Financial
Pepco Working to Keep Customers Connected During the Pandemic
Pepco recognizes the ongoing financial hardships some customers are experiencing.
Pepco recognizes the ongoing financial hardships some customers are experiencing as a result of the pandemic and is committed to working with them individually to help.
āWe understand many of our customers are facing challenges paying their energy bills, particularly due to COVID-19 and the economic impact. Weāre here to help,ā says Donna Cooper, Pepco region president. āWe want you to know you have options.ā
Pepcoās Customer Care team will work with every customer to help keep them connected through these difficult times. Options for customers include:
- Flexible payment arrangements, for as long as 12-24 months, that offer tailored payment options
- Elimination of down payment and/or security deposit requirements
- Extending payment periods for balances, giving you more time to pay
- Connecting you with energy assistance and/or emergency funds that can supplement your bill payment and can help pay down or even eliminate balances
The first, and most important, step is to contact Pepco. There are customers who have never needed assistance before, and now find themselves needing help. Millions of dollars in energy assistance remains available for customers, including those who may not think they qualify or have never applied for assistance before.
For customers who are past due on their energy bill or who need additional assistance, call 202-833-7500 today or visit pepco.com/Help as soon as possible. Payment arrangements can be made quickly online.
āWe understand that the pandemic is putting extra stress on our customers, and for many, in new ways that they have never experienced,ā said Cooper. āThere is assistance for everyone at a time like this. Contact us today so we can work out a unique plan for your needs.ā
Pepco works closely with its community partners to connect customers with grants and programs such as LIHEAP, the Low-Income Home Energy Assistance Program. LIHEAP provides grants in varying amounts based on a householdās income size, type of fuel, and type of dwelling, with no repayment required. Customers in Maryland could qualify for more than $1,000 in assistance, and customers in the District of Columbia could secure $1,800 in assistance just through LIHEAP alone. Maryland customers can apply for LIHEAP energy assistance through the Department of Human Services website, or by calling the Maryland Department of Human Services Office of Home Energy Programs at 1-800-332-6347. District of Columbia residents can apply for assistance online through the Department of Energy and the Environment website or by calling 3-1-1.
Here are other programs that can help customers in the District:
- The Utility Discount Program (UDP) helps low-income District residents reduce theirutility costs. Eligible customers may receive a discount of up to $475 per year on their electric bill ($300 per year if non-electric heat). District residents can visit the Department of Energy and the Environment website at doee.dc.gov to apply online, by mail or by calling 3-1-1.
- The Greater Washington Urban League provides up to $500 in assistance to eligible customers facing disconnection. Call 202-265-8200 or visit www.gwul.org.Other programs that can help customers in Maryland:
- The Electric Universal Service Program (EUSP) helps eligible customers pay for aportion of their current electric bill.
- The Arrearage Retirement Assistance (ARA) program helps customers with large, pastdue electric and gas bills. If eligible, you could be forgiven up to $2,000 toward pastdue bills.
- The Utility Service Protection Program (USPP) is designed to help low-income familiesduring the heating season.
Information regarding these programs can be found on the Maryland Department of Human Services Office of Home Energy Programs website or by calling 1-800-332-6347. Additionally, Prince Georgeās County residents may qualify for energy assistance from Maryās Center by calling 202-545-2024 or by going directly to maryscenter.org. Income- eligible Montgomery County residents can receive energy assistance from Interfaith Works by calling 301-762-8682.
Pepco also offers Budget Billing, which averages payments over 12 months to make it easier for your energy bill to fit your budget and prevent seasonal peaks. And Pepcoās Gift of Energy program allows anyone to make a payment toward a friend or family memberās energy bill. The gift appears on a future bill as a credit to the recipientās account.
To learn more about Pepco, visit The Source, Pepcoās online newsroom, at https://thesource. pepcoholdings.com/pepco. Find additional information by visiting pepco.com, on Facebook at facebook.com/pepcoconnect and on Twitter at twitter.com/pepcoconnect. Pepcoās mobile app is available at pepco.com/mobileapp.
Real Estate
Down payment strategies: Financing your home purchaseĀ
Understanding the options key to unlocking the door to a dream home
Navigating the path to homeownership can be a complex journey, especially when it comes to accumulating the necessary down payment. For members of our LGBTQ community, understanding the available options for saving and financing this crucial aspect of home buying is key to unlocking the door to their dream home. Let’s explore effective methods and resources specifically designed to support LGBTQ individuals on their path to homeownership.
Traditional Savings Strategies
Saving for a down payment often begins with traditional methods such as setting aside a portion of your income into a dedicated savings account. High-yield savings accounts and automated savings plans, some offering up to 5% interest in today’s market, can expedite the process, providing a disciplined approach to accumulate funds over time. Additionally, exploring investment opportunities that match your risk tolerance can offer potential growth for your down payment savings.
Down Payment Assistance Programs
A variety of down payment assistance programs exist to help homebuyers with their initial costs. These programs often offer grants or low-interest loans to first-time homebuyers or those who haven’t owned a home in the past three years.
