The 1441 Spring Road NW affordable homeownership project : Washington, D.C.
Date
2006
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Publisher
Southern New Hampshire University
Abstract
Manna Inc. proposes to develop an affordable homeownership project in the Columbia Heights neighborhood for thirteen residents of Washington, D.C. Participants of the project will buy affordable units in a newly renovated building in 24 months. Working under the auspices of Manna Inc, we will raise financial support through foundations, private financial institutions, and city government agencies to develop a three-story building. Four tenants who are organized in a tenants association occupy this building. Manna Inc has an affordable housing program that will work with members of the 1441 Fernwood Tenants' Association and other members of the homebuyers club as well as any other low or mid-income family who meet the requirements of the project.
Manna Mortgage Corporation, a subsidiary of Manna Inc, will prepare these individuals and families to pre-qualify them for their mortgages after they have completed an individual mortgage readiness program. Tenants and other potential homeowners will also meet regularly with various Manna staff to secure support for the project within the community, among elected and city officials and other stakeholders.
Tenants will participate in training sessions for capacity building in a pre and post purchase program. We will evaluate the success of this project by determining:
A) Number of the initial tenants who completed the individual mortgage readiness program (measured as qualifying for a mortgage). Some of them will be buying with copurchasers.
B) Participation of tenants in meetings with Manna Inc and training sessions and with the homebuyers club (HBC).
C) Number of tenants buying a unit in the building and becoming homeowners. (Author abstract)
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