Seal Awards – Beyond The Sixth Seal http://beyondthesixthseal.net/ Mon, 25 Apr 2022 00:44:12 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://beyondthesixthseal.net/wp-content/uploads/2021/11/profile.png Seal Awards – Beyond The Sixth Seal http://beyondthesixthseal.net/ 32 32 Do you want engaged employees? Invest in their financial well-being https://beyondthesixthseal.net/do-you-want-engaged-employees-invest-in-their-financial-well-being/ Sun, 24 Apr 2022 14:18:51 +0000 https://beyondthesixthseal.net/do-you-want-engaged-employees-invest-in-their-financial-well-being/ Learning to manage money was a required field of study in my childhood home. On the first day of the month, my father sat at the dining room table to balance his checkbook and pay the household bills. My four siblings and I knew what would happen if we passed by while he was in […]]]>

Learning to manage money was a required field of study in my childhood home. On the first day of the month, my father sat at the dining room table to balance his checkbook and pay the household bills. My four siblings and I knew what would happen if we passed by while he was in that area. We would have a course on financial responsibility. I learned four valuable lessons that many adults, especially those in the black and brown community, were unaware of.

First, pay yourself first. Before you spend anything, set aside some savings. The amount can change but the act must be routine. Second, never live beyond your means. If you can’t afford it, you don’t need it. Third, your ability to repay a loan is a bigger asset than what you earn. And finally, more money does not solve money problems. If you can’t responsibly manage a $100 budget, you won’t be good with $100,000 either.

My father prepared his children to navigate a world of work very different from that of his generation. Today, most workers no longer work at jobs that provide a pension. Instead, it is more up to individuals to save for retirement by contributing to 401k or other retirement accounts. People are also jumping from job to job more often and are therefore faced with financial choices at every turn. What else, a quarter or more of today’s workforce works in the gig economy, which offers even fewer workplace-managed financial benefits.

All in all, the burden of financial well-being has gradually shifted from the employer to the individual, but I see signs of a small pendulum swing in the other direction. Given the current talent shortage, the challenges of COVID-19, and the multitude of online financial wellness tools and products, businesses are able to focus more on the financial wellbeing of employees, which is highly desired. More than half of employees say they would be attracted to a company that cares about financial well-being compared to their current employer, PwC to research shows.

I see three areas that employers are focusing on to ensure better financial well-being for workers. They are:

Equity.

This year, Equal Pay Day in the United States is March 15. It highlights how hard a woman has to work, on average, to earn what a man did in the previous year, given similar jobs with similar skills and experience. Many companies are working to close this gap and keep it closed. For example, my company’s 2021 review found less than 1% disparity between what women and men earn globally at Ceridian, and less than 1% disparity between what white and non-white employees earn. in the USA. employees worldwide, our company will conduct another analysis in the second half of 2022.

It’s no surprise that gender and racial inequalities continue to plague our society. The systemic barriers in place faced by women and people of color will take decades to break down. As President Joe Biden noted in a proclamation regarding Equal Pay Day, over the course of a career, the pay gap can represent hundreds of thousands of dollars in lost income, especially for women of color, which has a significant impact on retirement savings and particularly burdens households headed by single mothers.

Employers of all sizes must work to close these gaps and keep them closed, so that all workers have the fairest chance possible to improve their financial well-being.

To access.

That’s what my dad was talking about when he said my ability to repay a loan was a great asset. But not everyone has the same access to credit. Historically, minorities have disproportionately faced exclusionary behaviors and systemic barriers that have contributed to economic disparities, including limited access to federal mortgage programs and geographic restrictions on physical banking locations. While 5.4% of U.S. households were unbanked in 2019, nearly 14% of black households and 12% of Hispanic households were unbanked, government data shows. Without immediate access to traditional lines of credit, these groups are more likely to use high-interest payday loans.

Pay-as-you-go, or access to earned wages, is an emerging benefit increasingly embraced by employers allowing workers to access earned wages when they need it most. Four in five (83%) American workers aged 18-44 think they should have access to their earned wages at the end of each workday/shift, before the traditional payday, to research of my work shows. Mizuho Securities United States speculated that pay-as-you-go could be both the biggest change in the payroll industry since the 1960s and a disruptor for the $11 billion payday loan market.

Literacy.

Companies have a fiduciary responsibility to provide financial education to their employees. They have the people to manage business results and the means to help employees manage their results as well. Money problems are only solved with education, dedication and an implemented plan. Companies that meet this need will find student volunteers among the workforce. 87% of employees want help with their personal finances, PwC notes.

My dad taught financial wellness classes because he cared about his kids. In any organization, people are the most important asset. We trust our employees to serve our customers, promote our brands and grow our business. The healthier they are, the more present they will be at work and outside of it.

The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

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This week at the General Assembly https://beyondthesixthseal.net/this-week-at-the-general-assembly/ Sat, 23 Apr 2022 21:38:05 +0000 https://beyondthesixthseal.net/this-week-at-the-general-assembly/ Monday, April 25, 2022 12 p.m.; State House Library THE REPUBLICAN PARTY OF RHODE ISLAND TO HOLD A PRESS CONFERENCE WITH RIGOP PRESIDENT SUE CIENKI AND SENATE MINORITY WHIP JESSICA DE LA CRUZ On Monday, April 25, the Republican Party of Rhode Island (RIGOP) will hold a press conference with Jessica de la Cruz, Senate […]]]>

Monday, April 25, 2022

12 p.m.; State House Library

  • THE REPUBLICAN PARTY OF RHODE ISLAND TO HOLD A PRESS CONFERENCE WITH RIGOP PRESIDENT SUE CIENKI AND SENATE MINORITY WHIP JESSICA DE LA CRUZ
    • On Monday, April 25, the Republican Party of Rhode Island (RIGOP) will hold a press conference with Jessica de la Cruz, Senate Minority Whip, to discuss S2007 and efforts by Democrats to undermine voter ID measures, which are widely supported by a large majority of American voters.

2 p.m.; Room 101

4 p.m.; Room 313

5:30 p.m.; Room 313

Tuesday, April 26, 2022

1 p.m.; home living room

2 p.m.; Room 101

2:30 p.m. State House

  • HOUSING IS A HUMAN RIGHT.
    • As outreach workers who see and hear the stories of homelessness every day, we are sick of the inability to meet the most basic needs of our most vulnerable citizens. Join the Rhode Island Homeless Advocacy Project (RIHAP), HOPE and other direct service organizations at the State House to advocate for the right of every Rhode Islander to be housed! We must END HOMELESSNESS today. SHOW YOURSELF for you and your community. If there’s anyone sleeping on the streets of our city, it’s everyone’s responsibility! Additionally, please sign our petition, which lists the same demands, and which we will send to lawmakers and the press to show our support for solving this crisis: https://chng.it/JTLn45TX

3 p.m.; State House Library

  • Coalition Press Conference for a Multilingual Rotary Press Conference
    • Multilingual Education Advocacy Day will bring together lawmakers, students, parents, educators, community organizations and members of the public to discuss challenges and advocate for resources to expand multilingual education opportunities for all Rhode Island students. The press conference will feature remarks from Governor Daniel McKee; Secretary of State Nellie Gorbea; Commissioner Angélica Infante Green, Department of Primary and Secondary Education; Wujuudat Balogun, high school student for young voices and classical music; Dayana Henríquez Rodríguez, RIC World Language Education candidate; Paige Clausius-Parks, senior policy analyst at Rhode Island KIDS COUNT, and Dr. Erin L. Papa on behalf of the Coalition for Multilingual IR.

