How Do We Do It?
It is only through the generous support of the Community that we have been able to house seven families. Successfully fulfilling our mission, two of our families have gone on to purchase homes of their own which allowed us to continue the process of housing more families. More builds are in our future with the help of our community. We are committed to being accountable to this Community who has made it possible for our success. Considerable time and effort has been made in writing policy to protect the Foundation and the Community investment.
We are accountable for the families that are chosen to purchase the homes. The Family Selection Committee has developed a comprehensive family selection policy that uses a points system to gauge the need of the families. A criminal record check, letters of support, employment history and a series of interviews with financial and psychological experts are some of the tools the Selection Committee uses to determine eligibility. The selection process is anonymous and the name of the family is not revealed until the board has made their decision.
The families are buying the home from the Foundation at cost by way of an interest free mortgage. In lieu of a down payment they are required to complete 500 volunteer hours. The families are also required to qualify financially. They must have good credit scores - indicating they have a history of paying their bills, they must be gainfully employed - indicating that they have the ability to pay their bills, they must have secure employment - indicating that they will continue to pay their bills, and they must have very little other debt - indicating that they are victims of the economic boom and not merely have a habit of overspending.
The mortgage terms have been carefully considered to prevent abuse of the generous community support. The mortgage payments are approximately $650 per month for a period of 25 years. In the event the family decides to sell the home before it is paid in full the Foundation has reserved the right to purchase it back for exactly what the family has paid into it. The home will then be re-sold by the Foundation to another family in need.
We are accountable for the families that are chosen to purchase the homes. The Family Selection Committee has developed a comprehensive family selection policy that uses a points system to gauge the need of the families. A criminal record check, letters of support, employment history and a series of interviews with financial and psychological experts are some of the tools the Selection Committee uses to determine eligibility. The selection process is anonymous and the name of the family is not revealed until the board has made their decision.
The families are buying the home from the Foundation at cost by way of an interest free mortgage. In lieu of a down payment they are required to complete 500 volunteer hours. The families are also required to qualify financially. They must have good credit scores - indicating they have a history of paying their bills, they must be gainfully employed - indicating that they have the ability to pay their bills, they must have secure employment - indicating that they will continue to pay their bills, and they must have very little other debt - indicating that they are victims of the economic boom and not merely have a habit of overspending.
The mortgage terms have been carefully considered to prevent abuse of the generous community support. The mortgage payments are approximately $650 per month for a period of 25 years. In the event the family decides to sell the home before it is paid in full the Foundation has reserved the right to purchase it back for exactly what the family has paid into it. The home will then be re-sold by the Foundation to another family in need.