It’s essential to speak with a GayRealEstate.com agent to determine what programs may be available, plus online research into local and state assistance programs, as many are designed to support individuals in specific communities, including the LGBTQ+ community.
For medical professionals, police, teachers, firefighters, and other community heroes, there are several special loan and assistance programs designed to help with home purchases, often offering benefits like down payment assistance, reduced closing costs, and more favorable loan terms.
The Hero Home Loan Program provides first responders, including police officers, firefighters, and paramedics, with benefits such as lower interest rates and reduced closing costs. This program aims to make homeownership more accessible by offering more flexible credit score requirements and down payment assistance .
For educators, firefighters, law enforcement officers, and medical professionals, the Everyday Hero Housing Assistance Fund (EHHAF) offers closing cost assistance through gift funds. This program is designed to support those who serve their communities by making homeownership more affordable, with no repayment required for the grant fundsāā.
The HUD Good Neighbor Next Door Program offers up to 50% off the list price of homes for law enforcement officers, pre-Kindergarten through 12th-grade teachers, firefighters, and emergency medical technicians. This initiative aims to encourage community revitalization by assisting these professionals in homeownership within the communities they serveāā.
Homes for Heroes provides assistance specifically to first responders and offers significant savings through Hero Rewards when buying, selling, or refinancing a home. On average, participants save $3,000, with the program offering real estate and mortgage specialist connections tailored to the needs of first respondersāā.
LGBTQ-Friendly Lending Options
Finding a lender that understands and supports the unique needs of our LGBTQ community can make a significant difference. Some lenders and organizations specialize in offering inclusive financial products and resources to assist LGBTQ+ homebuyers. These may include specialized mortgage products, financial planning services, and guidance through the home buying process.
The journey to homeownership is a milestone that requires careful planning and support. Remember, every step taken towards saving and financing your home purchase brings you closer to the dream of homeownership.
(GayRealEstate.com offers valuable resources and advice tailored to meet the unique needs of our LGBTQ+ community in their journey towards homeownership. For more comprehensive guidance and support in navigating the home buying process, visit GayRealEstate.com choose an agent and start a no-obligation conversation today.)
Jeff Hammerberg is founding CEO of Hammerberg & Associates, Inc. Reach him at [email protected].
Real Estate
Turn your bare walls into captivating focal points
Paint, wallpaper, statement installations and more
Are you tired of gray walls and white kitchen cabinets with white granite or marble countertops? Have you gone back to the āBuilder Beigeā that was popular in the ā90s?
Your walls are the blank canvases of your home, waiting to be transformed into stunning expressions of your personality and style. Whether you prefer vibrant artwork, paint, eye-catching wallpaper, or statement walls, there are countless ways to adorn and decorate your walls to elevate your space. Here’s a guide to help you turn those bare walls into captivating focal points.
Wallpaper: Wallpaper has again become a versatile option for adding texture, pattern, and color to your walls. Whether you prefer subtle designs or bold prints, there’s a wallpaper to suit every taste.
It now even comes in peel and stick rolls, so you donāt have a mess of water and paste. For some new designs, check out www.spoonflower.com.
Before selecting wallpaper, consider the scale of your room and the atmosphere you want to create. For small spaces, opt for light, airy patterns to make the room feel more spacious. Conversely, in larger rooms, you can go bold with intricate designs or vibrant colors to make a statement. Don’t be afraid to mix and match wallpaper with paint, or even wallpaper the ceilings for a unique and dynamic look.
Statement Walls: Statement walls are a bold way to add personality and drama to any room. From accent paint colors to textured finishes, the possibilities are endless. Consider using a contrasting color or texture to highlight a specific wall and create visual interest. For a contemporary touch, try incorporating geometric patterns or asymmetrical designs with strips of wood. Hand-painted murals are another option for creating striking statement walls. Choose a mural that reflects your interests or transports you to another world for a truly immersive experience.
Paneling/Brick: The shiplap phase may be dying out, but there are still many ways to use wood and paneling in your wall dĆ©cor. Reclaimed wood is a popular option, as are wood slats such as the ones found at www.woodpanelwalls.com. Use them on walls or ceilings, or as a background for wall-mounted televisions and sconces. Amazon also has lots of options for wood veneer available and exposed brick is popular in many contemporary homes. If you donāt have a brick wall to uncover, select from options such as lightweight faux brick or stone.
Artwork: Art has the power to breathe life into any room. When choosing artwork, consider pieces that resonate with you personally and complement your existing dƩcor. Experiment with a mix of styles, sizes, and mediums to create visual interest. Hang artwork at eye level to ensure it is easily visible and balanced within the space. Enhance gallery walls by arranging multiple pieces in a cohesive layout. Remember that art is subjective, so whether you choose an inexpensive poster or a gallery quality painting, select pieces that speak to you.
