plan. Home.SM. programs; diverse, in-market sales teams ready to provide access and support; collaboration with non-profits that understand local markets and more.

These efforts are part of our $60 billion commitment to growing Black homeownership. Wells Fargo is also investing $50 million in Minority Depository Institutions to empower diverse communities.

Housing stakeholders must work together to close this gap, bringing unity to this urgent moment, and I have seen firsthand the great work underway not just by lenders, but also advocates, and policymakers. In addition to my role at Wells Fargo, I’m also the chairman of the Mortgage Bankers Association (MBA)

How Military Families Can Navigate Home Buying In Uncertain Times Submitted by Wells Fargo Home Lending

Like many Americans, the recent rise in interest rates may have you wondering whether this is still a good time to buy a home. This could be particularly true if you are a military service member who just received permanent change of station (PCS) orders and will be relocating to a new area.

To get you started, Wells Fargo Home Lending is providing these insights: • Assess your readiness: “The decision to buy is personal. Take into account your goals and financial circumstances,” says Greg Murray, VP of Military Program for Wells Fargo who is also a veteran. “While interest rates have increased this year, if you feel financially ready, this is still a great time to look.” Take advantage of free on-line tools such as the one available at www.handsonbanking.com/military to better understand baseline concepts on savings and credit.

If you decide to move forward, it’s

5 Greg Murray

important to be realistic about what you can afford, and having a rainy day fund to fall back on is a good sign of your readiness. Don’t overextend yourself in buying. Leave yourself with the ability to weather economic cycles and afford run-of-the-mill expenses for home repairs and updates.

• Build your team: Enlist the help of a home mortgage consultant who can help you navigate the process, as

well as discuss financing options that fit your needs. This is especially true for military and veteran homebuyers.

“A military lending specialist can help you make the most of the home loan benefits you’ve earned,” says Murray. “Consider working with a lender who understands the options available to military families.”

• Know your down payment options: Not all financing options require you to put 20 percent down. For military service members and veterans, VA loans provide low- and no-down payment options for qualified borrowers, and do not require monthly mortgage insurance. Other low down payment options to explore include Wells Fargo’s Dream, Plan Home, as well as FHA and rural lending programs.

However, understand that more money down could reduce your monthly payments and interest paid over the life of the loan, and may also eliminate the need for private mortgage insurance or reduce your funding fee on a VA loan.

• Leverage digital tools: While a recent realtor.com survey indicates that 63.6% of consumers looking for a home want to see a property in person before buying, many start the hunt online, and now you have better opportunities to do so.

board of directors and the leader of the affordable homeownership working group for the Office of the Comptroller of the Currency’s Project REACh, which promotes financial inclusion through greater access And once you’ve found a property, lenders like Wells Fargo offer time-tested digital tools allowing you to handle many aspects of the loan process remotely, including signing disclosures, uploading documents and simply getting started. So far in 2022, 68% of Wells Fargo’s VA applications came through the online mortgage application. To contact a home mortgage consultant, visit wellsfargo.com/ military. To access free resources that can help you be a savvier home shopper, spend some time with Wells Fargo’s educational page, myfirsthome. wellsfargobank.com.

For military personnel and veterans especially, rest easy in knowing that you have access to many resources that can make the home buying process a smooth one.

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CONTINUED FROM PAGE 4 too many minority families from achieving their homeownership and wealth building goals.

As the largest bank home mortgage originator, and largest bank originator of home loans to minorities over the last decade, we at Wells Fargo believe we have a responsibility to develop solutions that help advance racial equity in homeownership. That’s why, in addition to programs like Dream. Plan. HomeSM , we’re also launching a Special Pur-

to credit and capital.

For the MBA, one of our goals is to drastically increase affordable homeownership by working with member companies and policymakers to take action now. Our mission is to drive consideration of policy actions focused on housing, such as first-time homebuyer credits and FHA reforms.

Project REACh convenes stakeholders from government, financial institutions, nonprofits and more to tackle the structural barriers that have contributed to the racial homeownership gap. Removing these barriers to financial inclusion will help millions of people, previously left out of the system, gain access to more opportunities for themselves and their families.

We all have a role to play, and while none of us can break down these barriers alone, if we are united in our pursuit, we can make a huge impact together.

Read more at Wells Fargo Empowerful. (https://welcome.wf.com/ empowerful/).

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Wherever you are on your financial journey, it pays to be prepared.

That goes double in today’s tight housing market. If you’re ready to take the next step, make sure to take the time up front to determine your needs, establish your budget, and understand the programs that could help make the dream of homeownership a reality for you.

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Imagine a city without lead!

Lead Free DC by 2030. That’s a goal we can get behind and we have a plan to meet it.

For more information, please visit dcwater.com/lead.

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2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Celebrate Homeownership Month with the Return of the MCC and In-Person Seminars Submitted by DC Housing Finance Agency In celebration of Homeownership Month, the District of Columbia Housing Finance Agency (DCHFA) is bringing back the Mortgage Credit Certificate (MCC). Originally launched in 2016, the MCC program was widely popular among D.C. homebuyers, and DCHFA is thrilled to bring this valuable resource back to aspiring homeowners. An MCC provides qualified borrowers the ability to claim a federal tax credit of 20 percent of the mortgage interest paid during a calendar year. The remaining 80 percent of mortgage interest paid for that year may still be claimed as a tax deduction. Claiming 20 percent as a tax credit rather than a deduction allows the homeowner to receive more cash in their pocket.

Borrowers who wish to purchase an MCC must be a first-time homeowner. They cannot have had ownership interest in a principal res-

idence within the most recent threeyear period, with the exception of residences purchased in a targeted area or if the borrower is a veteran utilizing a one-time exemption. The maximum borrower income limit is $154,800 (or $180,600 for a family of three or more). The maximum sales price for a home is $565,300.

Many homebuyers who have purchased an MCC often use resources like DCHFA’s flagship homeownership program, DC Open Doors. DCHFA launched DC Open Doors in May 2013 to create more affordable financing options for prospective homebuyers in the District of Columbia. The program offers deferred repayable loans for a homebuyer’s minimum down payment requirement in addition to below-market interest rates for first trust mortgages for the purchase of a home in the District of Columbia. One of the major perks of DC Open Doors is that the borrower does not have to be a D.C. resident to apply. As long as the buyer pur-

chases a home in Washington, D.C., then he or she will meet the program guidelines.

Many residents seeking to purchase a home also utilize the Home Purchase Assistance Program (HPAP), which is a program DCHFA administers on behalf of the D.C. Department of Housing

not qualify.

DCHFA saw this as an opportunity to create a program which would allow more people

Borrowers who wish to purchase an MCC must be a first-time homeowner. and Community Development (DHCD). To qualify for HPAP, the applicant must be a resident of the District of Columbia.

