South Dallas program works to turn renters into homeowners
DALLAS (CBSDFW.COM) – Turning renters, into owners. That's the goal of a new effort underway in South Dallas, where advocates say homeownership is the tool that will help rebuild the historic community, from within.
"I truly love South Dallas and I want the mindset about this community to change," says Ferrell Fellows, homeowner, business owner, real estate broker and unapologetic cheerleader for her community.
"I want people to see it for what it really is, and not what it's been portrayed to be."
Fellows is the CEO of Kingdom Legacy Real Estate. Her company is rushing to complete renovations on a century old home on Martin Luther King, Jr. Blvd. that will serve as her company headquarters and a community resource. She says the renovation is a metaphor for the community: urging neighbors to learn how to share in the prosperity that's coming to the area, to avoid getting pushed out.
"Many people are left without options because this is the most affordable place to live in Dallas," explains Fellows. "So, if you're put out here, where do you go? My concern is that if we don't equip people with the power to own, they may not be able to afford to rent."
Now Fellows' Kingdom Legacy Real Estate will host a free first-time homebuyer seminar on Saturday to coincide with the ribbon cutting. Sessions will cover everything from financing and home inspections to credit repair.
"Not knowing where to begin, how to begin... and honestly, fear, fear of failure," shares Monica Tutt. Tutt is a local entrepreneur, but says as a single mom, she thought she'd need to delay her dreams of homeownership. Now, she's calling the Kingdom Legacy Company's support an "answered prayer" and says she's ready to jump start those dreams.
"Credit repair and other things to help me along the way," says Tutt, "Not just getting a home but helping me keep it. To help me maintain financial stability is a plus. So, I'm excited!"
The North Texas based Hennesy Foundation is supporting the effort by awarding $5,000 grants to selected first-time homebuyers to help with downpayment and closing costs. It's a passion that in recent years became personal.
"My very best friend a few years ago lost her husband," explains Becky Hennesy, a local minister. "They're in their 50s – and two days later she got an eviction notice from their landlord. The church rallied around to help her and get her in a place of her own. But I saw how that changed everything in her life, and it awakened me to the need to help people get into their own homes, not have to rent any longer and be subject to the whims of a landlord. It really was doable if they got a little help."
"The neighborhood is transitioning right before our eyes," warns Fellows. "My question is: who will be the owner of these homes? Right now, is the perfect opportunity... bringing the ownership back locally, that will build the type of respect for this community that we need to make it become clean, safe and for it to grow and build in a positive way."
