Tag Archives: Homeownership

An Affordable Housing Success Story

IHA’s mission is to strengthen communities and improve the quality of life and economic stability for seniors, working families and individuals through the creation and preservation of affordable housing. For Amanda Lambert, an original tenant at Penn Avenue Townhomes in Cumberland, Maryland, these goals have been achieved through homeownership. This is a FANTASTIC success for Amanda and IHA could not be happier to see her achieve this dream.

Pictured below: Amanda and her kids outside of their Penn Avenue Townhome.

20170818_101703

Lacy Ames, Special Project Coordinator, had the opportunity to interview Amanda about her experience, her future, and any advice she has for those struggling to obtain affordable housing.

Prior to moving into Penn Avenue Townhomes, Amanda rented a house down the street which was much more expensive and more space than she needed. This left her with virtually no money to cover other routine expenses, let along invest in the future. As a single mother to a little boy named Jameson, Amanda knew she had to find something more affordable.  Penn Avenue Townhomes opened in 2012 and Amanda was one of the first tenants in the community.

During her time at Penn Avenue Townhomes, Amanda was able to begin putting money aside for a home of her own. Amanda stated during our interview that she “didn’t look to stay here forever”. Amanda came in with the mindset that she wanted to prepare for a future home for her family. Working towards this dream, Amanda took advantage of all the resources available. Her son attended community events and various children’s projects. Additionally, Amanda stated she could always rely on the Property Manager and maintenance staff to keep her townhouse well-maintained and running smoothly. She even learned some basic home maintenance along the way. She also utilized resources provided by the Supportive Services Coordinator to learn the specific steps to homeownership.

A piece of advice she has for others who are utilizing affordable housing but would like to own a house of their own in the future, is to be patient. It takes TIME and PERSISTENCE to save enough money. She said she would take notice of the amount of maintenance that would need to be done, even just the need for new lightbulbs, and understand that she would need to save enough money to be ready for all the unexpected, maintenance costs that go along with owning a home. The Cumberland area can be very pricey and owning a home would have been difficult to do years ago as a single mother. However, after 5 years in an affordable townhome, she was able to reach her dreams.

Pictured above: Amanda, her fiancé Michael and their new home

Amanda recently got engaged to her fiancé Michael, who very creatively proposed via  live dance video. Her life has recently been very busy with the engagement, recent birth of her daughter Lily, and of course purchasing the home of her dreams. She is READY and EXCITED to move into her new space, into a place she can call her own.

 

IHA is honored to have been part of Amanda and her family’s journey. We hope this success story provides those in similar situations the motivation and confidence that their dream of homeownership could come true as well!

 

 

 

Ways to Pay Down Your Debt

Paying down debt is something we all want to know more about. How can we do it faster and in a way that is manageable? Carol Riggles, IHA’s Homeownership Program Manager, has two ways to pay down your debt faster!

There are two great ways to pay down debt faster. One way suggests that you should choose the credit card with the lowest balance and pay it off first and the other way recommends that you choose the card with the highest interest rate to pay off first.  Both methods expect you to continue paying the same monthly payment regardless of whether you are required to do so, and both also assume that you are not still using the cards.  (Keep in mind that you should use a credit card at least once a year to keep the account active, but only charge something for $10 or less so that your goal to pay off your balances stays on course!)

Here is how it works:

Method One – Select card with lowest balance.

  • Pay minimum payment on all cards except this one and pay as much as you can afford each month until it is paid off.
  • Then start doing the same for the next card with the lowest balance, but now you are adding the monthly amount you were paying on the paid off card to the amount you are required to pay.
  • For example – Card One has a $400 balance and an interest rate of 17% and you can afford to pay $60 a month.  Card Two has a $1,000 balance and a 21% interest rate and the minimum payment is $30.  Card One gets paid off in about 8 months, and then you start paying $90 a month to pay off Card Two.  The balance on Card Two is now about $894 and paying $90 a month will take 12 months to pay off the debt completely.  The whole process took 20 months.

Method Two – Select the card with the highest interest rate.

  • Using the same examples as in Method One, Card One has a $400 balance and an interest rate of 17% and a minimum payment of $30.  Card Two has a $1,000 balance and a 21% interest rate and you can afford to pay $60 a month.  In 15 months, Card One is paid off and then you add the $30 to the $60 you are paying on Card Two, and 4 months later you are paid off completely and you have $72 to put into savings because the balance on Card Two was only $18 on the 19th payment.
  • You are accustomed to paying $90 a month, so start adding this amount to your savings every month to build up an emergency fund so you won’t have to reach for your credit card as often!

There are lots of calculators online to help you with your calculations.

Here’s one: http://www.creditcards.com/calculators/payoff.php

Building your credit and paying down your debt can assist individuals on their pathway to homeownership!