The Agency also has a down payment assistance program reserved for D.C. government employees, DC4ME. DHCD has a program called the Employer-Assisted Housing Program (EAHP), but employees of independent agencies and other government organizations do

who work for the District to be able to live in the city, too. DC4ME is similar to DC Open Doors, but the borrower must be a first-time homebuyer; he or she cannot have owned a property even if it is sold before closing on a DC4ME loan.

The first step in the homebuying process should be finding a trusted lender and getting educated on all the available programs. This month, DCHFA brought back its in-person

homeownership seminars. The Agency hosts these informational sessions on the first and third Wednesdays of each month at DCHFA’s office in Shaw. The events are free to attend and they give residents a chance to meet with various lenders and realtors who know the programs, know the market, and ultimately know the city really well. A list of all upcoming events can be found at bit. ly/dcopendoors.

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Celebrate Homeownership Month by becoming a D.C. homeowner!

Join DCHFA for FREE Homebuyer Information Sessions to learn about D.C. financial assistance programs like DC Open Doors, DC4ME, Mortgage Credit Certificate and the Home Purchase Assistance Program.

When: 1st & 3rd Wednesdays | 6:00-7:30 PM Where: DCHFA | 815 Florida Avenue, NW RSVP: bit.ly/dcopendoors

www.washingtoninformer.com / 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

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The Mortgage Credit Certificate is back!

A Mortgage Credit Certificate (MCC) provides qualified borrowers the ability to claim a federal tax credit of 20 percent of the mortgage interest paid during a calendar year. The remaining 80 percent can still be claimed as a tax deduction.

This puts more money back in the homeowner’s pocket at the end of the year!

• Borrower must be a first-time homeowner (The borrower cannot have had ownership interest in a principal residence within the most recent three-year period.)

• Maximum income: $154,800 • Maximum sales price: $565,300

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2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Did You Know…?

Lee Ross / WI Staff Writer

The simplest of hazards ends up being one of the worst. And as you would suspect, falls are worse for young children and older adults. Very few deaths from falls occur in adults under 60.

For children, the most severe falls are general associated with three products: baby walkers, windows, and play equipment including trampolines. Falls down stair wells have been implicated in 75% -96% of baby walker-related falls.

Afford The District Homeownership For Those Who Need It Most Every year, the District of Columbia loses thousands of affordable homes - some naturally occurring, most of it through redevelopment, but a significant portion is lost at the hands of house flippers. When we choose to sell our home to people not invested in the community, they do as expected - maximize profits. Hundreds of homes are purchased at an affordable price and then made unaffordable to most of us through extensive rehab and market conditions, but there is another way.

Revival is a Ward 7 based organization that identifies and preserves affordable home ownership opportunities for native Washingtonians. We do this by matching transitioning and emerging homeowners, controlling costs for the home seller, and preparing the new homeowner to successfully take over the affordable house. Revival generally works with potential homeowners who have gone through one of DC’s first-time homebuyer programs and support new homeowners well after purchase.

If it is time to downsize, leave the area, or you have vacant properties that can be appropriate affordable housing options, please contact us. There is no difference in working with Revival versus a house flipper. In many cases, Revival will facilitate a better offer for you while ensuring the home remains affordable for future generations.

Please contact Revival if you plan to sell your home, need an affordable home, or want to partner to increase affordable housing options in the District. If we want a better tomorrow for our children, we need to do things differently today.

Karleton Thomas Revival LLC affordthedistrict.com (202) 854-0455

Residential fires and burns are the third leading cause of unintentional home injury deaths and the ninth leading cause of home injuries resulting in an emergency department visit.

Most people have their water heater at a much higher temperature than necessary. If the temperature is so high that a child (or adult) can be burned when simply washing his or her hands—it’s on too high.

Keep your water heater at a low temperature of 120 degrees.

While we mostly think of poisoning as something that happens to children when they get into cleaning supplies and other household products, it’s something that actually affects people of all ages.

Most methods of unintentional poisoning are for the most part self-inflicted and can only resolved by dealing with a person’s underlying chemical dependency issues.

That said, effective prevention efforts generally focus on keeping poison out of the hands of children. While adults have the highest rates of fatal poisonings, children under 5 have the largest rates of non-fatal poisoning.

According to Meri-K Appy, the president of the Home Safety Council, “Cooking mishaps are the number one cause of fires [and they often happen] when the cook leaves the stove unattended or becomes distracted.” That said, stay focused in the kitchen and never walk away from a pot that is in use.

OF HOMES THAT HAVE SMOKE ALARMS, 65% OF THE HOMES HAVE NON-WORKING ALARMS. MOST OFTEN THIS IS SIMPLY BECAUSE OF A WORN OUT BATTERY. SIX TOXINS TO GUARD AGAINST: ASBESTOS, LEAD PAINT, CARBON MONOXIDE, MOLD, RADON, AND BISPHENOL A (BPA) www.washingtoninformer.com / 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

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GET COVERED Flooding Can Happen Anywhere

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2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Homeownership Is Still Possible Tammie Barrett Vice President Residential Lending Industrial Bank

5 Tammie Barrett

Whether refinancing or purchasing a home, the mortgage process can be intimidating. Let’s think about it for a moment. The application alone is nine pages long and the interviewer asks questions that literally make you feel like you are signing your life away. In 2020, banks and mortgage companies saw interest rates drop to historic lows and property values increasing. This market shift allowed borrowers to qualify for more house, while also increasing equity.

Fast forward just two years; rates have almost tripled and borrowing capacity is about 63% of what it was in 2020. There is also what we have come to recognize

as an inventory shortage……. houses are simply not there.

Houses that are for sale are being purchased so quickly with multiple offers and CASH offers, that it’s creating all-out bidding wars.

Contracts are being submitted with no contingencies meaning, in some cases, no financing, no appraisal, and no home inspections.

Not to mention, the offer price in most cases is above the asking price. So, the question is……

Are we in an affordable lending crisis? Absolutely! Home buyers that purchased in 2020 and 2021 saw the benefit of earning equity as home prices increased. Buyers trying to purchase now, unfortunately, may have to sit tight while the market attempts to correct itself.

How does this happen? Well, economic forecasters are predicting that interest rates will remain at high levels at least through the end of the year, unless inflation decreases. Some experts are saying rates may reach well over 6%. It’s certainly close to that depending

on the parameter of the loan application. In the meantime, creating mortgage loan options for our borrowers is key.

Historically, adjustable-rate mortgages (ARMs) were frowned upon because of the uncertainty of the payment increasing. However, in this high interest rate environment market, ARMs can be appealing because of the lower initial rates. Here are just some of the benefits: • ARMs offer an inexpensive way for borrowers who don’t plan on living in one place for a long time to qualify for more house.

• ARMs can help borrowers save and invest more money.

For example, someone who has a payment that is $100 less with an ARM, can put that money in higher return investments.

• Lenders consider lower payments when qualifying, which allows the borrower to purchase more house.

• ARMs are fixed for a specified number of years. In some cases, up to 10 years.

