columbus ga Archives - NeighborWorks Columbus, GA

Should you buy now, pay later?

Even when money is tight, that doesn’t make us stop wanting or even needing to purchase things. So when a Buy Now, Pay Later option is on the table, it can be tempting to take it. That’s not inherently a bad spending choice, but it’s important to take a few things into consideration before you jump at the chance.

What is Buy Now, Pay Later?

Chances are you’ve seen this advertised when you make a purchase online, and sometimes in the store. BNPL gives you the option essentially to make payments on a purchase overtime rather than all at once. Sometimes BNPL plans come with interest rates and fees, and other times those fees are only stacked on as penalties for not paying.

When is BNPL a good option?

Making payments overtime can certainly be a budget-friendly option. Especially if you have to make a major purchase you aren’t prepared to handle with an emergency fund. Financial experts recommend you really only utilize BNPL for truly needed items.

When should you avoid it?

There are a few things to really caution about BNPL. For one, you really do not want to be making payments on multiple BNPL purchases at once. This can really defeat the purpose and increases the risk that you will miss a payment overtime.

Sometimes a BNPL will do a hard pull on your credit. If you are working on improving your credit score, this can penalize you. Some options may not check credit, and some may just use a soft-pull of your credit, which will not affect your score.

What else to watch for:

Read the fine print! You want to be aware of any fees and any penalties before you commit.

Essentially, BNPL can be an OK choice, but we don’t recommend it across the board or lightly. Join us on Third Thursdays to discuss these and many more financial tips!

Homeownership benefits are long-term

Homeownership is the classic “American Dream.” Yet, in today’s time of rising prices and pinching paychecks, you may be wondering if this goal is worthy of pursuit.

The answer is yes!

Now, we at NeighborWorks Columbus are admittedly a tad bias toward homeownership, but with good reason. While the economy is known to fluctuate at different periods of history, the benefits of homeownership are long-standing. With that, let’s dive into a few of the enduring benefits of owning a home:

Wealth and equity:
Unlike many things, a home is an asset that increases in value over time. So while paying your mortgage each month, you are basically contributing to your own savings account. As you pay down your mortgage debt, your home’s equity increases, meaning you are likely to make money if you sell your home down the line. In addition, you have an asset to pass down, creating a generational wealth pattern.

Predictability:
Homeownership creates a stability that renting just can’t offer. Landlords also have to deal with turbulent times and rising costs, and those can be passed down to renters over time. Or they could decide to sell the property. Mortgage rates are locked in, so you can settle into a predictable payment, knowing you also won’t be asked to move.
Perks of stability:
Stability has more to offer than just a predictable payment. It comes with benefits that can’t always be quantified. People who are homeowners have lower rates of anxiety and stress; have better health outcomes; and children with better education outcomes. Of course, this is not true across the board in every circumstance, but studies show overwhelmingly that staying in place is good for you.

Tax benefits:
Homeowners pay fewer taxes. In both federal and state tax filings, homeowners receive a deduction on their income tax. You can also receive deductions for property taxes paid and mortgage interest payments when you file your income tax.

Connection:
If you are settled into a neighborhood for a time, you will know you get to know your neighbors. This is how friendships are built sometimes. Additionally, it’s an added measure of security when neighbors can look out for each other and know who is generally supposed to be seen around.

Ideas:

Long-term benefits of homeownership (June)

Exciting Summer Updates (Providence Pointe Groundbreaking, EW celebration, Newman’s Crossing)

Going through the process: Counseling

Going through the process: Lending

Keeping your goals alive during the holidays

Imagine this: You’re getting the hang of budgeting. You’re maybe even beginning to save a little money. You’re financially on track–and then, the holiday season hits and you lose focus.

In a season that is full of distraction, festive events, and shopping deals, even the most well-intentioned financial planner can drift from their goals. So as we head toward the holidays, let’s equip ourselves with some tools to help avoid some of these pitfalls.

Make a plan before you get busy.

Most of us have a calendar that gets quite full between October and December. Gatherings with family and friends; performances to attend; traveling for some of us; and holidays themselves. Everyone’s schedule won’t look the same, but most of us will have some level of busyness creep in. So now, before you are swimming in festivities, is the perfect time to make a spending plan.

