Indianapolis Recorder, Indianapolis, Marion County, 7 October 2005 — Page 27

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Classified • Memoriams • Sports Business

D SECTION FRIDAY, OCTOBER 7, 2005

EDUCATING HOME BUYERS THE WHOLE PICTURE

By ERICKA P. THOMPSON Staff Writer

Owning a home isn’t as farfetched a dream as people think. If you’re single, divorced or make $25,000-$30,000 annually you can own a home. Financially, home ownership offers many benefits includingtax advantages that may help you build collateral and financial independence. But before you can take part in those benefits you must first budget how much you can afford to purchase a home. “That is going to be your primary decision maker,” says Scott Bowers, spokesperson for CP Morgan, a local homebuilder. “A lot of financial organizations recommend that you don’t spend more than 28-32 percent ofyour net pay on your home. I think that is a pretty good guideline.” Before making the decision to purchase a home, it’s ideal that your credit is in good standing. Paying outstanding bills and loans, and recovering from bankruptcy or foreclosure will make it easier for most to get approved for loans, if needed. “A lot of it is making sure that your bills are paid on time,” Bowers said. “When you’re making sure that you’re

following through on your outstanding financial commitments it’s important that you’re not over extended as far as credit card debt or other debt that will be ongoing.” Indianapolis Neighborhood Housing Partnership (INHP) is an organization that was established in 1988 to provide access to safe, affordable housing to residents, particularly those with low to moderate incomes. “There are several organizations that specialize in assisting prospective home buyers repair their credit,” Bowers said. “People should take advantage of those services.” Outside of budgeting, if you can afford to purchase ahome on your income, it’s important to remember that owning property includes upkeep and maintenance responsibilities, which may lead to unexpected expenses. Potential buyers can also prevent expenses by hiring a home inspector. Home inspectors visually inspect structural, electrical, heating, air conditioning units, plumbing, as well as other necessities so that homebuyers know that they’re getting a house that’s in working condition. “You want to ask a home inspector as many questions as possible,” said

Marc Jackson, chief inspector of LBG Home Inspections. “The client should be there for the inspection so they can learn about the product they’re buying. If they’re going to pay $100,000 for something, they need to be there and ask as many questions as possible about the working conditions.” Ask your realtor or builder these important questions: • How much can my house increase in value each year? • Are the taxes on my home fully assessed? • Which loan product is the best for my situation? • Why is an appraisal needed in the loan process? • What percentage of my take-home salary should I commit to my housing costs? • Where do I turn if I get into financial trouble and can’t make my house payments? • Will my house payment change in the next five years? • Does my monthly payment include a mortgage insurance premium? • Who will file my tax exemptions? Information from the Builders Association of Greater Indianapolis

$800,000 revitalization grant for Martindale-Brightwood

NYSC open house

Special to the Recorder

As construction crews began work on another new house within the Martindale on the Monon redevelopment area, city officials and community partners celebrated an $800,000 grant that will further bolster efforts to revitalize the near-Northeastside neighborhood through the new construction and rehabilitation of more than 150 homes. Working in partnership, the city and MartindaleBrightwood LLC secured the $800,000 grant - which comes in the form of a no-interest, revolving loan - from the Indiana Housing and Community Development Authority (HCDA). The loan will finance the construction of dozens of new homes in the Martindale-Brightwood neighborhood, which has faced challenges over the last several years with abandoned houses and blighted properties. As part of the Martindale on the Monon initiative, more than 50 abandoned or vacant houses in the Matindale-Brightwood area either will be rehabilitated or demolished and built anew. By the end of October, nine newhomes will be under construction, including several on vacant lots where run-down, abandoned houses once stood. “The new, quality homes

rising-up in place of the once-abandoned, blighted structures are signs of a new beginning for MartindaleBrightwood,” said Mayor BartPeterson,whohasmade cleaning-up abandoned houses a top priority of his administration. Inspired by the success of Fall Creek Place - a formerly blighted neighborhood being transformed through the construction and rehabilitation of nearly 400 homes - Martindale on the Monon is a three to five-year initiative led by Martindale-Brightwood LLC in partnership with the Martindale-Brightwood Community Development Corp. (MBCDC). The first phases of the project are focusing primarily on the! 600, YJ0 0 and 1800 blocks of Yandes Street. For more information on Martindale on the Monon, call 262-9347 or visit martindaleonthemonon. com.

MARTINDALE

onthe MONON

The National Youth Sports Corporation (NYSC) recently hosted an open house at the organization's office in downtown Indianapolis. Rochelle Taylor, NYSC president, is shown with Bernard Franklin, NCAA vice president of governance.

Kim Ford judges the drawings of local students for the 2006 National Youth Sports Program (NYSP) Calendar. Ford is associate director for the NCAA Office of Diversity and Inclusion.

President of the Black Coaches Association Floyd Keith (left) and Ross Whitfield, assistant director of NYSP, were among the many that attended the open house. (Photos/J. Holman)

Black Business Profile

Full name of business: Traci’s Urban Jamm Dance Studio Address: 4641 W 30th St., Suite C- Indianapolis 46222 Phone: (317) 299-3952 Year opened: 2005

Owner: Traci Bishop Number of paid employees: 3 Products/services: Teach ballet, tap, jazz, hip-hop, praise dance classes and Pilates for adults. Significant business advances/achievements: Our youths performed with “Rize” cast and dancer/ actor Darrin Henson during Black Expo. I (owner) participated with Soul Train Awards and the American Choreography Awards in Los Angeles, 2001-2003. Future goals: To become a competitive dance studio where youths can travel and have life experience skills. Why did you start this business and how has it grown? Due to when school is out and churches or other community centers are booked, we have nowhere to practice or perform. Our resources are limited in the urban areas for performing arts outside of the schools and churches. Upon opening we’re growing due to quality instruction and “it takes a village” to raise our children mentality. What were some of the obstacles you faced and how did you overcome them? Sexism, I overcame it by staying focused and pursuing my dream for the kids. As for the men, they soon realized, women are about business too! Who does your business best serve and why? Youths, because I give an outlet for the youths to express themselves in positive ways. I try to show that there are other types of dance besides what is seen in the urban videos (BET, MTV etc). How has your experience helped meet the needs ofyour clients? Being a dancer we have personality! Working with the public and living your dream through others takes a lot of patience, personality and smiles. As we say, “the show must go on whether the music plays or not!” Where did you get the name of your company and does it have any significant meaning? Well, I was raised in the urban area of Gary, Ind., and we just don’t dance we JAMM! So I named the studio after my life.

Owner Traci Bishop works with Nia-Morgan Hayes on her posture. Students at Traci's Urban Jamm Dance Studio are now preparing for an upcoming dance recital. (Photo/J. Hurst)

If you would like to be featured in The Recorder's Black Business Profile, call (317) 924-5143.

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