Baldwin House Debt Free Futures!
Baldwin House is launching a “Debt Free Futures” campaign, enabling resident payments to go to upkeep and community programming, not interest payments on a loan
Baldwin House is an affordable housing cooperative and mutual aid hub in DC’s Columbia Heights/Shaw neighborhood. For two years, neighbors organized—successfully!—to purchase an apartment building, averting displacement and reducing rent burdens. In May 2023, we made the purchase with an almost even split between a bank loan, and community investment (through donations and no-interest loans from community members).
Today we are launching the Debt Free Futures campaign, to pay off the bank loan on the building. Our Debt-Free Futures campaign will allow tenant-stewards’ monthly housing charges to go to maintaining the building as a beautiful, safe, and welcoming space, rather than to interest payments. It means that the cost of housing at Baldwin House will be tied to the expenses of upkeep rather than to a purchase price set by the housing market.
As a native Washingtonian, I know I want to be in DC forever. And, given my good stable income, I know that I can stay in DC if I want to. More than that, I own my condo which means that my expenses (with my 30 years mortgage) are stable and not likely to change much for the next three decades. The same can’t be said for those renting – rents in DC have gone up aggressively. It’s unfair that my expenses, as an owner of my condo unit, are relatively stable while renters face dramatic increases. And further than that, I benefit hugely from the equity I’m building and also the increase in value of the condo over the years. This is why I organize with Baldwin House to create more tenant-owned affordable housing, and also why I am a monthly donor to Baldwin House.
How much do I give? 10% of the monthly costs for my condo.
I invite you to join me in pledging 10% of what you spend on housing each month to Baldwin House.
What is the Debt Free Futures campaign?
We are launching a campaign to build a future for the Baldwin House Cooperative that is free from banks and traditional wealth-building which relies on perpetually increasing property values. Our goal is to raise another $2 million to pay off our bank loan by Juneteenth 2024—Baldwin House’s three-year anniversary. This means raising $500,000 by the end of 2023 and another $250,000 per month next year. We know this is a daunting task, but we have experienced the power of radical optimism that lies within our communities. This is how we are going to create long-term affordable housing, a debt-free future, and a supportive community resource.
How did we make it this far?
Leading up to May 2023, neighbors raised almost $2 million both through hundreds of small donations and through low- or no-interest loans for larger amounts. This $2 million in community investment resulted in $2 million we could avoid borrowing from a bank. The project truly would never have been possible without the robust and fervent support from real neighbors, friends, and community members who believe in the promise of Baldwin House. So, naturally, we are turning to our community again to achieve a lasting debt-free future for the cooperative.
Less debt means tenant-stewards and our broader community of organizers can focus on efforts like creating neighborhood programs to engage local youth, strategizing to fight displacement elsewhere in DC, exemplifying eco-friendly and sustainable living, and so much more.
Thank you so much for sharing our belief in a better DC community, a better world, and a better future. We hope to see you at our new space! If you would like to get involved in our organizing, please send us an email at baldwinhousecoop@gmail.com
Together, we will win.
You’re Invited!
You’re also invited to our upcoming virtual event! Join us on December 7th at 6:30pm to hear about the power of cooperatives being debt free and obtaining financial sovereignty.
Register here: bit.ly/BaldwinHouse23
In solidarity,