By Ann Austin, Tribune staff writer

It has been said that land is the very measure of man’s worth. Since most people don’t tend to buy land alone these days, homes could be considered the new measure of one’s worth.

Owning a home, as opposed to renting one, is beneficial for many reasons, including the ability to build equity, owners’ freedom to paint or decorate any way they please, ability to own pets, and gained independence, according to Julie Ackland, family housing specialist and instructor of Homesteps.

The Homesteps program began approximately three years ago in Mankato and branched out to the Austin and Albert Lea area about a year ago. The program offers people the chance to own their own homes, who would otherwise be tied into paying rent for many years. Through Homesteps, many people can pay less for a home than what they currently pay for rent, Ackland said. There are already programs offered by the Minnesota Housing Authority for first-time home buyers &045; Homesteps is intended for people who are currently in subsidized housing &045; to give them the opportunity to build some equity and open spots for others to benefit from subsidized housing.

New homeowner Serena Brown is the first person in Albert Lea reaping the rewards of the Homesteps program. She had been renting, but was concerned about the money she was losing every month. One of Brown’s goals was to own a home, and the Homesteps program seemed like a great opportunity.

According to Brown, so far it has been. She is already paying less money than she was for rent and has more room, privacy, a better location, and the ability to personalize her home.

&uot;I have a lot of plans,&uot; she said.

Brown works a part-time job and is single. She pays only $292 each month including property tax, homeowners insurance and recycling. To be approved for her loan, Brown had to have a steady job and save up $1,500 to give to the lender. But it was worth it. Her old apartment had one bedroom and limited space; her new house has two bedrooms and an office, and is about three times larger than the apartment.

&uot;I don’t live in a box,&uot; she said. &uot;Everything you do builds up equity.

&uot;You’re paying for something you get to own,&uot; she said.

To participate in the Homesteps program, people have to be currently living in some form of subsidized housing, or renting from the Albert Lea Housing Authority. Housing units in Albert Lea that apply include: Northbridge, Gray Gables, Pickerel Lake and Channelview apartments.

Acquiring a home involves many steps. Interested parties should contact Ackland, and she will send out an application. Applicants will then attend 18 hours of classes &045; six nights for three hours each. The classes educate about money management and budgeting, credit problems and how to correct them, the loan process, and fix-it plumbing and heating tips.

&uot;They’re getting real educated when they’re through,&uot; said Ackland. &uot;It helps to be knowledgeable when you’re buying a house.&uot;

Once they are finished with the class, students will receive a certificate which they may bring to Pioneer Bank in Mapleton to have loan officer Denise Nienow analyze their situation. Once pre-approved for a loan, applicants can search for a home and notify Ackland when they have found one they would like to buy. Ackland will then send over an inspector to assess the home and see if there needs to be any improvements.

So far, Homesteps has graduated 39 and found five people new homes. More classes will be offered in July. There is no charge for the Homesteps classes.

Brown offers some advice to those who are looking for some room to grow. &uot;Be patient,&uot; she said. When looking for a home, be sure it’s going to work for you. &uot;You’re making a commitment for 30 years; you want to be sure it will work for nine to 10 years,&uot; she said.

For more information, contact Julie Ackland at (507) 433-1866, or e-mail jackland@austinhra.org.