In a high-rate environment like today’s market, ARMs may make sense because of the low fixed rate period, allowing borrowers to pay less each month. Bottom line, ARMs and fixed-rate mortgages are two ways to finance a home purchase while still providing similar benefits.

Industrial Bank’s Residential Lending Team is available to assist with your home buying process.

Trust us to provide you with the best options available to meet your specific financial need.

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HOMEOWNERSHIP A KEY TO BUILDING

GENERATIONAL WEALTH Industrial Bank has programs and services to meet your unique needs: Down Payment Assistance Programs* First-Time Home Buyer Programs* DC Open Doors* Maryland Smartbuy Program* FHA, Conventional and VA Loan Programs*

*Offer of credit is subject to credit approval

NMLS # 488640

https://industrial-bank.borrowerwallet.com/registration

USE THE QR CODE TO CONNECT WITH A MORTGAGE LOAN OFFICER

www.washingtoninformer.com / 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

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HOMEOWNERSHIP

A KEY TO BUILDING

GENERATIONAL WEALTH Industrial Bank has programs and services to meet your unique needs:

Down Payment Assistance Programs* First-Time Home Buyer Programs* DC Open Doors* Maryland Smartbuy Program* FHA, Conventional and VA Loan Programs*

*Offer of credit is subject to credit approval

FIND OUT MORE INFORMATION https://industrial-bank.borrowerwallet.com/registration

NMLS # 488640

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2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

USE THE QR CODE TO CONNECT WITH A MORTGAGE LOAN OFFICER.

How Do Down Payment & Closing Cost Assistance Programs Work? lar amount. For most programs, the amount will first go towards your down payment, then towards closing costs, and in some cases, it could even go toward mortgage insurance.

Michelle Fields-Hall Senior Loan Officer For many, the most difficult hurdle in the home buying journey is gathering the out-of-pocket funds required for a down payment and closing costs.

Fortunately, there are down payment and closing cost assistance programs available through states, cities, counties, housing agencies, and even George Mason Mortgage that can help make this sometimes-formidable task feasible.

WHAT ARE THE REQUIREMENTS?

WHO CAN RECEIVE DOWN PAYMENT ASSISTANCE?

While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always the case, as some programs may be used by previous homeowners or even towards refinancing your current home. There also may be programs available in your area for professions such as teachers, first responders, doctors and city employees.

HOW DO DOWN PAYMENT AND CLOSING COST ASSISTANCE PROGRAMS WORK?

The amount of assistance you receive will vary from program to program and could be a percentage of the home’s sale price or a set dol-

This will vary from program to program. Most will typically, but not always, require that you: • Complete a homeownership counseling class, usually for first time homebuyers • Purchase in an approved area • Stay below agency conforming loan limits • Meet household income requirements • Satisfy credit score and credit history requirements What Programs Does George Mason Mortgage Offer Exclusively?

George Mason Mortgage currently offers two exclusive programs.

Through our GMM Down Payment and Closing Cost Assistance Grants, we are able to combine a low down payment mortgage with down payment and closing cost assistance to

help qualified homebuyers purchase a home, or in some cases refinance their current home.

To find out more information about our GMM Grant Programs please visit: https://www.gmmllc.com/ loan-options/gmm-cares-grants/ Whether you’re buying, selling, refinancing, or building your dream home, I welcome the opportunity to earn your business. Market condi-

tions and mortgage programs change frequently, so quick and accurate real estate financing advice is crucial to making the best decisions.

With over 15 years in the mortgage business, I have helped many people achieve their goal of homeownership.

I take great pride in helping my clients determine the absolute best loan program to meet their individual mortgage financing needs. HS

Contact me with any questions you may have or to get started on your journey home – Michelle Fields-Hall Senior Loan Officer NMLS#: 270722 Phone: (443) 798-6112 Email: MFields-Hall@gmmllc.com www.gmmllc.com/michelle-fields-hall

HERE TO GUIDE YOU HOME CONTACT US FOR A FREE FIRST TIME HOME BUYER GUIDE

1 (800) 864-6859

www.HomeWithGMM.com George Mason Mortgage | NMLS ID: 153400 | Equal Housing Lender | Advertising Notice - Not a Commitment to Lend - Subject to Program Availability. All loan applications subject to credit approval. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without any notice and may vary depending upon credit history and transactions specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required. To be eligible, buyer must meet minimum down payments, underwriting and program guidelines.

www.washingtoninformer.com / 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

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GMM GRANT

JOURNEY HOME UP TO $10,000 FOR DOWN PAYMENT & CLOSING COSTS Do you dream of owning a home, but have limited funds for a down payment and closing costs?

Our Journey Home Grant1 program may be the answer to your home buying dreams.

GET STARTED TODAY

WWW.GMMLLC.COM/GRANTS

Subject to Credit Approval. Journey Home Grant is a lender grant and is not available in all market areas. Grant is capped at $10,000, with up to 3% of sales price or appraised value (whichever is less) applied towards down payment first and then any remaining funds applied to closing costs. No cash back for the Grant funds allowed. Loan must be for purchase or refinance of primary residence. Property type and location limitations apply. Loan terms and conditions apply, including but not limited to, maximum loan-to-value of 97%, maximum loan amount, minimum credit score, and maximum income limits. Homebuyer education may be required. In addition to Journey Home grant requirements, borrowers must meet Fannie Mae HomeReady program eligibility requirements. HomeReady® is a registered trademark of Fannie Mae. Mortgage Insurance is required for properties with over 80% loan-to-value. Grant program may be considered taxable income. 1099-MISC may be issued. You should consult with your tax advisor. Program rates, terms, and conditions are subject to change without notice.

1.

H-15 HS-15 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Your Journey Home

By Stephen Morris SVP Director Community Lending The spring housing market of 2022 is very different compared to market trends from previous years. The Coronavirus (COVID-19) pandemic has affected all aspects of our daily routines including how we do business. The War in Ukraine and rising inflation has significantly increased mortgage rates. The low interest rates available in 2020 and 2021 are long gone. The higher rates are increasing the cost of homeownership and impacting first time buyers the most.

These are challenging times for first time homebuyers. Given that down payment, or lack thereof, has proven itself to be one of the major barriers to homeownership, George Mason Mortgage and United Bank recently announced the release of two new grant programs; The Welcome Home Grant1 and Journey Home Grant2.

Both GMM grants combine a low down payment mortgage with down payment and closing costs assistance of up to $10,000. These grant programs were designed to bridge that

gap while providing the new homeowner with competitive rates and fees just as if the down payment were their own thereby expanding homeowner-

ship opportunities.

The Journey Home and Welcome Home Products are currently offered in select areas of the DC MSA and are designed to support property purchases in LMI (low to moderate income) and majority minority census tracts.

Given the high prices in this market, both programs allow for a high loan limit of $647,000 and high-income limits ($102,800 and $153,000). The credit score requirements and guidelines are very fair and reasonable. First time homebuyers must complete an online Home Buying class.