3 p.m.; home living room

4 p.m.; State Chamber

  • Stop the RI torture
    • The StopTortureRI Coalition will hold a short rally outside the State House on Tuesday, 4/26 at 4:00 p.m. to support two bills, S2631a bill that limits solitary confinement to 15 days and requires the DOC to be more transparent in its reporting, and S2633a bill that eliminates life sentences for minors without parole.

4 p.m.; bedroom of the house

4 p.m.; Senate Chamber

5 p.m. (Rise of the House); home living room

5 p.m. (Rise of the House); Room 35

5 p.m. (Rise of the House); Room 101

5 p.m. (Rise of the Senate); Senate Lounge

5 p.m. (Rise of the Senate); Room 211; Secret hearing!

5 p.m. (Rise of the Senate); room 310; Secret hearing!

5 p.m. (Rise of the Senate); Room 313

  • SENATE COMMITTEE ON THE JUDICIAL
    • S2788 by Lombardo adds advanced recycling as a definition of waste disposal. Adds Advanced Recycling Facility, i.e. a facility that receives, stores and converts post-use polymers and raw materials recovered using advanced recycling.
    • S2514 by DiPalma establishes a commission to study the use of artificial intelligence in state government decision-making.
    • S2509 by Acosta repeals municipal detention facility corporations and prohibits the operation of private detention facilities and public-private partnerships within the state.
    • S2631 by Mack establishes for the DOC the terms and procedures for the use of restrictive housing/disciplinary and administrative confinement and police custody with an annual report required.
    • S2633 by Quezada provides that prisoners who have committed offenses before the age of 18 and who have been sentenced as adults can be granted conditional release after serving 15 years of sentence. Would not extend their parole eligibility if the prisoner was eligible for parole before 15 years.
    • S2656 by Mack provides that the Director of the Department of Corrections shall establish a program to provide access to multimedia electronic tablets to general population inmates. The program is administered at no cost to the ministry.

Wednesday, April 27, 2022

4 p.m.; bedroom of the house

4 p.m.; Senate Lounge

4 p.m.; Room 211; Secret hearing!

  • SENATE LABOR COMMITTEE
    • S2242 by Burke repeals Rhode Island’s general laws which provide that the Director of Labor and Training may approve wages below minimum wage for persons whose earning capacity is impaired due to physical or mental disability.
    • S2551 by Kallman requires all entities receiving state tax credits to pay their workers prevailing wages or other payments in accordance with Rhode Island law. This law would also allow the revocation of tax credits in the event of a violation of this law.

4:30 p.m.; Senate Lounge

  • SENATE COMMITTEE ON EDUCATION
    • S2285 by Mack requires that family life or sex education be taught in grades 6 through 12 and appropriate for students of all races, genders, sexual orientations, ethnicities, and cultural backgrounds.

4:30 p.m.; room 310; Secret hearing!

5 p.m. (Rise of the House); Room 35

  • HOUSE FINANCE COMMITTEE
    • H7072 by J Lombardi caps APR for payday loans at 28%. Requires a 90 day due date. Prohibits fees/interest payments above 60% of principal. Requires monthly payments of no more than 25% of the original principal amount.
    • H7799 by Giraldo prohibits contracts with private, for-profit correctional facilities or with United States Immigration and Customs Enforcement for the purposes of accommodation and detention.

5 p.m. (Rise of the House); home living room

5 p.m. (Rise of the House); Room 101

Thursday, April 28, 2022

2 p.m.; home living room

3 p.m.; Room 101

4 p.m.; bedroom of the house

4 p.m.; room 310; Secret hearing!

4 p.m.; Senate Lounge

4 p.m.; Room 211; Secret hearing!

4 p.m.; Room 313

  • SENATE COMMITTEE ON THE JUDICIAL
    • S2090 by Lawson allows people who have not reached the age of 18 to vote in a primary election, provided the voter is 18 on the date of the general or special election.
    • S2635 by Kallman makes it easier for eligible incarcerated inmates to vote and creates the title of “Incarcerated Voting Coordinator” within the Department of Corrections to help facilitate inmate voting from start to finish.
    • S2659 by Euer creates an address privacy program for victims of domestic violence.
    • S2858 by Coyne creates an address privacy program for people experiencing abuse or domestic violence. http://webserver.rilin.state.ri.us/BillText/BillText22/SenateText22/S2659.pdf

4:30 p.m.; Senate Lounge

5 p.m. (Rise of the House); Room 35

5 p.m. (Rise of the House); home living room

Friday, April 29, 2022

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How access to earned wages can usher in the end of predatory lending https://beyondthesixthseal.net/how-access-to-earned-wages-can-usher-in-the-end-of-predatory-lending/ Sat, 23 Apr 2022 03:17:19 +0000 https://beyondthesixthseal.net/how-access-to-earned-wages-can-usher-in-the-end-of-predatory-lending/ Can you manage an unexpected expense with your salary? According to a recent study by E&Y, only 29% of urban Indians said they were able to meet unexpected expenses with their salary, while the majority still live paycheck to paycheck. This essentially points to gaps in financial resilience in the context of the pandemic, larger […]]]>

Can you manage an unexpected expense with your salary?

According to a recent study by E&Y, only 29% of urban Indians said they were able to meet unexpected expenses with their salary, while the majority still live paycheck to paycheck.

This essentially points to gaps in financial resilience in the context of the pandemic, larger in emerging economies than in developed ones.


To make ends meet between paychecks, many are looking for other financing options, turning to friends and family loans and high-interest payday loans. A more cost effective liquidity reserve alternative has since emerged in the form of Earned Wage Access (EWA).

Let’s see how the solution can enable overall financial well-being.

Do we really understand payday loans?

Globally, payday loans have become synonymous with predatory and high-risk lending.

These are short term unsecured loans of around 2-4 weeks, just long enough to cover expenses until the next payday; the catch being astronomically high interest rates that average over 400% APR (annual percentage rate).

In India, interest rates for payday loans can reach 2% per day. The number by itself may not seem that big, but the APR can range from 36-730%, depending on the term of the loan. On the other hand, APRs for regulated credit systems like loans and credit cards are usually between 12 and 30%.

To put this into perspective, if you borrow Rs. 10,000 at 2% interest per day, you end up paying Rs. 2,000 interest over 10 days, along with the principal amount. For people who are already struggling to make ends meet, predatory lending pushes them into a vicious and inescapable cycle of debt.

