On this episode of Basic Black, homebuying educators and financial experts discuss how the housing lottery can be a pathway for people of color to secure a home and possibly build generational wealth.
Joining Paris Alston, co-host of Morning Edition, 89.7: Renee Taylor, Economic Opportunity Director, Somerville Community Corporation; Linda Warren-Cato, Homebuyer Educator, Financial Education Associates; Tayla Andrè, Realtor, Thumbprint Realty; and Sabrina Antoine Correia, Vice President of Corporate Responsibility, JPMorgan & Chase.
Episode Chapters:
0:00 Show theme song.
0:30 Show topic: Affordable Housing Lottery
1:05 Paris introduces panelists.
1:50 Paris asks what is the current state of Boston's housing market.
1:51 Tayla explains the available inventory and eligibility for the housing lottery.
3:56 Renee talks about the high demand and interest in homebuyer education courses.
4:44 Linda agrees there is an increase in participants for online courses.
5:32 Sabrina talks about the impact of volatility on the housing economy.
6:40 Tayla agrees that demand is high, but home purchases are low.
7:36 Renee talks about how curious buyers are seeking guidance.
9:28 Linda discusses whether the housing lottery is a viable option.
12:35 Sabrina details the available home loan products and how to be financially prepared.
14:05 Tayla says to assemble a support team in homebuying: a lender, a realtor, a lawyer, etc.
16:15 Sabrina says it is important to learn and understand your financial health.
16:52 Linda agrees that her program provides unbiased mentorship.
17:45 Renee talks about learning the affordable property restrictions.
19:57 Linda says there is a hard truth about creating home equity from affordable properties.
21:25 Tayla talks about deed restrictions and transferring property among family members.
23:44 Linda talks about AMI differences for municipalities
25:30 Paris asks each panelists whether the housing lottery can help homebuyers.
26:10 End of Show / Show Credits Roll
26:46 Digital post-show begins
26:50 Sabrina explains the variety of homebuyer products offered by Chase.
29:25 Tayla describes the 203k FHA loan, a rehab mortgage loan.
31:12 Linda talks about learning about the types financial loans available.
33:06 Tayla says the limits of return of investment in rehab projects.
33:42 Renee shares the impact of the changing fabric of communities of color.
35:05 Linda shares how her family created generational wealth from an affordable property.
36:39 Linda breaks down the demographics of homebuyers attending courses.
37:29 Tayla says there are more young buyers looking for investment.
37:50 Sabrina talks about targeting younger customers for financial planning.
38:15 Tayla says that the number one demographic is Black women.
38:52 Sabrina explains the impact of more homeowners of color on the economy.
41:45 Renee expresses the feeling of helping others buy their first home.
42:35 End of Post-Show / Fade to Black
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A transcript of the show will be available upon request.
#BasicBlackGBH #AffordableHousingLottery
5 май 2023
