MANNA - Your key to buying your first home!
The Advoc8te was enrolled in the Manna Homebuyer's Club and with the support of that club was able to become a first time homebuyer. I would highly recommend the Homebuyer's Club to anyone with dreams of owning their own home one day. Homebuyer's Clubs meet once a month in the evening, childcare and dinner are provided.
Since 1982, Manna has been serving low and moderate-income families, assisting them to fulfill the dream of homeownership.
In that time, we have created and preserved nearly 1,000 units of affordable housing for low and moderate-income DC residents and our homeowners have accrued over $60 million in equity. Our financial literacy and homeowner training program has been replicated more than 200 times across the nation.
Manna's work focuses on three principal areas:
renovating or building affordable homes.
educating first-time homebuyers for the process of home purchase and for success as homeowners.
training first-time homeowners and their neighbors throughout the city to become community leaders.
In 1997, Manna CDC was created to continue Manna, Inc.'s commitment to the Shaw community as our ability to create homeownership opportunities was becoming restricted due to changes in Shaw's economic climate. In 2006, Manna CDC transitioned from an affiliate corporation of Manna Inc. to an independent community development corporation, ONE DC.
Manna's success in affordable homeownership brought with it a number of challenges involved with setting the context for the home buying experience and developing the community within which the new home exists. To meet these challenges, Manna developed a number of complimentary programs to prepare and support the homebuyer and build more supportive community environments
THE HOMEBUYER'S CLUB
What is the Homebuyer's Club?
Manna was the first organization in the country to create a Homebuyers Club, which is a peer support group and a homeownership counseling program. This program, created in 1988, has been replicated nationally by NeighborWorks America (formerly the Neighborhood Reinvestment Corporation). Manna offers very low, low, and moderate income residents of DC a comprehensive program of education and peer support to prepare for home purchase and to sustain that investment of time and money by supporting them. Many lower income families seek the American Dream, i.e. owning a home, but have little or no understanding of what it takes to achieve their goal. For many prospective Manna homeowners we recommend that they enroll in Manna's nationally respected and replicated Homebuyers Club.
Manna was the first organization in the country to create a Homebuyers Club, which is a peer support group and a homeownership counseling program. This program, created in 1988, has been replicated nationally by NeighborWorks America (formerly the Neighborhood Reinvestment Corporation). Manna offers very low, low, and moderate income residents of DC a comprehensive program of education and peer support to prepare for home purchase and to sustain that investment of time and money by supporting them. Many lower income families seek the American Dream, i.e. owning a home, but have little or no understanding of what it takes to achieve their goal. For many prospective Manna homeowners we recommend that they enroll in Manna's nationally respected and replicated Homebuyers Club.
For more information on the Homebuyer's Club including how to enroll click
HERE.
INDIVIDUAL DEVELOPMENT ACCOUNT (IDA) PROGRAM
An individual development account program is one in which low income families are required to save an agreed upon amount per month toward the purchase of a home or other significant asset, e.g. tuition, a small business, which will help lead to self-sufficiency. Those savings are then matched at a pre-determined ratio after a given period of time. There are strict rules associated with the program to which participants must adhere.
An individual development account program is one in which low income families are required to save an agreed upon amount per month toward the purchase of a home or other significant asset, e.g. tuition, a small business, which will help lead to self-sufficiency. Those savings are then matched at a pre-determined ratio after a given period of time. There are strict rules associated with the program to which participants must adhere.
Manna has one of the leading Individual Development Account (IDA) programs in Washington, DC, assisting low income families achieve their dream of homeownership by creating an environment that fosters saving toward the downpayment on a home and assists participants in improve their credit, while learning how to be successful homeowners. This program is quite competitive, and participants must adhere to a strict set of rules. Space is currently limited to three classes of 15 people a year, so prospective participants must be ready to commit to a long-term savings and education plan in order to be considered for this program.
After being officially enrolled in the IDA program, interested participants must complete Manna's Financial Literacy Training Program (FLTP). This 6-week program focuses on responsible money management including: budgeting, bill payment, record keeping, checking accounts and financial institutions, credit cards and credit management, consumer awareness and expense prioritization, as well as saving and planning for the future.
Upon completion of the FLTP seminar, Capital Area Asset Building (CAAB) will open a savings account, those who meet the requirements are invited to join one of Manna's Homebuyers Club chapters developed solely for IDA members. Once the participants are enrolled in this nationally recognized and replicated Homebuyers Club, they must save $33.33 per month. Upon completion of this two-year program, the client will have saved $800. Coupled with a 3 to 1 match, this would become $3,800 ($800 from savings plus $3,000 in matching funds). These monies would then be used for the downpayment and closing costs on a Manna home.
Click HERE to learn more about the IDA program including how to enroll.