The E&Y study, cited earlier, also notes that people earning less than Rs. 15,000 are six times more likely to get into serious debt.

Regulators around the world are stepping up measures to limit the impact of high-risk loans. The Reserve Bank of India (RBI), for example, is working on an anti-predation lending policy.

Despite these measures, the unsecured loan industry is booming, which intensifies the financial distress of ordinary Indians.

Payday loan interest rates in India can reach 2% per day.

Earned Wage Access – Affordable Alternative

By freeing employees and employers from the traditional compensation cycle, access to earned wages helps disrupt predatory lending models. Earned Wage Access (EWA) or On-Demand Pay empowers individuals by giving them access to a portion of their earned but unpaid wages anytime before their payday.


The same allows employees to collect their earned salary instead of relying on short-term loans to comfortably cover unexpected mid-month expenses. It makes earned pay available to employees in real time and on demand, giving them instant access to cash available any time of the month. By paying only nominal transaction fees (i.e. a fraction of the interest on payday loans), access to earned wages can pave the way to financial stability.

Small steps, big gains

When implemented correctly, the benefits of Earned Wage Access are obvious. Research indicates that nearly 43% of paid access users are able to cover all their expenses with their monthly salary, and one in two users are optimistic about their financial situation.

Additionally, EWA is an employer-backed initiative – the solution is generally free to employers and has no impact on their cash flow. This unique feature not only allows organizations to contribute to the financial well-being of the entire workforce, but by breaking the compensation cycle, employers are ensuring that employees can build financial resilience.

Greater financial freedom

As companies around the world pay more attention to the needs of their employees and use technology to find solutions, “access to earned wages” is poised to become a popular and valuable product for modernizing the good. – being financial employees. By adding on-demand functionality to everyday life, access to earned wages can dramatically transform the landscape of financial freedom for Indians.

The author is CEO and co-founder, Refyne

(Disclaimer: The views expressed are those of the authors and Outlook Money does not necessarily endorse them. Outlook Money will not be liable for damages caused to any person/organization directly or indirectly.)

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Investors should buy DoorDash shares on weakness https://beyondthesixthseal.net/investors-should-buy-doordash-shares-on-weakness/ Fri, 22 Apr 2022 22:41:21 +0000 https://beyondthesixthseal.net/investors-should-buy-doordash-shares-on-weakness/ InvestorPlace – Stock market news, stock advice and trading tips DoorDash’s (NYSE:HYPHEN) huge and rapidly growing market share, improving financial results and promising initiatives leave DASH stocks well positioned to outperform the Nasdaq and the S&P500 in the medium and long term. Therefore, I urge growth investors to buy DoorDash shares after they have fallen […]]]>

InvestorPlace – Stock market news, stock advice and trading tips

DoorDash’s (NYSE:HYPHEN) huge and rapidly growing market share, improving financial results and promising initiatives leave DASH stocks well positioned to outperform the Nasdaq and the S&P500 in the medium and long term. Therefore, I urge growth investors to buy DoorDash shares after they have fallen more than 20% since April 4.

DoorDash’s U.S. market share skyrocketed only 16% in 2018 to a whopping 53% in 2021. This strong and rapid growth is encouraging, not only because it has helped improve the company’s financial results, but also because it indicates that American consumers have been, in general , very satisfied with the company’s delivery service and its selection of restaurants and stores.

As I pointed out in a previous column“in 2021, DoorDash’s cash flow from operating activities to $692 million, from $252 million in 2020.” And in the fourth quarter (Q4) of 2021, despite coronavirus fears easing, the company revenue jumped to $1.3 billion, down from $970 million.

Also in the fourth quarter, DoorDash’s gross profit jumped to $637 million from $477 million in the same period a year earlier. In addition, its gross margin remained unchanged at 49%. Finally, its net loss improved to $155 million in the fourth quarter from $312 million in the year-ago period. Clearly, DoorDash is growing rapidly while its profitability is rapidly improving.

Multiple initiatives with great potential

March 28, Big BJ club (NYSE:bj), a major wholesale club, announced that he would launch an alliance with Door Dash. As a result of this agreement, BJ’s will become the first wholesale club to offer its products on DoorDash. Given the vast varieties and quantity of products available at major wholesale clubs, the deal will make DoorDash very attractive to many consumers.

DoorDash’s deal with BJ’s came after the delivery company in February made a similar agreement with Albertsons companies (NYSE:AIT), a large chain of grocery stores. With this latest deal, DoorDash says it will be able to provide “convenient delivery of fresh groceries in less than 30 minutes,” reported another InvestorPlace columnist, Chris Lau.

If DoorDash is able to sign deals with several other major retail chains like BJ’s and Albertson’s and deliver their products within an hour, the delivery company will start to take a significant market share. from instagram and even Amazon (NASDAQ:AMZN). After all, this latest tech giant hasn’t been able to offer sub-hour deliveries yet.

DoorDash’s multiple strengths combined with its massive potential make DASH stock very attractive to long-term growth investors.

As of the date of publication, Larry Ramer had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.

The post office Investors should buy DoorDash shares on weakness appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Ten Ways to Have Your Offer Accepted in a Tight Real Estate Market https://beyondthesixthseal.net/ten-ways-to-have-your-offer-accepted-in-a-tight-real-estate-market/ Fri, 22 Apr 2022 20:29:24 +0000 https://beyondthesixthseal.net/beware-as-camber-energy-stocks-rapid-gains-hide-bigger-problems/ No one method can ensure success, but there are ways to improve your offer and make it more appealing to sellers. Same Day Loans like Citrus North can make your dream house loan easily they are also welcoming those with bad credit. Are you ready to put in an offer on the house of your […]]]>

No one method can ensure success, but there are ways to improve your offer and make it more appealing to sellers. Same Day Loans like Citrus North can make your dream house loan easily they are also welcoming those with bad credit.

Are you ready to put in an offer on the house of your dreams? Because there are more bidders than properties for sale in a seller’s market, your bid will undoubtedly be one of several competing offers that the sellers will consider. But don’t lose hope; you can take steps to set yourself out from the crowd. See the following:

1. Hire a seasoned real estate agent.

Buying and selling a home is a complex undertaking. You need a Realtor that understands the market and can save you time, money, and pain by helping you discover the ideal house and negotiating the best possible deal for you on your behalf. Real estate agents are also well-connected and can suggest reliable lenders, appraisers/inspectors, etc.

I’m a newbie here. When it comes to finding a new home, a competent Realtor not only pays attention to what you want but also knows the region well enough to tell you about hidden red flags that might have a negative impact on the community. They may do market research to assist you in understanding the current trends and estimate the best price for your home in your selected area. This includes information such as the length of time the property has been up for sale, whether it has been reduced in value, and the current asking price.

As a buyer, it’s a good idea to know that you won’t have to pay a real estate agent any fees in most circumstances. The seller is responsible for paying your agent’s commission.

