Applicants must show a specific need for decent affordable housing, have a family income of no more than 60 percent of the country’s Housing and Urban Development median income and no less than 45 percent according to the size of the family. They must be a family that has lived, worked or worshiped in the towns of Andover, Baltimore, Chester, Cavendish, Grafton, Ludlow, Springfield, Weston, Weathersfield and Rockingham for the past year.
The participating family will assume an interest-free mortgage of approximately $85,000 with payments spread out over 20 to 30 years. Completed applications must be received by May 31.
For more information call 885-5552 or 885-6440 or email grtvt@comcast.net. Website: http://vthabitat.org
It seems to me that for at least half the people of Springfield, Habitat is the only way they'll ever be able to afford a home! More power to them.
ReplyDeleteOne of the interesting things about the program is that financially Habitat becomes self-sustaining once it has ten homes under its belt. Does anybody have more information about that?
I don't see how it can be self sustaining when the charge zero percent intrest rate on the mortgage.
ReplyDeleteIt becomes self-sustaining since the initial purchase price of the houses are low. Renovations are usually done by volunteers with donated materials. Once enough homes are mortgaged that revenue can pay for the next round of houses. I believe that's the business model for Habitat. It kinda of operates like a pay-it-forward savings and loan.
ReplyDeleteThanks, 6:51. It also explains why the Habitat project directors aren't driving around in Cadillacs, I suppose... More power to the program!
DeleteWhy am I not surprised that David Yesman is the president of Springfield Habitat for Humanity. There are plenty of homes available on the market for far less, but these people muscle their way to the front of the line for potential buyers. I've had a lovely home on the market for TWO YEARS for far less than $85k and paid for all materials out of my pocket and done the improvements myself.
ReplyDeleteSo who pays the property taxes, which are at least equal to the mortgage these days? Or was that "taken care of" too?
I can assure you friend ^, nothing is "taken care of". In exchange for the interest free loan, Habitat families are required to put in sweat equity hours when building their homes, many of them building themselves due to lack of a support system. Habitat families also volunteer for the organization during bake sale's and fundraisers, building new homes and rehabilitating older ones. Habitat families and volunteers in Springfield mimic a true sense of community and others should follow suit. Sounds to me like you need to do some more research and maybe find a new real estate agent :)
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