One of the goals of the Big Words Blog Site is to discuss Financial Literacy-related topics, particularly as they relate to the African American community. A key aspect of wealth building is homeownership. Coincidentally, for my very first interview for the site, I had the privilege of interviewing the very knowledgeable Simone Griffin of HomeFree-USA. Simone and I met at the reception for the National Association of Real Estate Brokers (NAREB) at the 2016 Congressional Black Caucus Annual Legislative Conference.
During our interview, Simone discussed how HomeFree-USA was conceived and its mission, why homeownership is critical for African Americans, the effect of the 2008 housing market crash on African American homeownership and wealth, and the overall challenges the Black community faces in securing and maintaining homeownership. Based on the wealth of information shared by Simone, our very candid and insightful interview will be posted in three parts.
Anwar Dunbar: First of all, Simone, I want to thank you for your willingness to talk. When I finished school, I realized that there were gaps in my financial knowledge. Homeownership and real estate fall under that umbrella so I want to disseminate information that can help individuals, like myself, who want to have a firmer grasp on these concepts much earlier in life.
How did you get involved in real estate?
Simone Griffin: HomeFree-USA is a family business, which my parents started in 1995. My father was in Mortgage Servicing for almost 20 years before that. The servicing entity collects your mortgage payments and pays out the property taxes and homeowner’s insurance. If you fall behind on your mortgage, they’re the ones you speak to.
My mother was in the retail business, and had a marketing background. My parents noticed how many minorities in the DC area were locked out of homeownership, primarily because they didn’t know that they could afford it. Many were government employees with very stable jobs, but no one in their family had ever owned a home. My mother started HomeFree-USA, and my father later joined her, for those who had no one to guide them through all facets of becoming a successful, sustainable homeowner.
Realtors are often the default vehicle for helping people with their credit and debt issues, but that isn’t their job. Their real job is to help you find a house. It’s the job of the financial institution to make sure that you’re financially capable of repaying the loan, but as any homeowner knows, there’s far more that goes into owning a house than just the paying the mortgage. And when you’ve been renting your whole life and don’t know any homeowners, it feels like a lofty feat.
HomeFree-USA walks with you so you know what you’re doing, are confident that you’re getting a good loan, and are buying well within your affordability range.
Ninety-six percent of the people who fell victim to the Housing Boom and subsequent Foreclosure Crisis didn’t see organizations like HomeFree-USA when they were buying their homes. Had we seen them, there’s a high chance that they wouldn’t have been in those situations. They worked with realtors and loan officers, but again it’s not their job to educate and prepare. Their job is to help you get a loan and into a house. Because there are shady businesses everywhere, you have to have enough knowledge to know when you’re being lead in the right direction and when someone is trying to take advantage. That’s why HomeFree-USA is in existence.
AD: Okay, so in summary, what is the mission of HomeFree USA?
SG: The mission of HomeFree-USA is to:
- Strengthen people through sustainable homeownership, financial education and coaching;
- Enhance communities by creating affordable homeownership opportunities through the acquisition, rehabilitation and sale of Real Estate Owned (REO) properties; and
- Elevate our partners with capacity building assistance and mutually beneficial programs and initiatives.
AD: Before we move on you mentioned when the DC market was, ‘Affordable.’ For readers who don’t live in the DC area, what was affordable price-wise versus where we’re at right now?
SG: Most of our homebuyers at that time were moderate income single mothers – making $35,000 to $55,000 a year. You could buy a home in DC at that time making that kind of money. Even if you adjust for inflation today, you cannot buy a house unless it’s an affordable set-aside (of which there are few) with that income. I made $30,000 when I bought my house. I could do that in the District then: now, no way. The average income has also increased in DC, but not to the point where it makes homeownership affordable for all.
AD: They say that DC is no longer Chocolate City.
SG: No, it’s definitely not Chocolate City anymore.
AD: Why is homeownership so critical for the African American community in the United States?
SG: First, one of the big misnomers is that homeownership should be used as an investment vehicle. I don’t necessarily look at it as an investment vehicle, although homes typically appreciate in value over time. Most importantly, homeownership stabilizes your expenses, which is invaluable when building wealth. It also gives your family a foundation that they always know they can come home to.
On average, people of color are still paid less than non-Hispanic whites in this country. I believe Black women are paid 60% less than their non-Hispanic white male counterparts, so we have to create ways to stabilize our income and expenses as much as possible, while continuing to work on income disparities. Also, homeowners are typically more focused and invested in the state of their community. If you have kids, the school system becomes really important. Holding legislators accountable for actions which may affect your home value also becomes really important. There is a direct correlation between the health of a community and the number of homeowners. You also get the advantage of having a tax write off.
I just don’t want people to look at homeownership purely as an investment. Some people feel like it’s a given that their house should go up in value, and that’s not true. It’s an investment and investments are risky. In the long run though, real estate tends to beat even the stock market in returns.
AD: I was talking to a coworker recently and we were in fact discussing that when you rent, your rent tends to go up every year, and when you have a mortgage it tends to stay stable.
SG: That’s true. Your property taxes and homeowner insurance may increase, but if you have a consistent mortgage payment every month, you can stabilize your overall budget and begin to build true wealth.
This interview will continue in parts two and three of Simone Griffin of HomeFree-USA discusses Homeownership and the African American Community. To read some more of Simone’s financial writings, visit her blog at www.moneymagnet.homefreeusa.org. She can also be contacted directly at moneymagnet@homefreeusa.org. A special tank you is extended to Simone Griffin and HomeFree-USA for participating in this interview and also for providing the picture for this post.