In the two months since we launched these Grant Programs, we have already helped 42 families achieve the dream of home ownership.

We have another 30 families moving toward closing in the next 30 days. As a full service lender, we can finance almost any residential property scenario.

We also offer, VA, FHA, Jumbo, Construction and Renovation loans in the states we are licensed.

GMM is proud to expand homeownership opportunities for families in our communities and is dedicated to serving our neighbors by helping build wealth through homeowner-

ship. George Mason Mortgage is committed to supporting and investing in the communities in our footprint to advance equity and equality.

Visit www.gmmllc.com/loan-options/ welcome-home-grant for more information about our GMM Grants. HS 1. Subject to Credit Approval. Welcome Home Grant is a lender grant and is not available in all market areas. Grant is capped at $10,000, with up to 3% of sales price or appraised value (whichever is less) applied towards down payment first and then any remaining funds applied to closing costs. No cash back for the Grant funds allowed. Loan must be for purchase of primary residence. Property type and location limitations apply. Loan terms and conditions apply, including but not limited to, maximum loan-tovalue of 97%, maximum loan amount, minimum credit score, and maximum income limits. Homebuyer education may be required. Grant program may be considered taxable income. 1099-MISC may be issued. You should consult with your tax advisor. Program rates, terms, and conditions are subject to change without notice.

2. Subject to Credit Approval. Journey Home Grant is a lender grant and

is not available in all market areas.

Grant is capped at $10,000, with up to 3% of sales price or appraised value (whichever is less) applied towards down payment first and then any remaining funds applied to closing costs.

No cash back for the Grant funds allowed. Loan must be for purchase or refinance of primary residence. Property type and location limitations apply.

Loan terms and conditions apply, including but not limited to, maximum loan-to-value of 97%, maximum loan amount, minimum credit score, and maximum income limits. Homebuyer education may be required. In addition to Journey Home grant requirements, borrowers must meet Fannie Mae HomeReady program eligibility requirements. HomeReady® is a registered trademark of Fannie Mae. Mortgage Insurance is required for properties with over 80% loan-to-value. Grant program may be considered taxable income. 1099-MISC may be issued. You should consult with your tax advisor.

Program rates, terms, and conditions are subject to change without notice.

George Mason Mortgage, LLC | NMLS ID #: 153400 (www.nmlsconsumeraccess.org) | Equal Housing Lender | Advertising Notice. Not a Commitment to Lend.

These are challenging times for first time homebuyers. Given that down payment, or lack thereof, has proven itself to be one of the major barriers to homeownership, George Mason Mortgage and United Bank recently announced the release of two new grant programs; The Welcome Home Grant1 and Journey Home Grant2.

www.washingtoninformer.com / 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

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GMM GRANT

WELCOME HOME UP TO $10,000 FOR DOWN PAYMENT & CLOSING COSTS Do you dream of owning a home, but have limited funds for a down payment and closing costs?

Our Welcome Home Grant1 program may be the answer to your home buying dreams.

GET STARTED TODAY

WWW.GMMLLC.COM/GRANTS

Subject to Credit Approval. Welcome Home Grant is a lender grant and is not available in all market areas. Grant is capped at $10,000, with up to 3% of sales price or appraised value (whichever is less) applied towards down payment first and then any remaining funds applied to closing costs. No cash back for the Grant funds allowed. Loan must be for purchase of primary residence. Property type and location limitations apply. Loan terms and conditions apply, including but not limited to, maximum loan-to-value of 97%, maximum loan amount, minimum credit score, and maximum income limits. Homebuyer education may be required. Grant program may be considered taxable income. 1099-MISC may be issued. You should consult with your tax advisor. Program rates, terms, and conditions are subject to change without notice.

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H-17 HS-17 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

By the Numbers

By Lee Ross / WI Staff Writer

BETWEEN 1912 AND 2019, THE DEATH RATE HAS INCREASED 23 PERCENT, FROM 28 PER 100,000 POPULATION IN 1912 TO 34.4 IN 2020 (AFTER ADJUSTING FOR THE 1948 CLASSIFICATION CHANGE).

The number of deaths in the home increased 21.1 percent in 2020. The rate of preventable injury-related deaths occurring in or around the home has increased 272 percent since 1999. This rapid increase has erased the progress made over the last century.

IN 1912, WHEN THERE WERE 21 MILLION HOUSEHOLDS, AN ESTIMATED 26,000 TO 28,000 PEOPLE WERE KILLED BY PREVENTABLE HOME-RELATED INJURIES.

The injury total of 31,800,000 means that 1 person in 10 in the United States experienced a medically consulted injury.

OVER HALF OF THE DEATHS OCCURRING IN THE HOME ARE POISONINGS, TOTALING 69,900 DEATHS IN 2020.

The number of medically consulted injuries occurring in the home is greater than the total number of medically consulted injuries that occur in public places, the workplace, and motor-vehicle crashes combined.

3%

The second leading cause was falls, resulting in 28,100 deaths, or a quarter of all home deaths. No other cause accounted for more than 3 percent of the home deaths.

In 2020, with 128 million households and triple the population, homerelated deaths numbered 113,500. This increase in deaths is largely driven by increases in unintentional poisonings and falls.

Greater Washington Urban League The Greater Washington Urban League’s Housing Division builds financial bridges from rental housing to homeownership, creating stability and prosperity for families throughout the region. Programs on financial literacy help youth and adults understand resource investments and wealth accumulation. The Housing Division offers homebuyer education workshops teaching participants how to apply for a loan, prepare a budget, and resolve credit problems. These and other We have the keys to success! workshops are offered at the Greater Washington Urban League headquarters in Washington, D.C. and in our Prince George’s County, MD Office.

GENERATIONAL WEALTH BEGINS WITH HOMEOWNERSHIP LET US HELP The GWUL Housing Center makes the path to homeownership more attainable.

Contact us for information and help on:

• First-Time Homeownership • Credit Counseling • Purchase Down payment Assistance • Post-purchase Issues & • Housing Counseling Foreclosure Information

The Greater Washington Urban League’s Housing Center builds financial bridges to homeownership, creating stability and prosperity for families throughout the region. The GWUL Housing Center offers homeownership education workshops teaching participants how to apply for a loan, prepare a budget, and resolve credit problems. These and other workshops are offered at the Greater Washington Urban League.

To learn more and find out about upcoming classes and events, visit us at https://gwul.org/housing-services

www.washingtoninformer.com / 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

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Some of the biggest tools we use to maintain and grow relationships within our community are our home loans.

EagleBankCorp.com/mortgages

Home Ownership Exclusive

Work in DC, Buy in DC For District Government Employees

Over a Dozen Assistance Programs

As the Washington Metropolitan Area’s largest community bank, EagleBank is proud to offer mortgage loan options that can make a difference for District Government employees looking to buy and live within the District. Mayor Bowser is a passionate advocate for our city, and EagleBank is excited to share in her mission to open the doors of sustainable home ownership to all District employees.

