35th anniversary of BLACK ENTERPRISE, with the publication of our August 2005 issue. We wanted to demonstrate our commitment to the No. 1 principle of our Declaration of Financial Empowerment (blackenterprise.com/wealth/wbk.asp), to use homeownership to build wealth, by offering a $10,000 prize to a first-time home buyer, upping the ante of our monthly Wealth Building Contest prize of $2,000. More importantly, we wanted to inspire our readers to move beyond their dreams of homeownership, to take the action necessary to make it a reality. Mission accomplished: the inaugural contest was such a big hit last year — generating nearly 1,000 entries in just six weeks — that we’ve decided to do it again. While only one entrant could claim the $10,000 prize (our editors chose James and Kimberly Papillion of Baton Rouge, Louisiana), hundreds of contest entrants became winners by successfully buying their first homes.
This year, we’re expanding the entry period to give more of our readers a chance to enter the Own Your First Home Contest. From July 10 to Sept. 1, readers can log on to blackenterprise.com to apply for a chance to win $10,000 toward a home down payment. The contest winner will also be profiled in an upcoming issue. The contest is limited to first-time home buyers who meet the credit requirements to qualify for a mortgage. In addition, entrants must write a brief essay about their pursuit of home ownership.
Closing the wealth gap between black and white households remains at the heart of the BE mission. And homeownership is the foundation of individual wealth for most Americans. We will continue to provide the information and inspiration to help you to navigate the journey to first-time homeownership, whether via articles in the magazine, live appearances by editors at homeownership conferences, interactive links and calculators at blackenterprise.com, or BE Keys to a Better Life nationally syndicated radio reports. However, it’s up to you to take the first step to explore your options as a first-time home buyer. Make today the day you decide to prepare for a home to call your own.
For contest rules, log on blackenterprise.com today.
— The Editors