2. Get a pre-approval letter and attach it to your proposal.

To demonstrate to house sellers and real estate brokers that you are serious about purchasing your ideal home, get pre-approved for a mortgage. Your lender should have a pre-filled loan application you may use to begin the process.

Here’s how Amerifirst goes about it:

  • It is up to you whether or not you apply for a mortgage loan via one of the following methods:
  • You’ll get pre-approved for a loan once your loan officer team checks your finances, credit score, and report.
  • We inform you whether you are eligible for a house loan.
  • We’ll send you a pre-approval letter outlining how much you may borrow if you’re eligible.

Your pre-approval letter is then attached to your offer. Because it lets the seller and real estate agent know that you have money lined up, a pre-approval provides you a leg up in negotiations. The Listing Agent will be called to explain the strength of your pre-approval, and we’ll do the same for you.

Pre-approval might expedite the closing process since the lender already has your financial information on file.

3. Offer a more significant amount of money as a down payment.

Earnest money may be required as a sign of good faith if you discover a house that meets your needs. Why? You’re less likely to put in many offers and then walk away after the seller removes the house from the market if you deposit earnest money, even though it’s unlikely in today’s market.

While it isn’t always necessary, having a deposit might make you stand out in a competitive property market. Buyers who put down stakes in good faith are seen favorably by sellers who want to ensure that the transaction will go through. Your earnest money check will be put to your down payment when the seller accepts your offer, so it’s not a waste of your money. In most states, you should anticipate paying 1% – 3% of the total transaction price as sales tax. Making a more significant down payment has more sway with the seller since it says, “I’m serious about this home.” Your real estate agent may guide you on the appropriate amount of earnest money to provide.

Check out our blog post on the actual costs of purchasing your first home.

Tip: Make sure you’re serious about purchasing the house before putting down a significant earnest money deposit. If for whatever reason (other than a house inspection contingency in the purchase agreement), you decide not to proceed with the purchase, you risk losing your hard-earned money.

4. Writing a letter

Send a letter of love.

If you’re competing against ten other people for a property with more bidders than properties available, a customized letter might help clinch the deal. The majority of individuals have a strong emotional attachment to their primary residence. They may be relocating, but they’ll want to make sure that the next owner appreciates its potential and reaps the same benefits and delights as they have.

An open letter to the seller isn’t likely to beat out an offer with a heftier price or one that doesn’t have as many stipulations, but it may give you an edge in the bidding war. So, when you’re visiting the house, note the characteristics that catch your eye and incorporate them into your letter. Request that each family member sends a passionate letter about what the place means to them and their future.

If you’re looking for a new place to live, be specific about what you appreciate about their house, such as the fact that it’s near your favorite hiking path or that the expansive kitchen will enable you to have both sides of the family over for holiday parties.

Avoid mentioning your ethnicity, religion, or political opinions in your statements. You don’t want to inadvertently influence the seller’s choice to accept or reject your offer.

5. Offer the option of escalation.

Bidding wars aren’t enjoyable, so it’s better to go into battle equipped with the most potent weapons you can get your hands on. An escalation clause is an excellent approach to bolster your offer in today’s limited inventory market. Contract addendums that promise to outbid other bids up to a maximum price are known as escalation clauses.

Here’s a case in point:

Selling for $250,000, as per the seller’s request.

An increase of $3,000 above the rival bids up to $300,000 is included in your request of $255,000.

Your offer instantly rises to $263,000, making you the top bidder; this scenario is possible.

Keep in mind that if someone else puts in a higher bid, you’re out of the running.

As a general rule, lenders must use the sales price or assessed value of the property to determine how much money they would give you. If the home doesn’t appraise for the agreed-upon selling price, you’ll have to make the difference yourself. Make sure your lender knows that you have the liquid assets or qualifying power to purchase the property at that price if this is an option for you.

The relationship between a mother and her daughter

6. Be open to new ideas.

Knowing what the seller wants and meeting those requirements may often mean more to the seller than just having more money in their wallet might. If your opponent bids a few thousand dollars above yours, you can give the seller more time to close and move out. Alternatively, the house may be empty, and the seller is eager to find a new tenant so that you may complete it in a shorter period. Your Realtor’s counsel and expertise may be of great use.

7. Prepare for the worst-case scenario.

It’s a terrific time to put your house on the market if you’re a seller. Your home might be sold in days or over the weekend. Win-win! When you purchase a new house, you’re at the same disadvantage as every other buyer shopping in their ideal location and price range. Sellers who don’t know whether they’ll be able to locate a new house before closing might find this to be significant pain.

A “reverse contingency” could work in this situation. A reverse contingency is when the seller’s agent places a condition in the contract that they are prepared to sell their property only if they can locate a new place to live within a reasonable amount of time. Instead of immediately being compelled to sell their house, the reverse contingency provides them some leeway in searching for a new residence. They want to buy time, but they also want to get the buyers (you!) and your offer into a contract while they do so.

Then, if they discover a property that meets their criteria within that time and comes to an agreement with the seller, you may proceed with the sale.

8. Get pre-approved for a loan from your lender.

Getting pre-approved for a loan before you begin searching for a new house is critical. Your lender’s maximum loan amount, subject to specific criteria, is shown to the seller in a pre-approval letter. Pre-underwriting, on the other hand, goes much farther. You may be sure that your lender has examined your finances and has agreed to lend you money up to a certain amount (providing there is no change to any of the reviewed financial information). A formal commitment letter will have been provided to you in exchange for clearing any requirements the lender may have about your financial situation and creditworthiness by the time you locate the house you want to purchase.

There are several things you can do to make yourself more appealing to buyers, and this is one of them. You won’t have to add a funding contingency if you have a definite promise (which allows you to back out of the deal if you cannot get financing). As you may understand, sellers prefer offers with fewer conditions.

It’s common for an in-house underwriter (like Amerifirst!) to do pre-underwriting on your financial records. They will do a comprehensive review of your finances to determine whether or not you are eligible for a loan, and they will either approve or reject your application.

For some, pre-underwriting is not essential. It may be worth it in a very competitive market and if you’re competing against cash bidders.

PRE-UNDERWRITING TIP: This stage is more time-consuming and involved. You’ll want to go with a lender with in-house underwriters and expertise with these kinds of loans. You should begin the search for your ideal house ASAP.

9. Reverse the lease.

Before, we spoke about a “reverse contingency.” Sellers who wish to accept your offer but don’t have a new place to live could use a reverse contingency. A sale-leaseback, on the other hand, enables a buyer to rent the property back to the sellers, allowing them to remain in the house for a defined period following the closing………. When there is a lack of housing options, giving the seller a leaseback may be a powerful negotiation tool. Of course, you’ll have to work out the terms with the seller.

10. Make use of a local mortgage lender.

Working with a trustworthy lender with local roots may make all the difference for first-time homebuyers. You’ll be able to speak with your loan officer in person and devise a strategy for overcoming any obstacles that stand in your way. Working with a local lender with a proven track record of timely responses and successful closings may provide you the peace of mind and confidence to purchase your first home and complete the process successfully.

