Each Sunday, as I make the tithes and offerings appeal at the Greater Allen A.M.E. Cathedral, I challenge the congregation to tithe one tenth of their income to the church, and one tenth to themselves to create a savings account for the purchase of a home.

The Tithe For God’s Work

The tithe to the church is spiritually based (Deuteronomy 26-27). The people of God are admonished to give one tenth of their harvest so that the priest can maintain the temple and have money to tend to the needs of the poor.

By following this mandate, Allen Cathedral has been able to make significant investments in the Southeast Queens Community. It has developed, managed, built on and controlled more than $50 million in real estate. The projects include the 500-seat Allen Christian School, 27 commercial properties, senior center, affordable houses for first-time home buyers, and the 2,500 seat Cathedral. It also reflects the church’s investment in a number of ministries and programs, all of which serves the needs of the community.

The call for individuals to invest in themselves is an attempt to increase awareness of the need to save and to become homeowners.

The Tithe As Home Work

The Fannie Mae Foundation — of which I am a board member — has done studies that indicate the staggering gaps between homeownership of whites and minorities. White homeownership in America is approximately 72 percent, while blacks own at a rate of 45 percent, followed behind by Latinos at 43 percent. These numbers indicate that there is a great economic difference among these groups, because homeownership is one of the most significant determinants of wealth.

A home represents one of the largest assets in most portfolios. Therefore, minorities must increase home ownership if the economic gap is to be closed.

In many instances people are paying as much in rent as they would on a mortgage. However, they are unaware of the products that are available to make it possible for them to become homeowners.

Fannie Mae and Freddie-Mac as well as most banks and lending institutions, now have low-doc and no-doc programs.

These programs essentially mean that many of the traditional documentations that were necessary for loan qualifications in the past are no longer required. Additionally, there are many programs that require little or no down payment.

The Home Team Dream

All Americans still share the dream of becoming a homeowner, therefore everyone who is eligible should take advantage of the programs that are available.

To own a home is to invest in an asset that appreciates over time. The equity and tax deduction interest make it a valuable tool in wealth creation. Rent payments are not tax deductible, nor do they build equity. In the long run, you are actually investing dollars in someone else’s property that could more readily benefit you. It is the same money that you are spending, the difference is that the benefits accrue to you as a homeowner.

Another benefit to you as a homeowner is the ability to stabilize your family and enhance community development. Studies indicate that home-ownership families are generally more stable because they are not as transient as renters. These families establish roots in a community, become voters and involve themselves in community and school events.

In talking to homeowners who purchased some of the 166 homes built by the Allen Cathedral, I heard their excitement because, for the first time, they have a place to call their own home.

Homeownership is also good for community development.

Some residents may complain about the increased density, but they fail to realize how much more valuable their property has become because the empty lots which once housed illegal dumping have become productive, tax generating land.

And the changing aesthetics has also been noticed by commercial developers who have begun to invest in business development.

In the final analysis, homeownership is valuable.

It is a winner, evident in the raised level of self-esteem of the average homeowner.

It is valuable to this community.

It helps to raise tax revenue for the city, state and nation.