October 22, 2018

The path to affordable homeownership

Find out how a nonprofit in Washington, D.C., is revitalizing local neighborhoods and saving residents from displacement, thanks to support from Wells Fargo.

In Washington, D.C., available real estate is a rare commodity, and this is especially true in areas east of the Anacostia River. Wards 7 and 8 are considered “the last real estate to develop,” said Bill Winston, chief performance officer of MANNA, Inc., a local nonprofit developer of quality, affordable housing in Washington, D.C. As a result, the area has become more desirable to for-profit developers — and a big concern for the residents living there, he said.

“The need to keep Wards 7 and 8 residents from being displaced is huge,” Winston said. “That’s where we concentrate.”

Since it began in 1982, MANNA, Inc. has created and developed about 1,200 homes for low- and moderate-income families, with a mission to revitalize neighborhoods through homeownership. The nonprofit educates first-time homebuyers about the process of buying a home and continuing their success as homeowners through free financial literacy training, peer support, post-settlement support, and other resources.

Since 1999, Wells Fargo has awarded MANNA, Inc. $561,000 in grants to support its homeownership programs and resources.

“Support like Wells Fargo offers is important because it keeps MANNA stable as a nonprofit organization. It allows us to continue to do what we do in homebuyer education and credit counseling and in homeownership opportunities,” Winston said.