A competitive housing market necessitates the use of every advantage at your disposal. These tips may appear insignificant to convince the seller that you’re prepared to put in the additional effort to buy their property. Even though the seller’s primary goal is to maximize the sale price of their home, they may consider your offer if it makes their life a little bit simpler.

Nevertheless, prospective buyers should exercise caution so they don’t overextend themselves and find homes poor and remorseful after losing the bidding battle. Your real estate agent and loan officer are excellent resources for information on the home market. They’re here to assist you in making the best financial choices for yourself and your family.

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Nervous about buying Snap? Break it, the winning numbers are good https://beyondthesixthseal.net/nervous-about-buying-snap-break-it-the-winning-numbers-are-good/ Fri, 22 Apr 2022 19:37:47 +0000 https://beyondthesixthseal.net/nervous-about-buying-snap-break-it-the-winning-numbers-are-good/ InvestorPlace – Stock market news, stock advice and trading tips Instantaneous (NYSE:INSTANTANEOUS), which runs the popular social media app Snapchat, which was just released financial results for the first quarter of 2022. This was potentially a watershed event, as SNAP stock was already on a strong downtrend. The stock was criticized on the day of […]]]>

InvestorPlace – Stock market news, stock advice and trading tips

Instantaneous (NYSE:INSTANTANEOUS), which runs the popular social media app Snapchat, which was just released financial results for the first quarter of 2022. This was potentially a watershed event, as SNAP stock was already on a strong downtrend.

The stock was criticized on the day of the earnings release, then slid again the next day. Has Snap performed badly enough to warrant this share price drop?

Keep in mind that investors were also dumping tech stocks during this time. Thus, the SNAP stock may have suffered collateral damage.

Also, the company hasn’t fared badly in the fourth quarter of 2022. For example, Snap grew its user “community” by 18% year-over-year to 332 million. Apparently Wall Street consensus expectation was 331 million, so Snap can claim a slight beat there.

Additionally, Snap grew revenue 38% year-over-year to $1.06 billion in Q2 2022. This result was roughly in line with Wall Street expectations, there is no so nothing to complain about here.

Snap CEO Evan Spiegel celebrated the results by saying, “Our first quarter results reflect the underlying dynamics of our business in a challenging operating environment.

He makes a valid point here. Supply chain issues have taken their toll on many tech-focused companies recently. Yet Snap still managed to demonstrate user base and revenue growth.

In the interest of full disclosure, we must also acknowledge Snap’s final disappointment. Specifically, the company posted a net profit loss of $360 million in the second quarter of 2022, compared to $287 million in the year-ago quarter.

It’s disappointing, no doubt. However, the net loss appears to reflect Snap spending in targeted areas, such as growing the platform’s content offerings and expanding Snap’s ecosystem of products and partners.

Tax stats aside, it’s obvious that Snap is growing its business. For example, Snap recently expanded its global content offering by “partnering with News UK, TF1 and Le Monde in France, and MBC and Al Arabiya in the Middle East”.

That’s a positive sign, and investor reaction to Snap’s earnings report may have been the wrong one. It is therefore the ideal time to buy shares at a reduced price, before Wall Street regains its senses.

As of the date of publication, David Moadel had (neither directly nor indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.

The post office Nervous about buying Snap? Break it, the winning numbers are good appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Cash App Borrow: Cash App’s new lending feature https://beyondthesixthseal.net/cash-app-borrow-cash-apps-new-lending-feature/ Fri, 22 Apr 2022 18:00:00 +0000 https://beyondthesixthseal.net/cash-app-borrow-cash-apps-new-lending-feature/ Bojan89 / iStock.com If there are times when you need an advance before you get your paycheck, Cash App loan money could be a lifesaver. After all, sending and receiving money from the peer-to-peer payment service is so simple. The good news is that Cash App has rolled out borrowing functionality for a limited number […]]]>

Bojan89 / iStock.com

If there are times when you need an advance before you get your paycheck, Cash App loan money could be a lifesaver. After all, sending and receiving money from the peer-to-peer payment service is so simple. The good news is that Cash App has rolled out borrowing functionality for a limited number of users. Here’s everything you need to know to find out if you’re eligible for a Cash App loan.

Does the Cash app allow you to borrow money?

Yes, Cash app makes loans from $20 to $200, oneaccording to a 2020 Tech Crunch article. Cash App tested the Borrow feature with a rollout limited to 1,000 users. While the company hasn’t disclosed the status of those tests, the app notes that Borrow is still not available to all customers. Whether or not a particular customer can use the feature depends on:

  • The state you live in
  • If you have an activated Cash Card
  • Your Cash app usage history
  • Your credit history

TechCrunch noted that the loans were funded quickly and required you to repay them in four weeks or less. But carrying a balance for so long can add up – at the time the TechCrunch article was publishedCash app would have charged a flat 5% fee to borrow, plus an additional 1.25% per week after the grace period.

As long as you go in knowing that a Cash App Borrow loan is best for quick repayment, the new tool – if it is available for you – could be useful when you’re short on cash.

How to borrow money from Cash App

As mentioned, Cash App Borrow is not yet available for everyone. The only way to know if it’s available to you is to check. Follow these steps to find out if you can borrow money on Cash App, and if so, how to do so:

How to use Cash App Borrow

  1. Open the Cash app.
  2. Tap on your Cash app balance located in the lower left corner.
  3. Navigate to the “Bank” header.
  4. Check the word “Borrow”.
  5. If you see “Borrow”, you can take out a Cash App loan.
  6. Tap “Borrow”.
  7. Tap “Unlock”.
  8. Cash App will tell you how much you can borrow. Select an amount.
  9. Select your repayment plan.
  10. Read the user agreement.
  11. Accept your Cash App Borrow loan.

Is the Cash app secure?

It is too early to analyze the security of a Cash App loan application, but the Cash App platform itself is secure. Cash App protects your personal information and money in several ways:

  • The app integrates with your smartphone’s screen lock, where PIN entry, Touch ID, passcode or facial recognition add an extra layer of protection in case of loss or theft from your phone.
  • You can deactivate your Cash App card if you have misplaced it or for added security.
  • You can set up email, text, or push notifications to help monitor your activity and alert you to unusual account usage.

What other ways can you borrow money online?

Having access to cash quickly can make all the difference when you need cash. Most people turn to funds in an emergency savings account, borrow from loved ones, or charge expenses to their credit card.

Quick loans have their downsides, such as incurring personal or credit card debt or charging high fees. While Block (formerly Square) continues to roll out Cash App Loans, consider the following alternative loan options to get the cash you need fast.

Timely

Oportun offers an “affordable alternative to payday loans” and may be better suited to borrowers with no credit history or with bad credit. You can borrow between $300 and $10,000 for up to 48 months. Oportun caps its annual percentage rate at 35.99%.

loan club

You can borrow between $1,000 and $40,000 through LendingClub. Once you have established a balance sheet with LendingClub, you can borrow as many loans as you want at once as long as they don’t total more than $50,000.

