1 / 14

Habitat for Humanity Of New Castle County

Habitat for Humanity Of New Castle County. After. Before. Providing Affordable Housing Opportunities. Delaware Housing Facts. Cost Burdened households in Delaware 36% Twenty four percent are paying more then 50% of their monthly income in housing cost

kamuzu
Download Presentation

Habitat for Humanity Of New Castle County

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Habitat for Humanity Of New Castle County After Before Providing Affordable Housing Opportunities

  2. Delaware Housing Facts • Cost Burdened households in Delaware 36% • Twenty four percent are paying more then 50% of their monthly income in housing cost • Each year the number of households affected continues to rise

  3. Living Wages • Fair Market Rent for a 2 bedroom Apt in DE is $970.00 • The housing wage to afford a two Bedroom apt is $18.65 an hour • A minimum wage worker in DE will need to work 103 hours per week to afford a 2 bedroom FMR

  4. Consumer Awareness • Education – gross vs. net pay • Getting back to basics • Banking Relationships • Community Awareness

  5. Habitat for Humanity of NCC bridging the gap in affordable housing HFH NCC builds affordable housing at no profit through a combination of volunteer labor, sweat equity and no-interest mortgages. We strive to develop and empower individuals and communities through the construction of simple and decent homes.

  6. A Hand up not a Hand Out • Counseling • Support Mentor • Hands on Construction Training • Goals • Continuing Education

  7. Habitat Homes • Energy Star Rated = Lower Energy Bills, No Drafts, • More Energy & Cost Efficient house. • 2 & 3 bedroom town homes • New Whirlpool refrigerator and stove • Dishwasher, over range microwave, washer and dryer • Storage space in crawl space area and in attic • Laminate Wood Flooring on First Floor • Wall to wall carpet on Stairs and Bedrooms • New Kitchen Cabinets • Low Maintenance Exterior, all wood is wrapped with • Aluminum.

  8. Bedrooms Master Bedroom Second Bedroom

  9. What does Habitat look at? • Credit history i.e., how much debt you have (collections, etc.) • Lien search • Employment reference • Landlord reference

  10. How Habitat selects families • NEED for Adequate Shelter • ABILITY to Pay • WILLINGNESS to Partner

  11. NEED for Adequate Shelter • Substandard Housing Conditions: • House in disrepair or does not meet building code • Over-crowded • 50% or more of income on rent • Housing need versus other applicant’s housing need • Turned down for conventional financing

  12. ABILITY to Pay • Credit report (Decent credit is all that is needed) Can you realistically • pay off all your delinquent debt within 9-12 months! • Reside or Employed in Delaware (1 yr) • Employment verification (1 yr) • Gross Income within guidelines • Landlord reference • No bankruptcy for 1 year • Debt analysis (Pay debt off within 9-12 months).

  13. Habitat Mortgagevs Conventional Mortgage Habitat Mortgage Conventional Mortgage • No Interest Mortgage, 0% • Best Interest Ever! HFH • sells based on house size example 3 bedroom $143,000.00 • Habitat House Cost over • life of loan = $146,700.00 • Habitat will finance settlement • cost • Monthly Mortgage Payment • 30 yr. Loan = $407.20 does • not include escrow. • Homeowner mortgage payments • used to build future HFH homes • 4.0% depending on your credit • Conventional Loan on • $135,000 at 4.0% for 30 yrs. • $232,023.83 • Closing cost required at settlement $10,000.00 • Monthly payment = $644.50 • does not include escrow. • Interest paid over 30 years $97,023.83

  14. Questions Beverly Ward Director of Family Services 652-0365 x 105 bward@habitatncc.org

More Related