Below-Market Interest Rates •

Substantial cut in interest rates for all eligible DC Government employees

Closing Costs Credits •

EagleBank lender credit towards some or all closing costs

Loan Products •

Conventional and FHA, DC Open Doors

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Federal Home Loan Bank grants

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100% financing options available

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FHA 203k Rehab Loans - Loan to value up to 110%* up to $726,525

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Home Equity Lines of Credit •

Interest rate discount for DC Employees

Below-market interest rates, dedicated service teams, home buying seminars on-site, and closing cost discounts for District Government employees.

Dedicated Service Teams •

We make sure every employee understands the process and has access to loan specialists

On-Site Home Buying Seminars •

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Learn how to prepare for the loan process

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Credit tips and FAQs

*Max Loan-To-Value of 110% of appraised value AFTER rehabilitation.

Washington, DC | Virginia | Maryland

301-738-7200 HomeLoans@EagleBankCorp.com EagleBankCorp.com/mortgages This is not a commitment to lend. All loans are subject to credit and property approval.

EAGLEBANKCORP.COM NMLS# 440513

EXPERIENCED, KNOWLEDGABLE SERVICE TEAMS

Contact us to start your homebuying journey.

We are committed to helping area buyers find the right mortgage product for their needs by offering individualized service and a wide variety of mortgage programs. We make the process of securing a home loan straightforward by offering the latest in application tools — all from a local bank that customers know and trust.

202.292.1568 HomeLoans@EagleBankCorp.com This is not a commitment to lend. All loan applications are subject to credit and property approval. Products (Programs) listed may be subject to additional conditions and funds availability. FHLB Grants for First-Time Buyers, FHLB Grants for Community Heroes, Mortgage Credit Certificates, Fannie Mae HomeReady, Freddie Mac HomePossible, Maryland Mortgage Program, Maryland SmartBuy 3.0, District of Columbia HPAP, DC EAHP, Pathway to Purchase - Prince George’s Co., FHA Low Downpayment Loans, 100% Financing on VA Loans for Veterans, DC Open Doors, CHENOA Program, and the Landed, Inc. Downpayment Program for Educators, Healthcare, First Responders, and Municipal Workers; Conventional, Jumbo, and Government Loans. EagleBankCorp.com NMLS #440513

Proud Sponsor of the Washington Informer Our House Initiative

H-19 HS-19 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Understanding the Housing Health and Safety Rating System Dr. Sophia Sparks WI Staff Writer Each year, housing conditions in the U.S. are implicated in thousands of deaths and hundreds of thousands of illnesses and injuries requiring medical attention, according to the Centers for Disease Control and Prevention (CDC). Negative health outcomes have been linked to the hazardous conditions in homes across the nation in studies since the 1980s.

Americans spent up to 50 percent of their time within their homes, before the pandemic, making the overall safety of the home a critical component to good health.

Home hazards have been linked to a variety of negative health outcomes. Mold and volatile organic compounds have been linked to respiratory tract infections, asthma, and asthma morbidity. Radon has been linked to cancer and death. Extreme weather has also led to the exacerbation of existing respiratory and heart ailments as well as to death. Each of these illnesses can manifest from neglected or abused household appli-

ances, HVAC (heating, ventilation, and air conditioning) systems, and from within older homes where unregulated materials were used in their construction.

The Housing Health and Safety Rating System (HHSRS) provides a method of grading the severity of threats to health and safety in homes. The inspection process considers the effect on occupant health of any hazards in the property. Hazards are rated according to how serious they are and the effect they are having, or could have, on the occupants, that is, “the effect of the defect.”

The U.S. Department of Housing and Urban Development’s (HUD) Office of Lead Hazard Control and Healthy Homes (OLHCHH) began training its Healthy Homes program grantees to use the Healthy Housing Health and Safety Rating System (HHSRS), a tool designed in the United Kingdom, to justify intervention decisions to correct identified residential health and safety hazards.

Both the British and U.S. versions assess 29 housing hazards that pose risks

to health or safety -- grouped into four categories determined by their characteristics: physiological, psychological, infection, and accidental hazards.. Each of the 29 hazards are assessed separately and weighted according to likelihood of occurrence and the possible outcomes should the hazard result in harm.

The assessment process not only spots defects, but also takes a risk assessment of outcomes and effects. For instance, if old windows in poor condition are assessed as a hazard, it can contribute to excessive cold as well as damp and mold., and be a contribu-

tor to excessive noise pollution, entry by intruders, or falls between levels.

A single deficiency, then, can produce more than one hazard and impact the score.

The likelihood and severity of a hazard causing harm is tabulated using the rubric: Extreme (Scoring of 10,000) in which the hazard can cause death, lung cancer, mesothelioma, paralysis, 80 percent burn Injuries; Severe (Scoring of 1000) in which cardio respiratory disease, Legionnaires, fractures, burns, or loss of consciousness can occur; Serious (Scoring 300) in which eye disorders, hypertension, parasitic dermatitis, vomiting, strain or sprain injuries can occur; and Moderate (Scoring of 10) in which severe discomfort, slight confusion, moderate cuts, bruising, regular serious coughs and colds, occur.

“The U.S. system is designed to monitor the impact of insidious conditions within a home on the overall health of the residents. In addition to checking for the existence of mold

and dampness, HHRS checks for hazards that could cause serious injury or death from caustic agents like carbon monoxide and asbestos,” real estate agent Priscilla Whelan told the Informer. “As a property owner the cost can be great to make repairs; however, the cheap comes out expensive when hazards are not remedied. The goal is also to ensure that homes are not ‘sick buildings’ that cause serious health problems.”

Studies conducted by the Home Safety Council have associated toxins such as lead paint in the home to lead poisoning and lower IQs, learning disorders, criminal activity, and hormonal deficiencies. Similarly, other toxins like carbon monoxide have led to neurotoxicity, coma, and death.

“Our homes are supposed to be places of great comfort and joy, but when those spaces hide hazards, the dream home can turn quickly into a nightmare,” Whelan noted. “There will always be some level of hazard in any indoor space, but the rating system helps minimize the potential of injury and death from those hazards.”

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To take advantage of opportunities in today’s housing market, you need experienced pros who can help with every aspect of buying and get you ready to make an immediate and serious offer.

Let’s talk about your options. Call us at 800.399.5919 or visit sandyspringbank.com/mortgage.

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SSB-112 Print Refresh-MORTGAGE Female Couple_9.875x5.5.indd 1

6/2/22 5:22 PM

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Pathway To Purchase Home Ownership Program Funded With Over $800,000 To Assist First Time Home Buyers

Submitted by Prince George's County Department of Housing and Community Development The Prince George’s County’s home ownership assistance program, “Pathway to Purchase,” has $886,526 in funding to assist first-time homebuyers. This program offers first-time homebuyers up to $10,000 in down payment and closing cost assistance toward the purchase of a home. Homebuyers can purchase a home anywhere in Prince George's County. Eligible residential properties include: new construction, resale, short sales, and foreclosures.