LendingClub charges a 3% to 6% origination fee for each loan. You’ll have up to five years to repay the loan in full, but don’t delay too long, you’ll pay an annual percentage rate of 7.04% to 35.89%.

Opp Loans

OppLoans is another lending company that specializes in bad credit loans, base loan decisions on a variety of factors beyond your credit score and credit history. Amounts from $500 to $4,000 are available. Repayment terms vary by state, but generally range from nine to 18 months.

Although the ability to repay the loan over a longer period relieves some of the pressure, it is important to exercise caution. The APR OppLoans is 160% on the amount you borrow in many states.

As with all loans with bad credit or no credit score, it is important to monitor the APR. Otherwise, you could end up paying a lot more interest than the original amount you borrowed.

Final grip

A Cash App Borrow loan seems like a good option for a short-term loan for a few dollars — if you are eligible. When considering other online loan options, consider the cost of borrowing as well as the lender’s repayment terms.

Most online lenders claim they will make loans cheaper than a payday loan, but the loans are still quite expensive if you don’t pay off the balance quickly. Make sure you understand what you’re signing up for and if you can really afford to borrow.

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Daria Uhlig contributed reporting for this article.

This article has been updated with additional reports since its original publication.

Rates and fees are subject to change. Information is accurate as of April 22, 2022.

Editorial Note: This content is not provided by Cash App. Any opinions, analyses, reviews, ratings, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by Cash App.

GOBankingRates maintains editorial independence. Although we may receive compensation for actions taken after clicking on links in our content, no content was provided by an advertiser prior to publication. We always recommend that you review the terms and conditions of any offer before registering or applying.

Our in-house research team and on-site financial experts work together to create accurate, unbiased and up-to-date content. We check every stat, quote and fact using trusted primary resources to ensure that the information we provide is correct. You can read more about GOBankingRates processes and standards in our Editorial Policy.

About the Author

Cynthia Paez Bowman is a personal finance writer with a degree in international business and journalism from American University. In addition to writing about personal finance, she writes about real estate, interior design, and architecture. His work has been featured in MSN, Brex, Freshome, MyMove, Emirates Open Skies magazine and more.

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For recruitment and retention, some Minnesota companies are turning to same-day payment https://beyondthesixthseal.net/for-recruitment-and-retention-some-minnesota-companies-are-turning-to-same-day-payment/ Fri, 22 Apr 2022 14:59:49 +0000 https://beyondthesixthseal.net/for-recruitment-and-retention-some-minnesota-companies-are-turning-to-same-day-payment/ In 2020, “stimulus check” and “second stimulus check” were among the top 15 Google searches in the United States. That same year, a Ernst and Young report estimated that in the countries of the Organization for Economic Co-operation and Development (OECD), around $1 trillion in workers’ wages lie dormant in employers’ coffers every day. “It’s […]]]>

In 2020, “stimulus check” and “second stimulus check” were among the top 15 Google searches in the United States.

That same year, a Ernst and Young report estimated that in the countries of the Organization for Economic Co-operation and Development (OECD), around $1 trillion in workers’ wages lie dormant in employers’ coffers every day.

“It’s basically been an interest-free loan from an employee to an employer,” said Aaron Fuchs, commercial vice president of Ceridian, a Bloomington-based human capital management firm. To laypersons, that means “it’s a software company and the software it provides is inherently HR-centric,” Fuchs said.

Stimulus checks were a way out. Ceridian is part of a growing industry that is disrupting “payday”.

The article continues after the ad

In her role, Fuchs oversees Dayforce Wallet, one of several mobile apps on the market offering same-day payment. Also known as earned pay access, pay-on-demand, or real-time pay, the service allows employees to access their pay from their personal devices right after their shift. work.

Aaron Fuchs

Employee expectations have changed: 83% of American workers aged 18-44 believe they should have access to their pay at the end of each workday, according to a 2021 survey by The Harris Poll.

“Technology has caught up with and redefined so many other places in (people’s) lives,” Fuchs said, “They recognize that payroll is an area that really hasn’t changed since the 1980s.”

The company launched Dayforce Wallet in May 2020, expanding to Canada last year. Fuchs said it closed 2021 with nearly 1,000 customers, including large companies such as Danone and local businesses such as Lunds & Byerlys.

Since Ceridian rolled out its program during COVID to customers most in need of attracting new workers: retail, healthcare, manufacturing and hospitality.

Be competitive in the labor market

In the middle of unemployment rate and a pandemic where many public-facing workers resigned en masse, employers needed creative solutions to retain and recruit employees.

The article continues after the ad

“We really wanted to leverage (same-day pay) and offer it to our people as a way to continue to differentiate ourselves in the workplace,” said Casey Enevoldsen, vice president of employee experience at Lunds. & Byerlys. “We see that the labor force continues to decline in its growth. It just means there will be fewer and fewer people available to do the work that employers are really looking to do, so we’ve been really focused on retention while trying to attract new talent.

Many employees say getting paid sooner is a key aspect of their financial well-being. Part of their strategy has been to look at a wide range of attractive measures to retain and attract new talent, including adding telehealth to various part-time and full-time positions in retail, manufacturing and support.

Enevoldsen said adding same-day payment was an easy transition because Ceridian already manages its payroll and offered the benefit at no cost to the grocer and its employees. Under this system, individuals directly deposit their paychecks into Dayforce Wallet from which they can choose to have their funds deposited to a mobile wallet or physical debit card.

Jeanniey Walden

Jeanniey Walden

Launched in 2016, DailyPay is associated with a number of fast food franchises, as well as companies such as Mall of America and Target. (The New York-based company opened its only other U.S. office in Minneapolis for operations and customer service in 2019.)

DailyPay marketing manager Jeanniey Walden said the frequency of payments had been delayed by the introduction of payroll tax in 1943. With businesses traditionally operating their own payroll systems, it was becoming cumbersome and more expensive to perform calculations for the numbers behind an employee’s paycheque. She said there were three information systems behind them: time and attendance, pay rate, and benefits like health care, dental, 401k, and wage garnishments. Financial services companies like DailyPay extract this information from employers and automate all these processes so that workers can see in real time how much they earn and in turn access that salary.

A third party audit data from DailyPay revealed that employee turnover was reduced by 42% thanks to DailyPay.

With the financial stress of the past few years, same-day payment has been key to competing with the gig economy and supporting workers on tight budgets.

“Most of the time when (people with multiple jobs are) asked, ‘why do you work for me here? and do DoorDash?’ It’s not because they don’t make enough money here. It’s like, ‘well, I need $50 this week because I have to make the deposit on my daughter’s braces’ or whatever,” Walden said.

Most non-farm workers in the United States are paid bi-weekly (every two weeks), according to a February 2020 snapshot of the Survey of current employment statistics by the US Bureau of Labor Statistics. About a quarter are paid monthly or fortnightly.

