Partnerships Building Homes and Hope
Habitat provides the opportunity for home ownership to families who wouldn't, because of income level, qualify for a mortgage with a lending institution. Families with an income as low as $1,300 per month can become Habitat homesteaders. Habitat makes no profit on the homes it builds and provides a no-interest mortgage loan for homesteaders. The cost of each construction project is $60,000. Monthly mortgage payments are approximately $450 per month and include an amount that is held in escrow for real estate taxes and property insurance. The principal portion of homeowners' mortgage payments is recycled back into the fund to build more and more houses.
Habitat families work with other volunteers in the rehabilitating or building of their home - putting in 500 partnership hours as a "sweat equity" down payment. Having to invest this amount of time in the actual building of their house or other Habitat houses, families take ownership and pride in their homes and neighborhood. Ours is a "hand up" not a "handout" program.
Here's what we're up against ...
Here's what we're doing about it ...