“We are excited that we can continue to support this opportunity,” said Aspasia Xypolia, Director of the Prince George's County Department of Housing and Community Development. “This dedicated funding will help people get on the path to home ownership. We are eager to continue our progress in helping families begin their pursuit of the American Dream.”

Pathway to Purchase is a 0% interest loan program that must be paid back when the home is sold, transferred or ceases to be the primary residence of the buyer(s). However, if the homebuyer resides in the home for 10 years, the loan is forgiven, and the lien is released.

The maximum price for homes purchased with Pathway to Purchase assistance is $399,000 for re-sale homes and $411,000 for new construction. Homebuyers may use FHA, Maryland Mortgage Program, VA or Conventional Loans with Pathway to Purchase, and the home must pass a Housing Quality Standards (HQS) Inspection as part of the application process.

The Redevelopment Authority of Prince George's County administers the program. Homebuyers must work with an approved mortgage lender to submit an application.

Since 2017, the Redevelopment Authority has assisted 675 homebuyers purchase their first home in Prince George's County through the Pathway to Purchase homebuyer assistance program.

For information on program income limits, buyer contribution, area median income and debt requirements, visit the Redevelopment Authority’s website: www.redevelopment@mypgc.us HS

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If you are a first-time homebuyer, you could be eligible for up to $10,000 in down payment and closing cost assistance toward the purchase of your first home. Pathway to Purchase is a 0% interest, deferred payment loan. The loan is forgiven after 10-years as long as the home is your primary residence and you do not sell or transfer the home during the 10-year period.

PURCHASE PRICE LIMITS

ELIGIBLE PROPERTIES

LOAN TERMS

$399,000 Resale

Any residential property including:

$411,000 New Construction

New Construction Resale Foreclosure Short Sale

Purchaser may pay back the loan in full when the home is sold, transferred or ceases to be the primary residence of the buyer(s) within a 10-year affordability period.

For more information, visit the Redevelopment Authority at www.princegeorgescountymd.gov/865

2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Tips for Keeping Your Home Safe

#3

Lee Ross WI Staff Writer 1. Make sure that any fabrics you use for upholstery and curtains are flame retardant. The law, referred to as TB 117, was passed in California in 1975, stating that the foam inside upholstered furniture must resist flames. This is especially important in homes where smokers reside as it helps prevent fires from dropped cigarettes. All new sofas have to meet strict fire regulations; however, second-hand ones may have been made before the rules about upholstery were written.

2. Refrain from leaving dryers running when not at home. In 1998, there were 14,300 home fires related to dryers.

3. Never run an empty microwave. It can cause overheating and serious damage.

4. Paint is flammable. Store in a climate-controlled area away from heat sources.

5. Never use a metal ladder around power lines or electrical wiring; a metal ladder will pose the risk of electric shock.

6. The single most important fire preventive measure is to equip your home with working smoke detectors. Remember to test them every month and replace the batteries annually.

7. To prevent scalding, make sure your water heater temperature is set no higher than 120 degrees Fahrenheit.

WE’RE HERE TO

8. Keeping a phone list in the kitchen near the phone is not just convenient, but a safety feature as well. Jot down phone numbers for the police, fire department, doctors, family members or neighbors so if you have to act quickly you can.

HELP YOU

9. Change the batteries in your smoke and carbon monoxide detectors with the beginning and ending of Daylight Savings Time.

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Customer Service: 844-WASHGAS (844-927-4427) Natural Gas Leaks/Emergencies: 911 and then 844-WASHGAS (844-927-4427)

www.washingtoninformer.com / 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

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Speak The Language of Homeownership Equity & Finance

By Dr. Sophia Sparks WI Staff Writer COVID-19 has proven to all age groups that the end could be now. Death is not for the old and is one thing everyone has in common. Leave a legacy by being prepared for your passing. Assist your loved ones in transitioning into a life phase without you by having your affairs in order with either a will or trust. In preparing either of these legal documents, you may encounter many unfamiliar terms. The effectiveness of your documents depends on your understanding of the subject matter. Here are some key terms that will help in preparing for this process.

BASIC TERMINOLOGY OF A WILL

Bequest – a provision that leaves property to someone.

Bequeath – verb referring to leaving something to a beneficiary.

Example: “I bequeath my lawnmower to my grandchild Victor.”

Beneficiary – someone who receives an inheritance through a will.

Codicil – A document that amends an existing will.

Executor – the person selected to distribute assets according to your will after you pass.

Intestate – person who dies without a will.

Probate – the legal process through which a court examines, approves, and enacts the terms of a will.

Testator – one who makes and executes a last will and testament.

Testamentary trust – trust created through a will.

Will/ Last Will and Testament – communicates one’s final wishes as it pertains to their assets (house, car, or other owned assets) and dependents.

LIVING TRUST BASIC TERMINOLOGY

Estate Tax – tax on your right to transfer property at your death.

After the net amount is computed, the value of lifetime taxable gifts (beginning with gifts made in 1977) is added to this number and the tax is computed.

Funding the trust – transferring assets into the name of the trust.

Gift Tax – tax combined with the federal estate tax.

Grantor/Trustor – person creating the trust.

Irrevocable trust – trust that cannot be changed or altered by the settlor. A living trust manages assets during life and after death.

Pour over will – will used with a living trust.

Revocable/living trust – trust that can be changed, altered, or even cancelled by the grantor at any time.

Beneficiary– person or entity for whom the trust was established.

Successor Trustee – manages and controls the assets upon death of the trustee.

Trustee – manages and controls the assets HS

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Stay Informed! www.washingtoninformer.com H-23 HS-23 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Our House DC: One Year Later Austin R. Cooper, Jr. WI Newsletter Managing Editor In August 2021, The Washington Informer launched the Our House D.C. Newsletter, a monthly platform designed to document and examine factors contributing to the loss of housing among African Americans and marginalized residents – including seniors – in Wards 7 and 8.

Our House D.C. opened dialogue and provided critical resources to readers that assisted homeowners, their communities, and local government agencies in practical solutions to a myriad of housing concerns.

We served not only as ambassadors, of sort, to homeowners, but also found ourselves learning a lot about great programs and networks that aid homeowners. We have gone from ideas and assumptions to research and investigation – sometimes with surprising results. Our House, D.C. made a difference in the way conversations about homeownership in Wards 7 and 8 take place. Perhaps most importantly, The Washington Informer’s Our House newsletters have helped put these considerations into spaces where improvements and policy changes occur.

While recently visiting my mother, I asked her to define “generational wealth.” She immediately spoke of the importance of living within your means, paying a mortgage, not rent, and “saving, saving, saving.” Mom’s perspective, I found, was similar to U.S. Secretary of Housing and Urban Development (HUD) Marcia Fudge and former United Nations Ambassador Andrew Young.

