Legacy 2015 Miami: Top Black Educators Issue | Page 12

MONDAY, AUGUST 31, 2015

ADDITIONAL PAGE FOR THE DIGITAL VERSION OF LEGACY MIAMI BY MIA MEDIA & COMMUNICATIONS GROUP

BB12

PART 2 OF A 3 PART SERIES
By Zach Rinkins
…Continued from page 11

Overtown: The Land of Possibilities

“Though
gentrification is
a scary concept
for some,” Woods
says, “the right
approach can
provide inclusive
benefits.” “While
surveying the
Clarence Woods, III
CRA boundary,
SE0PW CRA
we noticed a lack
Exec. Director
of human capital
needed to help the community prosper,”
he said. “Buildings are not the soul of a
community, the people are. We continually
invested in helping residents gain access to
employability skills and technical assistance
for businesses.” SEOPW CRA human capacity
investments included: the Hospitality Institute
Job Training and Job Placement Program;
Business Capacity Building Program; Cultural
Tourism Institute; Career Development
Institute; and The Overtown Beautification

MONEY MANAGEMENT
By Gerald Grant, Jr.
September is Life Insurance
awareness month, and I strongly
recommend that you take this opportunity
to review your life insurance with your
Life Insurance Professional. In my
book Bold Moves to Creating Financial
Wealth, I emphasize the importance of
having adequate life insurance coverage.
As Director of Financial Planning for the
South Florida Branch of AXA Advisors, LLC,
I attest to the fact that most people’s main
concern is to “protect their loved ones”,
when they are no longer there to do so.
The most frequently asked questions
are: Do I have adequate life insurance? Do
I have the right type of life insurance? A
thorough review of an individual’s life
insurance usually reveals that people are not
aware of the different types of life insurance
available to them, and that they do not carry
adequate life insurance coverage.
While reviewing an individual’s life
insurance coverage, it is often discovered

Team. The agency
also commits funds
for its future.
“We are
happy to be
strategic partners
with the CRA and
its redevelopment
plan,” said
Commissioner
Saliha Nelson,
Keon Hardemon
Vice President
SEOPW CRA, Chair
of URGENT,
Inc., a youth and community development
organization. URGENT, Inc. (www.urgentinc.
org) operates several tutoring, personal
development and life enrichment programs
for area youth. Among those programs is
the Commissioner Keon Hardemon/SEOPW
CRA Summer Youth Training & Employment
Program. “I want to be clear. URGENT, Inc.
will never prepare our children to accept
poverty. We remain committed to giving them
the exposure, resources, and tools necessary

to enjoy all of the opportunities available to
them,” Nelson asserted. The organization is
just one of the many initiatives designed to
spur holistic and inclusive revitalization in one
of the county’s oldest communities. “I admit
SEOPW CRA INCENTIVES

we have not done the best job of marketing
our efforts,” Woods said. “I don’t believe in
bowing until your work is finished.”
Here are some of the grant and
incentive opportunities.
SELECT REQUIREMENTS

DIRECT GRANT PROGRAMS
Applicants may submit unsolicited funding
proposals for capital improvements for up
to 50% of the total capital project costs.
Maximum project funding $250,000.

• Funding restricted to multifamily
developments and commercial properties.
• Property must be tenant occupied or
include a business plan for immediate
occupancy of the project site upon
issuance of Certificate of Occupancy.

TAX INCREMENT REBATE PROGRAM
Applicants seeking to develop an
unimproved property may submit funding
proposals to retain the proportionate
share of the tax increment revenue to be
generated from the improved property.

• All projects must be consistent with the goals
and objectives in the Redevelopment Plan.
• The applicant must pay all applicable real
estate and other taxes.
• Maximum funding is typically capped at 50%
of the tax increment revenue generated by
the property. Any request beyond the 50 %
cap will be reviewed on a case by case basis.

For more information, log on to www.MiamiCRA.com/SEOPWCRA.

Life Insurance Awareness
that some people acquire life insurance
to cover funeral expenses, others to
pay-off debts, all in the best interest of
their families. However, an area that is
sometimes overlooked is the need for
life insurance to cover living expenses.
Imagine a household where both
individuals work; if one of them dies,
it may be difficult for the other person
to cover all expenses with one income.
Clearly, life insurance in this case
is inadequate.
With regards to the questions about
the right type of life insurance, you should
look at your life insurance from two points
of view: What are my short-term and
long-term needs and how much coverage
can I afford?
There are five major types of life
insurance:
Level Term Insurance generally has a
low initial cost, does not build cash value,
and the coverage becomes less affordable

at older ages. It is appropriate for owners
who have a temporary life insurance need.
Permanent Life Insurance policies
have the ability to accumulate cash
values. Access to cash value can be
executed through loans or withdrawals.
Some of them allow premium payment
flexibility. Some policies have the option
of increasing or decreasing their face
value. Cash value growth is determined
differently, on each type of policy. The
four major types are:
• Traditional Whole Life
• Universal Life
• Indexed Universal Life
• Variable Universal Life.
Take this as an opportunity to meet
with your Life Insurance Professional
to review your current life insurance
coverage and determine if it is sufficient to
protect you and your family and whether
Permanent Life Insurance is a better option
for you.

Gerald Grant, Jr.
Registered Representative
of AXA Advisors, LLC
Gerald Gr ant, Jr. is a Registered Representative
of AXA Advisors, LLC (212-314-4600), member
FINRA/SIPC and an agent of AXA Network,
LLC. This article is intended for general
informational purposes only. PPG-106339 (08/15)
(exp.08/17)106339 (08/15)(exp.08/17)