The article continues after the ad

Overcome financial precariousness

Keziah Vulu works part-time at Lunds & Byerlys. She accessed her pay the same day only once. Intrigued by the novelty, she ordered food.

“I like that it’s there, but I don’t like it when my (bi-weekly) checks are short,” Vulu said.

She instead expressed relief for the company’s January switch to weekly pay. Employees can withdraw their pay for the day from the app, with the pay being deducted from their weekly check.

“(With the move to weekly pay), I was able to budget and get what I wanted. It seemed harder to save when I was paid bi-weekly and easier to overspend,” Vulu said.

Several employees noted the same – either never using same day payroll or rarely using it.

“If we had stayed on a biweekly (schedule), I would have been more inclined to personally jump on that bandwagon. But with the weekly, it works. It’s good enough for me,” said operations supervisor Nina Urman.

The article continues after the ad

Sara Cramer trains the employee support teams at DailyPay and also accesses same day payroll on occasion. Being paid bi-weekly, she said easy access to wages provides peace of mind around payday.

“That (need) date isn’t your whole life,” said Cramer, who said the service was more helpful in helping him understand his daily gross earnings.

The data confirms this. More recently, academic research has explored the impact of payment frequency on worker behavior. A 2019 paper cited by the Bureau of Labor Statistics found that a causal relationship between frequent payments and household spending reads to help navigate personal finances. Earlier in April, the Consumer Research Journal published an article by business professors Wendy de la Rosa and Stephanie M. Tully and noted that “higher payment frequencies reduce consumer uncertainty about whether they will have enough resources throughout a period.”

But in addition to allaying potential worries, financial services companies say same-day payment eliminates the need for payday loans, credit cards and other traps people fall into when they run out of money. money.

“DailyPay is used to complement and connect in really unique and different ways,” Walden said.

One example she noted: “As gas prices soared, many people who, again, normally had enough money, ran out of gas to physically get to work… They had no way to get to work if they didn’t use DailyPay to get gas for their car for the next two days to get them through to payday until their check pay arrives.

According to the Consumer Financial Protection Bureau, “Before the COVID-19 pandemic, consumers consistently paid more late fees on their credit cards each year, peaking at more than $14 billion in 2019. late fees assessed by issuers have declined to approximately $12 billion. in 2020 given record payout rates and public and private relief efforts. Even during the pandemic, late fees accounted for more than a tenth of the $120 billion consumers pay each year in interest and credit card fees. In 2021, late fees have increased again.

In March, a coalition of 19 lawyers urged the Consumer Financial Protection Bureau for ensure that lenders who buy now and pay later do not engage in practices that trap consumers in a cycle of indebtedness In a letter, they expressed concern that the industry has experienced “rapid and exponential growth” during the COVID-19 pandemic.

DailyPay says 88% of users credit the app with reducing or eliminating their use of payday loans, and an average of $292 is saved each year among people who incur overdraft fees, per a partnership report.

Urman said the same-day pay benefit provides peace of mind and a good safety net.

“I know if your car breaks down or an unexpected bill comes in, or even a vacation, that sort of thing, it’s really good for people to be able to do something right away without adding credit card debt or borrow money like payday loans where they get hit with a lot of interest,” Urman said. “It can be huge. So even though for me it might not be a weekly need or monthly, it’s good to know that if something happens, you have some sort of backup system where you don’t have to put yourself in an extra bad position.

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When Things Go Wrong – Investor Chronicle https://beyondthesixthseal.net/when-things-go-wrong-investor-chronicle/ Fri, 22 Apr 2022 12:50:45 +0000 https://beyondthesixthseal.net/when-things-go-wrong-investor-chronicle/ Its managing director, Paul Smith, knew all this. His parents, a garbage collector and factory worker, had depended on doorstep loans throughout his childhood. “If it hadn’t been for the Provvy, my siblings and I would never have gone to school in decent clothes and couldn’t have made it through Christmas,” he said in an […]]]>

Its managing director, Paul Smith, knew all this. His parents, a garbage collector and factory worker, had depended on doorstep loans throughout his childhood. “If it hadn’t been for the Provvy, my siblings and I would never have gone to school in decent clothes and couldn’t have made it through Christmas,” he said in an interview. shortly after the withdrawal of Financial foresight (PFG) had left Morses Club as the biggest lender in the market. This market, he said, is far from perfect and he called for proper regulation.

His experience relativizes the ethics of unconventional finance. It meets a social need, but it has a price. Home loans depend on agents visiting borrowers’ homes to collect small repayments. The risk and overhead are high and so the equivalent interest rate should be too – up to 500%. Pure exploitation, say critics, who say lenders force loans on people who will never be able to repay them.

Payday lenders were their first target. Unlike Morses’ business, payday loans involved hidden costs such as compound interest, fees or penalties, and a crackdown by the Financial Conduct Authority prompted allegations of mis-selling, many of which were confirmed by the ombudsman. financial. Some complaints were genuine, but many were false and it cost suppliers around £750 per complaint to respond to them. It was cheaper to reimburse them than to dispute them, which opened the door to organized touts. The blitz drove Wonga and Amigo into the ground. Provident shut down Satsuma, its payday loan arm, and decided home loan was no longer viable.

Morses, however, seemed to be riding the storm. Customers borrowed less during the lockdown, so volumes went down, but repayment rates held up. The Group moved to an operating model that reduced costs by closing offices and increasing digital loans. Its annual report last May spoke of “a transformative year”. The pandemic lockdown had proven the business to be “flexible and resilient” and the chairman was “optimistic about demand for our products and services as the economy reopens”. Lending criteria have been tightened, and although Smith warned the coming months would be difficult, he said: ‘Beyond that, there are plenty of reasons to be excited about the prospects for future growth’ .

In October, the headline for the half-year results was “steady growth and continued business transformation.” An accounting change to IFRS9 had pushed up impairments, and the removal of enhanced universal credit payments was expected to push them up. On the other hand, customer satisfaction remained at 98% and the numbers held steady at around 200,000. But soon after the start of the year, complaints started pouring in from claims management companies. and, on Thursday, February 17, Smith made a fatal error in judgment. Without telling anyone at the Morses Club, he sold shares worth nearly £200,000.

The company found out the next day, and after what must have been a hectic weekend, Morses issued a profit warning: the cost of auditing or paying claims, it said, would cut profits by 20 30% below consensus. Oh, and by the way, Smith had “resigned effective immediately.” He was not fired, which is often code for being fired, and the accompanying press release revealed his stock sale. The share price fell 63% that day, leaving the company’s market capitalization at just £15million, less than a tenth of its value three years earlier. The apparent lack of an investigation into the share sale and its timing added to cynicism about the regulator’s effectiveness.

As for Morses, the new management team is suitably optimistic, which is just as well. High inflation and benefit cuts are fueling the need to borrow, and there are fewer businesses left to respond. Companies like H&T (HAT) or Ramsdens (RFX) are there for those who have something to pawn. Those who don’t could turn to family and friends – but with 15million in this country with no savings and less than £100 in cash, they’re likely to be just as tough.

