Single Mom on Her Way to Financial Freedom
Lacy Ames • January 11, 2021
Single Mom on Her Way to Financial Freedom
Kristina is a single mom to two teenage boys. She eventually found herself in a tough situation, where she had acquired a lot of debt over the years. She thought she would never be able to pay it all off.
Kristina had always had an interest in homeownership but like many others thought that she would never be able to realize such a dream on a single household income. She began to feel hopeful, though, when one of her single-mom friends told her about the success she’d had with Interfaith Housing Alliance’s (IHA) Purchase Repair Homeownership program - and that it all started with an IHA workshop called the Credit Cafe. That was all Kristina needed to hear.
Kristina now believes “everyone should attend the Credit Café so that they can learn how to manage their credit. Financial freedom is an amazing feeling, knowing you can get better rates, save money, and get out of the paycheck-to-paycheck cycle. So, everyone should go to the Credit Café to learn ways to pay off debt and increase those credit scores.”
Kristina knew her first step to homeownership was to pay off her debt, so she made the leap. In April 2018, she attended IHA’s Credit Café where she participated in a group workshop to learn general tips and tricks for improving and building her credit score. Afterwards, she met one-on-one with a credit advisor who guided her on how to apply the tips and tricks she learned in the workshop to increase her personal credit score and decrease her debt quickly.
Kristina’s journey to financial freedom did not come easy. It required even more sacrifice before she could begin reaping the benefits. She began picking up extra hours at her job, persevering through long work hours and saving up money to pay down her debts. She started introducing the Credit Café’s tips and tricks into her everyday spending habits and became a member of IHA’s first-ever monthly Single Moms group.
Just nine months later, Kristina returned to the Credit Café where her advisor delivered some great news: she was able to pay off $2,402 in outstanding debt and raise her credit score from 578 to 637. This amazing accomplishment in such a short period of time is a true inspiration to others out there with similar stories and experiences.
“I haven't purchased a home quite yet and I had to seek pre-approval through another lender. But this wouldn't have been made possible if it wasn't for me attending the Credit Cafés. I have become so knowledgeable on how to control my credit score and it keeps climbing.” IHA has no doubt that Kristina will achieve her dream of homeownership after all she has already accomplished with her finances. To register for a Credit Café, contact Lacy Ames at 301-788-0239 or lames@interfaithhousing.org.
Gary Free grew up in Brunswick, MD. The first time he saw the Residences at Railroad Square, he knew he would love to live in the apartments. Now all he can think to himself is, “I am living here!” Gary said the day he signed his lease he was so happy! He has a picture hanging in his apartment that says, “You’re Home.” Gary looks at it often and says to himself, “I am!” He finally feels at peace. Gary feels his home is nice! He also feels one of the ways of living at Residences of Railroad Square is that he now has everything he ever wanted, asked for and needed. The only thing he feels is a concern is that most of the time he gets lonely. His goal is to try to meet people. He says, “I’m a very friendly person.” Gary says his experience living at the Residences at Railroad Square has been rather good. If he has any concerns he can talk to the office staff. He feels it can’t get any better than this!
With excitement and anticipation, I watched the groundbreaking on June 29, 2023, with my assistant Vickie and IHA’s Supportive Services coordinator, Sandi. By the middle of September 2023 concrete walls were being set up. We watched as the roof was completed; then the windows and doors were installed. We impatiently waited for the day we received permission to see the inside of the Residences of Railroad Square property. Finally, on September 25, 2024, we had the privilege to tour the inside of this beautiful property. On the weekend of September 27, 2024, the IHA property management team along with the CEO Jodie, held a two-day in-person application event. The owners of First Stop Brunswick generously donated their space at 2. E. Baltimore Street. That lease up kick off generated 56 applications. Over the next three months, ninety more applications were submitted. Each applicant came with their own story which stirred our hearts. No matter how different their stories may have been, they all had the same wish, a place to call home for Christmas! On November 5, 2024, the first resident signed their lease and on December 23, 2024, the last empty unit was filled! Not only were we able to fulfill these residents' Christmas wishes but it also filled our hearts with joy!
In November 2024, IHA was awarded a $20,000 grant from Delaplaine Foundation, Inc. This grant supports IHA’s three workshop series: Credit Café ; Financial Freedom Bootcamp ; and Ready, Set, Go… Home! In Credit Café, participants work specifically on improving their credit. Financial Freedom Bootcamp builds critical foundational skills for financial success. Ready, Set, Go… Home! walks participants through the entire homebuying process from start to finish. IHA also received a $1,574.37 designated grant from The PNC Homeownership Fund of The Community Foundation of Frederick County. These pass-through funds will directly support low- to moderate-income (LMI) households in achieving homeownership in Frederick County. In December 2024, IHA was awarded a $29,498 grant from the Maryland Affordable Housing Trust (MAHT). MAHT is administered by the Maryland Department of Housing and Community Development (DHCD) through the Division of Neighborhood Revitalization. This grant program is a valuable resource for the advancement of affordable housing initiatives and will provide operational assistance to IHA’s affordable multifamily community in Cumberland, MD. In January 2025, IHA was awarded a $2,500 grant by The Natelli Communities Charitable Fund of The Community Foundation of Frederick County. These unrestricted funds will support IHA’s work across the multiple counties served by our programs and affordable rental communities.