They, and others interviewed for the newsletter, held a narrow (but prolif-

With Our House D.C., we are also making a difference in the community by highlighting issues confronting Black homeowners and providing invaluable tools and resources to keep them in their homes. ic) definition of generational wealth: leaving a home for your children.

This was also the definition their parents utilized.

Since assuming the position of Managing Editor of Our House D.C., I, even as a homeowner, have gained new insight while exploring

Black homeownership in the District.

For example, when we first began this journey, there was an assumption that the DC Office of Tax and Revenue (OTR) removed residents from their homes without due process because of property tax delinquencies. However, we learned that local

government has a detailed process in place to prevent such from occurring only as a last resort and only after extensive efforts have been made to resolve outstanding tax liabilities with homeowners.

We also learned just how important making and implementing sound financial decisions are to generational wealth building. Failure to do so can prove costly when passing on property to children and grandchildren.

“When real property is cited for violation of local housing ordinances, citations can lead to significantly higher real property rates and eventually a tax sale by the government,” according to Deborah D. Boddie, a D.C.-based estate planning attorney, and real estate broker.

Our House D.C. reporting also highlighted the realities of homeownership that fall beyond mere definitions, rumors, and conjecture. Such was the case with our investigation of Brittany Bennett, whose dream of moving with her sons into their first home on Talbert Street in Southeast, turned nightmarish when poor quality construction forced her to vacate.

Yet, even after leaving, Bennett was still required to meet their mortgage payments and pay condominium fees.

We are making a difference. Mildred Chappelle is an elderly Black woman with dementia. She is bed-ridden and requires full-time healthcare support. Her nephew, Dr. Edward Chappelle, made the difficult decision to move Mildred in with her sister, and away from her home in Washington, D.C., where she lived for 60 years. The house was purchased by Mildred’s parents 96 years ago. The move, however, did

not come without significant tax consequences. Over time, the D.C. government deemed Mildred’s property vacant and abandoned, exposing the Chapelle’s to substantial tax liabilities amounting upwards to $100,000.

The chance that the property could be lost at a tax sale became more real every day, despite efforts by Dr. Chapelle to maintain the property and others owned by his aunt, a former real estate professional. The family of Mildred Chappelle had their home property characterization by OTR changed as a result of our story last fall.

With Our House D.C., we are also making a difference in the community by highlighting issues confronting Black homeowners and providing invaluable tools and resources to keep them in their homes. Our work is not done, however. There are other topics to be explored, such as gentrification, and additional community conversations to facilitate – similar to our event with the DC Office of Tax and Revenue (OTR) last March.

It is my hope that the newsletter grows and reaches more people, but also let us continue the journalism that improves the lives of the people we reach.

Our House: Keeping Homes Blackowned in D.C.’s Wards 7 & 8, a bi-monthly newsletter published by The Washington Informer, in collaboration with the Center for Public Integrity.

The year-long project was made possible through a Google News Innovation grant to address the pressures of gentrification faced by Black D.C. residents who seek to own or maintain a home in hopes of building and preserving generational wealth.

Austin R. Cooper, Jr.

www.washingtoninformer.com / 2022 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

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Celebrating “Our House” OUR HOUSE D.C. 4.11.22

5 5.9.22 Ownership Matters, a collective for Black homeowners, gather for an annual photoshoot in front of Fredrick Douglass’s historic Southeast D.C. home on Juneteenth. (Photo by Gregory Jackson)

OUR HOUSE D.C. 5.9.22

Building Equity Through ‘Ownership Matters’ Group Ownership Matters, based in the District since 2018, works to build a community of Black homeowners, landowners, and business owners across the U.S., sharing lessons, challenges and resources through virtual platforms including GroupMe, Clubhouse and Instagram. “About 150 folks came together in front of Fredrick Douglass’ house [to] take a big group photo,” said Gregory Jackson, founder of Ownership Matters, referring to a celebration which started before the pandemic and continues for its fourth year.

When COVID hit, a lot of the in-person stuff we had planned was derailed.” https://conta. cc/3kUiQsr

OUR HOUSE D.C. 4.25.22

Defining Generational Wealth Despite Aretha Franklin having specific and predetermined outfit changes during her homegoing ceremony, the Queen of Soul made no similar plans when it came to having a will. And while it’s evident that most Americans don’t possess the financial assets that these celebrities enjoyed, when it comes to passing down assets, most Black people have not implemented the appropriate strategies to secure and preserve generational wealth. “It’s not even just leaving something behind for our progeny,” explained Jasmine Tyler, professor of the practice at the McCourt School of Public Policy at Georgetown University. https://conta.cc/3vGc3Hx

Mortgage Lending Disparities Limit the Rate of Black homeownership in D.C. The road to financial power and prosperity is paved with homeownership. Nationally, over 70% of Black wealth is tied to homeownership. In 2020, after the death of George Floyd, protests fostered conversations around the connections between issues of policing and economics, education, housing, and equity. Americans demanded that the institutions with which they spent money go on record with their commitment to racial justice. Unfortunately, two years later, these investments have done little to move the needle upward for the rate of homeownership for Black Americans and Black residents of the District. https://conta.cc/377ofco

OUR HOUSE D.C. 3.28.22

5 3-28-22 The D.C. Office of Tax and Revenue informs D.C. homeowners about the property tax process after mailing nearly 250,000 property assessments last month. (Courtesy photo)

Community Conversation with the D.C. Office of Tax and Revenue The D.C. Office of Tax and Revenue (OTR) and The Washington Informer led a virtual community conversation to inform D.C. homeowners about property tax assessments and assistance ahead of the tax payment due date on March 31. In mid-February, the agency mailed nearly 250,000 real property tax assessments for 2022 to District residents, followed by

5 12.6.21 (Photo courtesy of The Washington Informer)

real property tax bills sent in early March. The virtual forum that lasted more than an hour included participants’ questions focusing on issues related to their property tax bills, including the process for calculating tax assessments. https:// conta.cc/3GaubOB

OUR HOUSE D.C. 12.6.21

5 4.25.22 Jasmine Tyler, Professor, McCourt School of Public Policy, Georgetown University (Photo courtesy of Georgetown University)

5 4.11.22 Jamal and Ashley Smith (homebuyers) and Lledon Stokes (Real Estate Agent)(Photo courtesy of Antoine M. Thompson)

The Impact Of COVID-19 On Black Homeownership In The District In December 2021, just under 800,000 Americans had died from COVID-19 and a new variant, Omicron, which was arriving on

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American shores. Throughout the District, breakfast, lunch, and dinner tables have empty chairs, each representing loved ones who died prematurely due to COVID-19.

Mothers and fathers are attending parent-teacher conferences, but now as single parents. Children grow up without their grandparents and some, without mothers or fathers. Favorite teachers are no longer with us. Even children are victims of the pandemic. Yet, the holiday season also represented one of hope. https://conta.cc/3DqsSs6

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and a new variant, Omicron, which was arriving on American shores.

