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While renters are outnumbering homeowners in many urban areas, and renting is generally a good choice for people who like to have the flexibility to move and travel long-term whenever they want, it has its drawbacks for low-to-moderate income people who stay in the same area — sometimes the same home — for most of their lives.
From tax benefits to home equity to pride, home ownership can help communities thrive and, some scholars say, level the racial wealth gap.
That’s why the Delaware State Housing Authority (DSHA) launched a new site called “Kiss Your Landlord Goodbye,” aimed at helping low-to-moderate income residents (meaning, families with less than $97,000 in yearly income) break the renter’s cycle.
“Purchasing a home can be one of the most rewarding decisions someone can make,” said DSHA Director Anas Ben Addi. “Owning a home can provide a sense of security, independence and pride. In addition to the benefits owning a home has for the individual or family, we also know that encouraging homeownership helps strengthen and support our communities and can reduce crime. This new website will be an invaluable tool for DSHA and will allow us to help more Delawareans achieve the dream of homeownership.”
Through the website, residents can connect with counselors, lenders and real estate agents. They can get help with inspections and budgeting. If residents are not yet ready to buy a home, whether due to a low credit rating or other obstacles, they can get an analysis of their financial situation and figure out next steps.
“This is an incredible resource for our customers,” said Don Byrom Jr., a loan officer at M&T Bank, CRA Mortgage Division. “We often hear from those looking to buy a home that they are unsure of where to start in the process. DSHA’s new website will now be that starting point where potential homebuyers can go for more information to begin their journey to buying a home.”-30-
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