Of course, we always recommend starting with your budget. If you don’t know how much you have available to spend on various things, you won’t be able to make a very good plan. If your money is tight, you could consider a way to make a little extra money, if spending is something you’d like to do this season. Possibly, there’s something you could sell on Marketplace or you could take on a small side job for the holidays, like house cleaning, yard work or one of these other ideas.

Once you know how much you have to work with, you can prioritize the most important things to spend your money on. We even recommend planning what you want to buy, for whom, and where you may get it from. Any pre-planned detail will help you avoid impulsive spending when you get those ads in your inbox!

2. Prioritize yourself.

The holidays are often considered a “season of giving,” but we’re here to tell you that prioritizing your own goals and needs is important. If you are saving for a big goal, like homeownership, or working toward paying off your debts, do not let those goals go. Do not let outside pressures to spend derail your progress. Remember, this goal won’t last forever, and it will make future celebrations all that much more exciting!

3. Get creative.

Even while staying laser-focused on your goals, you can still find many ways to get in the spirit of the holidays! Have a fancy party or church event to attend and need a new outfit? Maybe you can start shopping second-hand or hold out for a big sale and find the perfect attire. Want to give some great gifts? Watch those sale ads and wait for the best deal. Perhaps you prioritize the children in your spending and send cards to adults? Maybe you can use your talents to offer a nice gift or service.

We fully believe you can have a meaningful holiday season, no matter your income or financial goals. We hope some of these tips can help you be festive without breaking the bank or your progress.

But to end, if you overspend–like Forbes says 7 of 10 Americans do, you are not alone.Give yourself grace and continue working toward the finish line. Whatever holidays look like for you and yours, may your season be full of warmth, love, and light!

25 years of NeighborWorks Columbus

NeighborWorks Columbus is officially 25 years old this year! We are proud to be part of a community of supporters who value safe, fit, and affordable housing. From day 1, we have had a great team, and in the past quarter of a century, with your support, we have been able to make big strides in expanding affordable housing. We hope you’ll enjoy this look back at the milestones you have made possible in our community’s history:

Seeds planted

Two years before NeighborWorks Columbus was formed as an organization, our CEO Cathy Williams was invited to a Chamber of Commerce inner city tour. This trip is done annually and typically takes community leaders to another city to gain new ideas and insights. But in 1997, Councilwoman Evelyn Turner Pugh suggested the Chamber tour Columbus, and thus, “The Good, The Bad, and The Ugly Tour” took place around our city.

As part of that, the group went on a bus tour of what was then known as the “South Lawyers Lane neighborhood.” It was bad–so bad that in 1989 Dateline NBC dubbed the corner of 9th and Benner Street as the “most dangerous corner in the country.” This was quite an eye-opening experience, Cathy said.

Seeds watered

After this experience, the City Manager asked Cathy and Amy (Carroll) Moore to co-chair a housing focus group and study the issues. After one year, they presented their recommendations:

Start a nonprofit
Establish a consortium line of credit
Draft a message that it is unacceptable to have substandard housing in our city.

The City Manager then said, “Go do it.” Thus, Cathy left her job at the Homebuilders Association and formed the Columbus Housing Initiative (which became NeighborWorks Columbus in 2004).

Garden is in bloom!

With generous funding from an anonymous donor, our work began in 1999.

The first task the city asked the nonprofit to do was to revitalize South Lawyers Lane. In surveying residents for that work, one of the first things we learned was that residents called their neighborhood East Wynnton Park.

East Wynnton Park

We rebranded it. We worked individually with an architect and residents to design the look of their homes and created a community garden. The work of NeighborWorks Columbus really started in East Wynnton Park. Over the course of time spent there, we built 51 homes! EWP was no longer defined by its deficiencies; rather it was a place of opportunity and hope. In December of 2003, the U.S. Department of Housing and Urban Development (HUD) named East Wynnton Park a “Best in American Living” neighborhood. It had become a Neighborhood of Choice.

