This study examined age, gender, and subjects' realistic perceptions of control as potential moderators of the effect of community violence exposure (victimization and witnessing) on children's hopes for the future. Home interviews were conducted with 99 children ages 8 to 12 years living in high violence areas of a large southeastern city. Ninety-nine percent of the sample was African American. A significant three-way interaction between victimization, realistic perceptions of control about controllable events, and age indicated that, although all younger children experienced a decline in hope as victimization increased, those who were able to accurately assess the controllability of controllable events experienced a much smaller drop in hope. A similar decline was found for older realistic children. However, older children who were unable to assess accurately the controllability of controllable events experienced a small increase in hope as victimization increased. (MDM)