Thank you for taking the time to read this interview. If you enjoyed it, you might also enjoy:
• Simone Griffin of HomeFree-USA discusses homeownership and the African American community part two
• Simone Griffin of HomeFree-USA discusses homeownership and the African American community part three
• Your net worth, your gross salary and what they mean
• The difference between being cheap and frugal
• We should bought Facebook and Bitcoin stock: An investing story
• Challenging misconceptions and stereotypes in class, household income, wealth and privilege
If you’ve found value here and think it would benefit others, please share it and or leave a comment. To receive all of the most up to date content from the Big Words Blog Site, subscribe using the subscription box in the right hand column in this post and throughout the site. Pease visit my YouTube channel entitled, Big Discussions76. Lastly follow me on Twitter at @BWArePowerful, on Instagram at @anwaryusef76, and at the Big Words Blog Site Facebook page. While my main areas of focus are Education, STEM and Financial Literacy, there are other blogs/sites I endorse which can be found on that particular page of my site.

One of the focuses of the Big Words Blog Site is Education – all aspects. Higher education is not just a means to a career and upward mobility, but it’s also a business with both benefits and costs to the student, parents, the institution, and society. Likewise, one of the major concerns of parents and students, in addition to getting into a school, is actually financing the college tuition, room and board. The amount of money awarded students was, in fact, one of the major discussion points recently at the
This is the continuation of my Black History Month interview with Dr. Vernon Morris of Howard University’s Department of Chemistry and
Vernon Morris: We started in 2009 and part of our motivation is that we were seeing fewer and fewer students from Washington, DC who were coming to chemistry, or even coming to
VM: Yes, the kids really enjoy it in addition to the
VM: I don’t think it’s cultural. I think it’s socioeconomic. I think you’d find a similar thing across all cultures if the economic stresses are great enough. If the economic stresses are lower, parents have more time to go to the family science fairs or
There is a separate body that governs what goes into the schools. The politics of the DC schools,
VM: I would say this about a science career in general, it’s a very rewarding career. I really enjoy what I do and I love coming to work every day. It’s part exploration, mentoring and teaching, and writing and being creative. It’s being quantitative and using both sides of your brain. And you can give back to the community and the nation in a very unique way. And I think there are so many opportunities in science. People think, “I don’t want to do chemistry and I don’t want to sit in a lab and mix chemicals”, but there’s a whole world of stuff outside of the lab that you can do. It’s the same thing for physics or mathematics, or biology. It’s an area that if you study it, the world is open to you.
VM: Okay, that would great. We’d love to have you come out and help out Anwar.
VM: No, I actually was not exposed at all. I never had the chance to do science fairs or any of that stuff. I think my first exposure to anyone who was in science was actually one of my mother’s friends, Carolyn Clay, who was an engineer from
VM: From
VM: We’re working on a lot of stuff, but the work revolves around trying to get a better quantitative understanding of how atmospheric particulates influence the chemistry of the atmosphere and climate across multiple scales. These are multiple spatio-temporal scales. There are time scales because the lifetime of aerosols tends to be days to months, but their influence in the atmosphere tends to range from that time scale to much longer time scales as clouds change their optical properties; that influences radiative balance and seasonal fluctuations. If you look at particle evolution, once an aerosol is formed and injected into the atmosphere from the ground layer, how does it influence and have these multiplying effects across larger spatial fields as it moves around the atmosphere, and through larger temporal scales as it effects something that has a multiple “follow on” effect?
The ship experimental cruises allow us to look at the transport of aerosols that are transmitted from Africa either from the Sahara Desert or as a result of burning biomass from “Slash and Burn” agriculture. Particles get into the atmosphere and influence tropical cyclone development, and they influence acidification of the upper ocean. They also influence microbiological transfer, the transfer of microbes across hemispheres. They influence cloud properties and precipitation properties downstream and food security. So they have all of these implications that are much longer and much larger than a particular fire, or a particular dust storm. You have to connect that with field observations, laboratory studies and with space-based observations as well.
AD: You know, Vernon, as you were talking just now, I was just reflecting on how important it is to know these things. A couple of years ago a mentor who himself isn’t a scientist, but who saw that I was trying to develop my own writing and mentoring voice, gave me a copy of “
From Feb. 10-12, the 

One of the goals of the Big Words Blog Site is advocacy of
TS: Even though I grew up in a college educated family and most of the adults in the village that raised me were college educated, there were no STEM professionals in my network, other than my aunt who was a Microbiologist for the
TS: Science, Engineering and Mathematics Link, Inc. (SEM Link) is a tax-exempt national nonprofit organization, which I founded in 2005 in Atlanta, GA, on the premise that exposure to members of the
In 2005, I decided to create a nonprofit organization to expose more youth to
TS: Minorities, especially African Americans, come from cultures that have had scientists, engineers, mathematicians and inventors dating back to Ancient African civilizations. African Americans have continued throughout history and today to make an impact in the
TS: I think the reason that kids are flocking towards techie stuff is because of the current trend to push teaching all kids to code. The reality is not all kids have the ability or are interested in coding and tech. However, coding and tech are easy to push because it is something that the general public can understand because, unlike other
TS: My parting comment is the keys to getting kids interested in pursuing
From the Jan. 27-29, the
“Going forward, by 2050 we’re going to have to double food production to feed the population – a tremendous responsibility. The biggest threat in my mind to that grand challenge is contamination to our water and our soil from various chemicals and toxins,” said Dr. Patrick Halbur. “We need people focused on that area to prevent and solve that problem, and so there are tremendous opportunities in
Just briefly, Toxicology is the science of characterizing the effects of poisons (toxicants) on living organisms. The
“
I recently co-wrote movie reviews with my brother Amahl Dunbar for
Our Twitter handles are