Milestone Moments

It is worth noting that from the start, our homeownership model, Avenues to Homeownership, has stayed the same at its heart: we walk with individuals seeking homes through each step of the process. This includes financial counseling, homeownership education, securing affordable loans, down payment assistance options where possible, and a relationship that even extends beyond the closing table. The goal is not just putting people in a house–but creating successful lifelong homeowners. This is the core of what NeighborWorks Columbus does each day.

Columbus Cottage Program

From the beginning of our history, NeighborWorks Columbus has had a version of the Columbus Cottage Program. Began as a partnership with Jordan Vocational High School’s Construction Program, Students Housing Seniors, this life-changing program has given back to senior citizens in our community by taking substandard homes they already owned and building them a new home in its place. This has given 9 senior citizens in our community the ability to age in place with dignity in their own homes.

Beallwood

In 2005, we transitioned out of working in East Wynnton Park and moved into the Beallwood community. Over the years, NeighborWorks Columbus worked closely with the community to build several single family, duplexes, and cottages for our residents. Many of the homes that were originally built to be sold, had to be rented when the housing market crashed in 2008. Over time, we have sold all these rental properties to homeowners in a neighborhood that is truly a unique and wonderful place to call home.

Hallock Soldier’s Fund

In 2007, the Hallock Soldier’s Fund was established in memory of Colonel Richard Hallock to help soldiers and their families achieve the American dream of homeownership. This fund offers down payment assistance, low-interest loans and matching incentives to help soldiers and their families become successful homeowners. Through the years, 142 have benefited from the Hallock Soldiers Fund.

Solstice

In partnership with The Bennett Group, NeighborWorks Columbus built Solstice, a community in Auburn, Alabama for low-income senior citizens. The community features 28 duplex units in a beautiful, ideally located neighborhood.

North Highland Developments

In 2019, we began our third neighborhood revitalization effort in partnership with so many partners. The North Highland community was once a thriving neighborhood, but when the mill shut down, it left its residents impoverished. Our efforts resulted in two big developments in this region: Highland Terrace and Highland Homes.

Highland Terrace

Highland Terrace is a beautiful apartment complex housing 102 low-income senior citizens in North Highland. It is located next to Fox Elementary School, on the site of the former Meritas Mills location.

Highland Homes on 4th

This new subdivision was built along 4th Avenue on the block between 35th and 38th Streets. The 20 new homes have been purchased by former residents of the Ralston Towers, mothers working at Wal-Mart, doctors, and military families. It’s truly a unique and diverse neighborhood in the beautiful Mill District.

Elliott’s Walk

This brings us to today. NeighborWorks Columbus started work on Elliott’s Walk, bringing new affordable housing to South Columbus for the first time in 50 years. Last year, we built 19 new single-family homes, which have all been sold. The second phase of 26 homes is under construction now. Once that is completed, we will build a 130-unit low-income senior housing at Elliott’s Walk called Providence Pointe.

Truly, it’s been an honor to work with this community for the past 25 years.

Cheers to the next quarter of a century! Thank you for helping us give this community safe, fit, and affordable housing for all citizens of low to moderate income.

07/10/2024

Home Sweet Home in Elliott’s Walk

Emma West was tired of paying rent and living in apartments, and she knew she wanted to own a home.

She started her journey almost five years ago and kept hitting road blocks.

“This process was not an easy one for me. I had a bunch of ‘no’s’ along with a lot more excuses of why I couldn’t be a homeowner,” West said.

West works at Wal-Mart, and was told by various sources she did not make enough money or would need a co-signer. But, she did not give up hope.

Earlier this year, Emma was encouraged by her family to come to NeighborWorks Columbus. That’s when the process sped along for her. Just a few months later, Emma is the proud homeowner of not just her first home but a brand-new home in Elliott’s Walk!

“(NeighborWorks Columbus staff) told me I was approved for the loan, and then they told me about Elliott’s Walk. It was just a dream come true,” she said.

Ema closed on her home last month, becoming one of the first homeowners in this historic subdivision that will eventually house hundreds—and she did it despite lots of trials and proudly, without a co-signer!

Should you buy now, pay later?

Homeownership benefits are long-term

Keeping your goals alive during the holidays

25 years of NeighborWorks Columbus

Home Sweet Home in Elliott’s Walk

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