Thursday, December 23, 2010

Habitat for Humanity receives $220,000 award

The Department of Local Affairs has announced that $220,000.00 in HOME Investment Partnerships Program(HOME) funds have been awarded to Habitat for Humanity of Colorado for the following project:

Habitat for Humanity of Colorado will receive a grant of $220,000 to help local affiliates acquire lots, develop infrastructure, and/or build 20 single-family homes affordable to households earning 25% to 50% of the Area Median Income. The funding request also includes $20,000 for grant administration and technical assistance to affiliates. Habitat homes are typically single-family dwellings built with no garage, carport or basements. They are generally about 1,200 square feet with three bedrooms and two bathrooms. In some cases, due to local jurisdictions’ requirements, