CAAB

Investing in People, Strengthening Communities

The Role of an IDA in Achieving the Dream of Owning a Home in Washington, DC

For the past 9 years, Marvin Talley has been a proud home owner in Northeast in Washington, DC. "Dreams can be achieved if you work hard, learn from your mistakes and have a game plan," said Marvin Talley.

The Role of an IDA in Achieving the Dream of Owning a Home in Washington, DC

For the past 9 years, Marvin Talley has been a proud home owner in North East in Washington, DC. "Dreams can be achieved if you work hard, learn from your mistakes and have a game plan," said Marvin Talley. "I have gone through a lot in life but have always believed that God blesses when you are ready for the blessings." According to Marvin one of the most important blessings he received was his wife Deborah.
"After my first marriage ended in divorce, I lost everything. I went through a rough point of my life dealing with substance abuse, not having a job and not having stable housing. The years I spent in the Federal Government working on backup computers for the Apollo program and working as a tennis instructor in DC seemed so distant. Eventually I reconnected with Deborah--who had been a friend in years past--and we got married." It was Deborah who introduced Marvin to Capital Area Asset Builders (CAAB) and encouraged him to apply for an Individual Development Account (IDA). Deborah had learned of CAAB's IDAs through one of CAAB's community partners: Manna, Inc.
While Marvin and Deborah had the aspiration of buying a condo in DC, they were still short of the necessary amount of money for a down payment and closing costs. Marvin was able to qualify for an IDA from CAAB, receive assistance from Manna, Inc. and qualify for DC's Home Purchase Assistance Program (HPAP). Immediately after opening his IDA, Marvin started saving money. Unfortunately he was not able to quickly accomplish his saving goal. "It was very challenging to keep up with the minimum monthly deposits because my wife and I suffered major health problems around the time we opened our IDA. I was diagnosed with prostate cancer and my wife had a tripe bypass surgery. We persevered and eventually saved enough money to qualify for the full match of $3,000 to buy our home." In 2006, Marvin and Deborah moved into a newly built condo building in the Trinidad neighborhood in Northeast in Washington, DC.
Marvin also took advantage of the financial education services CAAB offered him. "CAAB's financial education classes gave me pointers on resolving an issue with my credit history, create a budget, and learn about Social Security and retirement benefits. Because of this information I was able to make better decisions on how to spend my money when I dealt with Deborah's death and regarding when to apply for Social Security and get more money. Also, because of the pointers on budgeting, since I bought my home I have stayed ahead of my mortgage payments." 
Marvin is already looking into the future and thinking about how to take care of the youngest members of his family. "My goal is to pass this condo to my grandson so that he and my great-grandson have a better life than the one I lived. They can either live here or rent it out.” 

How to give

Now, more than ever, non-profits like Capital Area Asset Builders (CAAB) need your help. Please support CAAB as we continue to help DC residents manage and/or improve their financial situation during these difficult times. If you can't afford to give a monetary gift, please visit our Amazon Wish List where you can choose from a variety of items that CAAB needs in order to better serve our community.

or send a check or money order to
Capital Area Asset Builders (CAAB)
c/o Joseph Leitmann-Santa Cruz, CEO & Executive Director
1100 H Street NW, Suite 200
Washington, DC 20005