When Teresa Holloman heard about the Events DC Housing Expo set to take place at the R.I.S.E. Demonstration Center on Jan. 27, she didn’t give it a second thought about attending.
“I wanted to come to the Expo to get information,” Holloman, 65, said. “I am already a homeowner in the Fort DuPont neighborhood. My home is two-story with two sets of stairs. In my younger years, I could live comfortably in the house with my family, but I am a bit older now. I want to be able to age in-place. I want to get all the information I can so I can decide what my next move will be.”
Holloman joined a number of people at the DC Housing Expo, co-sponsored by Events DC, the District’s official convention, entertainment, and sports authority, and Fannie Mae, a publicly traded, government-sponsored company that has emerged as a leading provider of mortgage financing.
The expo occurred as the average cost of a single-family home in the District hovers around $615,000, according to a December 2023 post by Relator.com. A January 2024 post on Apartment.com reports the average cost of a one-bedroom apartment is $2,213 monthly.
Fannie Mae’s Plan
In 2022, Fannie Mae launched its Equitable Housing Finance Plan. The plan is designed to overcome inequities in the U.S. housing market. The primary goal is to address the key obstacles faced by Black and Latino renters and homeowners due to historic and current racial discrimination in housing. Housing statistics reveal 44% of Black and 51% of Latino consumers own homes compared to 73% of non-Latino White consumers. In raw numbers, which is 4.4 million Black and 4 million Latino homeowners.
Katrina Jones, vice president of Racial Equity Strategy & Impact at Fannie Mae, attended the Expo. Jones said the Expo aligns with Fannie Mae’s “commitment to facilitate equitable and sustainable access to housing,” and is part of the company’s “ongoing effort to address the needs of residents along their housing journey.”
“The event was an opportunity to provide District residents with education, housing counseling resources, and other services and information that will pave the way for residents to become knowledgeable and empowered renters, homebuyers and homeowners,” she said.
The Expo
Julie Carter, an employee at Fannie Mae, served as the facilitator for the workshop “Renting and Buying.” The purpose of the workshop was to look at the pros and cons of renting and buying in the District and how to be successful at both.
“What is the credit score needed to buy a house,” Carter asked the audience. After a brief discussion and a visual presentation, Carter revealed a credit score of 620 was needed to get a normal mortgage loan.
Susie McClannahan, senior manager for the Fair Housing Project for the Equal Justice Center. McClannahan told the audience that residents have the right to live in rental housing without the threat of discrimination.
“It does not matter what your source of income is, you have a right to rental housing,” she said, mainly referring to housing vouchers. “How you pay your rent does not matter. But I will say that voucher discrimination is rampant.”
William Carver said he was happy to attend the Expo. He and his girlfriend are looking to move from Delaware to the District and he attended the event to see what is being offered.
“We are looking at both renting and buying opportunities,” Carver, 30, said. “We are picky. We will be moving here next year, and we want to find the best place for us.”
@JamesWrightJr10
