TOLEDO, Ohio — Owning a home can mean having a sense of security and value.
In recent years, however, being able to afford and keep a home has been tough.
Foreclosure filings in the U.S. increased by 115% from 2022-2021, according to a 2022 report from ATTOM, a California-based company that tracks the U.S. real estate market. There were 936 filings in 2022, compared to 562 in 2021.
Annie Thomas, who has lived in central Toledo's Onyx neighborhood for over five decades, can attest to the struggle.
"Some people can't afford it because they're paying below their income, and people desire to have a home, but the interest rates and everything are so expensive, they can't afford them," said George Thomas, the CEO of Fair Housing Center.
Through a partnership of the Fair Housing Center and Toledo Urban Federal Credit Union, programs are being created to help those in need.
"We need to do a better job of uplifting those neighborhoods and reinvesting in those neighborhoods," Thomas said. "If we don't do it, then those same trends that I've been describing will just continue on and we've got to work together as a community to reverse them."
The partnership has two programs for prospective homeowners. One program offers first-time buyers of median incomes grants of up to $5,000 to help with down payment assistance.
The other program aims to offer up to $10,000 in low-interest loans to contractors for raw materials used in home repair projects.
"I hope that individuals will come and be a part of this program, so they can make their dreams come true," said Suzette Cowell, the CEO of TUFCU.
But even with these programs, community members are still urging homeowners to not just get the help, but keep their homes in good shape.
"Stick with it. Don't be so easy to give up and throw in the towel," Thomas said.
Cowell agrees, saying that buying a home is an important milestone in many people's lives.
"Buying a home is one of the biggest things that you will ever do in life, so I don't think it has any kind of color, anything like that. I just think that it's for anyone that is going to be a first-time home buyer."