Photo Displays: Showcase your favorite memories and moments with a curated photo display. Whether it’s a collection of family photos, travel snapshots, or artistic prints, arranging photos on your walls adds a personal touch to your space. Try out different frames, sizes, and layouts to create a gallery-style display that reflects your unique style. It makes a nice presentation on that odd wall going up your stairs.
Mirrors: Mirrors are not only functional but also serve as decorative accents that can enhance the visual appeal of any room. Strategically placing mirrors on your walls can create the illusion of space, brighten dark corners, and reflect natural light. Choose mirrors with interesting frames or shapes to add an extra layer of style to your dƩcor. Try different sizes and arrangements to find the perfect balance between form and function.
Textile Hangings: Textile hangings are a bohemian-inspired alternative to traditional wall art. From tapestries to woven rugs, textile hangings add warmth, texture, and color to your walls. Hang a large tapestry behind your bed as a dramatic headboard alternative or layer smaller textiles with framed artwork for a cozy, eclectic look. Consider mixing and matching different textures and patterns to create visual depth and dimension.
Adorning and decorating your walls is a creative and personal process that allows you to infuse your space with personality and style. The key is to trust your instincts and have fun with the process. Use different techniques, colors, and textures until you find the perfect combination that speaks to you and transforms your walls into works of art. With a little imagination and creativity, you can turn any blank wall into a stunning focal point that reflects your unique taste and aesthetic.
Valerie M. Blake is a licensed Associate Broker in D.C., Maryland, and Virginia with RLAH Real Estate/@properties. Call or text her at 202-246-8602, email her via DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs.
Real Estate
No, you really donāt have to put down 20 percent
There are many options when financing your new home
I was just out at brunch this weekend (I know a gay in D.C. at brunch ā groundbreaking). Anyway, I was at brunch and naturally the subject of real estate came up and your boyās ears perked up and as the resident real estate expert at the table, some of the newcomers were making conversation about some open houses they had been to in the past few weekends, some trends they had seen that they hated that developers seem to continually do in the D.C. area, how unaffordable things are and some comments about where the best areas to invest are in D.C. I just sat and listened while eating my food, which was rather under seasoned, but I digress. The one comment that came up several times that really got me was the affordability comment and what it was based around. It might very well shock you.
When we speak about affordability in the District we are typically speaking to the price of real estate and how expensive it is to purchase a place here in D.C. However, for this conversation ā the affordability factor in particular that I was hearing about that piqued my interest was the specific line item of āwe have to put down X as a down payment to purchase a home.ā The consensus at this brunch table and even when speaking to some buyers on a daily basis is that you must put down 20% to purchase a home. While there are some perks to this, yes. The fact that you MUST put that amount down is just not true. When my parents purchased their first home for $60,000 it was much easier to put down 20% versus a first-time buyer in D.C. putting down 20% for a $600,000 purchase. Furthermore, most buyers are staying in their homes for as little as six years, according to the National Association of Realtors. If you do the math ā does it make sense, for your personal situation, to put down 20% versus 5% or 10%? Yes, that’s right – you can purchase a home for as little as 5% down and in some cases as little as 3% down.
When my husband, who was a first-time homebuyer in D.C., purchased his condo, he was able to put down 3% and qualify for a conventional loan. We will stay in this condo for under the average 7-10 years so putting anything more than 3% down for our personal situation just didnāt make sense. Now, because we didnāt put 20% down we pay what is known as PMI, or private mortgage insurance, however it was still worthwhile for him to save the capital and only put the 3% down and pay the small PMI amount monthly as he could put the rest of the 17% he didn’t put into a house in an investment account to yield more. Again, he was a first-time buyer in the District so he qualified for a 3% down loan and the numbers made sense for him. Everyoneās personal situation is different.
According to a 2023 report from the National Association of Realtors the average down payment for a home was 15% while the average down payment when looking at first time buyers was right around 5%. Again, each situation is specific to each person, their credit, finances, debt to income ratio etc., so there is really no recipe that fits every single buyer. It is important to work with a local lender to ensure that you are well qualified and understand which loan packages are out there for you that make the most sense for you so that when you do find that home you are ready to go.
I say all of this to say that gone are the days when you are required to put down 20% in most cases. Depending on the loan type and loan amount – you likely can get away with putting down 5-15% down and save some funds for upgrading from that tragic Ikea dresser from college or hiring a painter because let’s be real, you are not a professional. Like with most things in life you can pick and choose the things that are right for you and a mortgage and its down payment are exactly that same. If you would like to and can put down 20% for a mortgage then please do so ā however if you want to get out from under the power and money hungry landlord and buy a condo where you are paying yourself back with equity – you can do so in a manner that is much more affordable than you may have thought possible – especially if you are a first-time buyer in D.C.
Justin Noble is a Realtor with Sothebyās international Realty licensed in D.C., Maryland, and Delaware for your DMV and Delaware Beach needs. Specializing in first-time homebuyers, development and new construction as well as estate sales, Justin is a well-versed agent, highly regarded, and provides white glove service at every price point. Reach him at 202-503-4243,Ā [email protected] or BurnsandNoble.com.
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