This leaves vulnerable people open to grooming by new “friends” who turn out to be recruiting for illegal money lenders. History suggests most of the victims will be women, many of whom will struggle to feed their families, and yet an estimated £15billion in means-tested benefits go unclaimed each year because people don’t realize not that they are entitled to it. This suggests government failure. It’s a shame he failed to regulate unconventional finance more effectively a year ago, as Paul Smith suggested, because promoting illegal lending certainly couldn’t have been his goal.

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NYC fights for more land trust community funding https://beyondthesixthseal.net/nyc-fights-for-more-land-trust-community-funding/ Thu, 21 Apr 2022 10:01:25 +0000 https://beyondthesixthseal.net/nyc-fights-for-more-land-trust-community-funding/ City Council Introduces Series of New Bills Aimed at Improving Access for Nonprofits to Buy Affordable Housing Dressed in bright yellow t-shirts and carrying signs that read “our land, our homes, controlled by us” and “public land for the public good”, several dozen members of New York City’s Community Land Trusts (CLTs) marched staged a […]]]>

City Council Introduces Series of New Bills Aimed at Improving Access for Nonprofits to Buy Affordable Housing

Dressed in bright yellow t-shirts and carrying signs that read “our land, our homes, controlled by us” and “public land for the public good”, several dozen members of New York City’s Community Land Trusts (CLTs) marched staged a rally at City Hall on April 14. They were pushing for Mayor Eric Adams and the New York City Council to add $3 million for CLTs to the city budget for fiscal year 2023. They were joined by elected officials, including City Council members Carlina Rivera, Tiffany Caban, Sandy Nurse and Carmen De La Rosa, as well as controller Brad Lander.

“A lot of our neighborhoods are being swallowed up by these LLCs and corporations,” council member Sandy Nurse said at the rally. “It’s a tool we have and a tool we need and we need to fund it,” she said.

Hannah Anousheh is the only person on staff at East New York CLT, which was trained in the early months of the pandemic, when the recession was increasing foreclosures in the neighborhood. “As we like to say, we were born on fire,” Anousheh told Next City.

The community land trust model keeps land ownership in the hands of a non-profit organization. The non-profit organization typically enters into a 99-year ground lease with residents, who then join a council where they have a say in CLT rules, such as admissions criteria, maintenance fees and resale values. Residents can also build capital while paying the ground lease, but this capital is limited because the resale value of the home is usually capped to keep it affordable for the next resident.

Anousheh says each of the city’s CLTs received about $98,000 in fiscal year 2022. That was not enough to hire several staff members while covering other administrative costs. That’s why last Thursday’s rally calling on the city to double its CLT funding highlighted representation from four of the city’s five boroughs, including the East Harlem El Barrio CLT and the Cooper Square CLT, the city’s first. .

They also include Western Queens CLT, which seeks to reclaim a building originally planned to become Amazon’s headquarters in Long Island City. The Department of Education-owned building could be a hub for local businesses, manufacturing jobs and low-cost artist spaces, say members of the Western Queens CLT. Rally attendees also included the Bronx CLT, an offshoot of the nonprofit Northwest Bronx Community and Clergy Coalition (NWBCCC). East Bronx CLT work to get the vacant Kingsbridge Armory, among other spaces.

“CLT’s efforts are actually the result of tenant organizing efforts to make sure we’re not just fighting back, we’re thinking of ways to take control of the buildings,” said Edward Garcia, a NWBCCC community organizer in Next City.

Anousheh says the Eastern New York CLT has yet to acquire land but has been involved in actions to acquire more properties for the land trust, including the Cancel the Tax Lien Sale campaign, which has pushed to the acquisition of tax-delinquent properties by non-profit organizations. . (While legislation allowing the sale of the city’s tax lien for another four years has not been renewedAdams did not commit to transferring indebted properties into land trusts, as East New York CLT wanted.) With additional funding, Anousheh says they could hire more administrative staff, including a director of the organization and a director of operations, to interest more neighbors. CLT.

“In order for each CLT group to independently hire a staff member, we need that,” she told Next City. “It’s on par with other organizing coalitions.”

Carmen De La Rosa is a council member representing District 10, which covers Marble Hill, Washington Heights and Inwood in Upper Manhattan. She told Next City that many longtime members of her district’s predominantly Latino community are hungry for solutions that will stabilize their neighborhoods, which face continued displacement risks. She says the risk has been heightened by controversy rezoning 2018 of Inwood, one of nine city neighborhoods that had been rezoned during Bill de Blasio’s mayoralty. This rezoning was intended to increase housing production by allowing developers to build taller apartments in return for a mandate that 25% of all units remain affordable. But one report of the Association of Neighborhood and Housing Development found that these types of neighborhood-wide rezoning did not produce as high a ratio of affordable units as non-rezoned neighborhoods.

“One of the things that seems really palpable to me is the lack of affordability, especially when rezonings come into play,” De La Rosa told Next City. “So I support the community land trust model because I believe we are returning ownership to our communities.”

While there is sometimes skepticism about community land trusts from communities that have been cut off from formal means of wealth creation like home ownership, De La Rosa says people in her community are more focused on the short-term project of stabilizing their neighborhoods.

“The conversations that are more pronounced in my district are conversations about displacement and gentrification, and not necessarily the conversation about generational wealth creation,” says De La Rosa. “Most people in our community are heavily burdened with rent and can’t even think beyond their homes. They can’t even afford the apartments they live in.

The rally took place the same day council member Carlina Rivera presented legislation intended to support community land trusts. Among those bills was the Community Opportunity to Purchase Act, citywide legislation that would alert nonprofits when buildings were being sold and give them the first opportunity to purchase them. Another bill would exempt CLTs from having to advertise on the city’s affordable housing portal, a mandate that has been criticized as costly and burdensome. Because of a 2018 straightunits that are not registered on the Housing Portal within 18 months are subject to fines of $2,000 per month.

“Local Law 64 imposed a ‘one size fits all’ admissions process that is costly, punitive and inconsistent with CLTs,” Cooper Square Mutual Housing Association director Dave Powell said in a statement supporting the Rivera’s bills.

Last year, the city’s CLTs asked for $1.5 million to be added to the fiscal year 2022 budget, which they has received. While $3 million would allow the city’s CLTs to significantly increase their staff, that money would not be set aside to acquire new properties. Proponents hope to increase their demands in future budgets. Councilman Charles Barron, whose district covers eastern New York, said at Thursday’s rally the real demand should be $1 billion, to laughter and agreement.

“I think we should at least start with $10 million. After getting the $10 million, then the billion dollars. And we can do that because there’s a municipal budget of $104 billion, a state budget of $220 billion,” Barron said. “Damn, you can give us a billion dollars.”

Roshan Abraham is Next City’s housing correspondent and a former Equitable Cities Fellow. He is based in Queens. Follow him on Twitter at @roshantone.

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