Throughout the District, breakfast, lunch, and dinner tables have empty chairs, each representing loved ones who died prematurely due to COVID-19. Mothers and fathers are attending parent-teacher conferences, but now as single parents.

Children grow up without their grandparents and some, without mothers or fathers. Favorite teachers are no longer with us. Even children are victims of the pandemic. Yet, the holiday season also represented one of hope. https:// conta.cc/3DqsSs6

OUR HOUSE D.C. 10.25.21

5 11.2.21 Ms. Mildred Chappelle.

(Photo courtesy of Dr. Edward Chappelle)

OUR HOUSE D.C. 11.2.21

Update: Elderly Woman May Lose Home Owned by Family for Almost 100 Years The Impact Of COVID-19 On Black Homeownership In The District In December 2021, just under 800,000 Americans had died from COVID-19

Elderly Woman May Lose Home Owned by Family for Almost 100 Years This article explored the challenges of District homeowners who find their homes designated as blighted properties and on the auction block for sale due to unpaid property taxes. Mildred Chappelle, 97-years old, was, profiled. The property at 4304 Jay Street, NE, in Washington, D.C., has been owned by the Chappelle family for 96 years. The home was purchased by Mildred Chappelle’s parents, Belton and Janie Chappelle, on June 20, 1925. Chappelle was raised in this home along with her brothers, Stanley and Edward, and sister Gladys. What if this happens to you? https://conta. cc/3GgaEfz

5 10-11-21 Rates of Black homeownership have been decreasing recently in Wards 1 through 6, a Public Integrity analysis shows. Wards 7 and 8 saw upticks – is this cause for celebration or concern?

OUR HOUSE D.C. 10.11.21

The Latest: Black Homeownership On the Rise in D.C.’s Wards 7 & 8. How long will it last?

Kimberly Cataundella with the Center for Public Integrity (CPI) examined the root causes of the increase in Black homeownership in Wards 7 and 8 and the subsequent decrease in Wards 1 and 4.

In her story, hear Albert J. Wilson, Jr. who resides in Northeast and is the primary caregiver for his mother, offered his reflections on both his pride and the challenges of Black homeownership in the nation’s capital. “The biggest thing

5 9-27-21 Cracks in the floor of Brittany Bennett’s unit. (Photo courtesy of Commissioner McKinney)

I’m seeing is how little Black community there is anymore,” Wilson said. https://conta.cc/3Dnc4Co

OUR HOUSE D.C. 9.27.21

5 10-25-21 Anthony R. Bolling, JD, CCIM, MiCAP, Principal Broker, Anthony Bolling Group and Austin R. Cooper, Jr., Managing Editor (Courtesy photo )

Homeowners’ Dreams Deferred on Talbot Street Southeast Brittany Bennett and her sons lived in a shelter. She often dreamed of purchasing a home, she also spent many sleepless nights wondering how her dream could become a re-

ality. So, as she said, she held on to her dream and began to search for ways that would allow her to begin building “generational wealth.” she would discover that help was available from the District and took full advantage of it. Unfortunately, Brittany, like others at Grandview Estates, overcame homelessness only to be confronted with multiple safety concerns in their “dream homes.” https://conta.cc/3m1xuy0 HS

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Recent & Recommended Books on Black Homeownership PREVENTING HOME ACCIDENTS: A QUICK AND EASY GUIDE

FIRST AID & SAFETY FOR DUMMIES

CHARLES B. INLANDER, JANET WORSLEY NORWOOD, THE PEOPLE'S MEDICAL SOCIETY

DAN HANNAN

Contrary to the perception that the home is a safe environment, a person is ten times more likely to sustain a serious injury or die at home as a result of an accident than in the course of their employment. This book will help homeowners combat those odds by providing information adapted from proven techniques used by safety professionals. Filled with anecdotal descriptions and examples, the book offers much more than "safety tips” as it educates the homeowner in how to control risk through hazard identification. Information is concisely organized, uniformly formatted, and supported by high quality images. Chapter topics include fall hazards (roofs, ladders, stairs, etc.), electrical safety, fire prevention, hand and power tool safety, emergency planning, and others.

The key to emergency response is preparedness. First comes prevention; knowing how to stop emergencies before they happen. Yet if sudden injury or illness occurs, knowing what to do can make the difference between a mild emergency and a serious one, or even between life and death. When you don’t know, panic usually results; now you’re part of the problem. But don’t fret; the information you need to be the first step in the solution – basic first aid and safety skills – is relatively simple and easy to learn. First Aid and Safety For Dummies gives you the tools you need to save a life from performing CPR correctly to accident-proofing your home.

THE HOME SECURITY HANDBOOK: EXPERT ADVICE FOR KEEPING SAFE AT HOME (AND AWAY) LYNNE FINCH

Author Lynne Finch takes a comprehensive look at ways to improve your family’s immediate safety and methods for protecting them in the future. Finch covers a wide range of topics from temporary ways renters can make their home secure, to more permanent changes an owner can make. As well as travel tips for domestic and international travel, with suggestions as simple as how to use your luggage tags to not only make your bag distinct, but to be more security conscious. Through interviews with Law Enforcement officers, Finch provides advice on how to handle various social interactions that keeps you from becoming a victim. HS

BEING SAFE AT HOME SUSAN KESSELRING

Presents tips for being safe around the house, including picking up toys when finished playing, only putting cords into sockets, and what to do when a smoke detector goes off. Did you know only cords should be plugged into wall sockets? If toys or other objects are stuck into wall sockets, you could get a dangerous electric shock. Find out more about how to be safe around the house in Safety at Home, part of the ‘Safety First’ series. This is an AV2 media enhanced book.

A unique book code printed on page 2 unlocks multimedia content.

This book comes alive with video, audio, weblinks, slideshows, activities, hands-on experiments, and much more.

YOUR FIRST DEFENSE FOR HOME FIRE SAFETY CAPTAIN HARRY FAST

Imagine If a fire started in your living room at 3:00 AM, would everyone in the home be alerted by a smoke alarm? Would they know what to do? Would they be able to safely escape from the home and know where to meet outside at a predetermined place of refuge, such as the sidewalk in front of your house or a neighbor's driveway?

This book will teach you how to answer, "Yes" to all of the above. You will look at home fire safety in a whole new way. You will understand the four P's: - Prevention - Protection - Planning - Practice You will create your own Action Plan.

Stay Informed!

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Homeownership more affordable.

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Certain restrictions apply. Subject to credit and property approval. ©2022 M&T Bank. Member FDIC. NMLS# 381076. AMP-2091-A 220512 VF Washington Informer: 5.85” x 5.5”

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Let’s talk about buying a new home to cook your masterpiece in. options and support you need.

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Preapprovals are not available on all products. See a home mortgage consultant for details.

Information is accurate as of the date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2021 Wells Fargo Bank, N.A. NMLSR ID 399801 AP5375479 8/6/21 108880 - 08/21

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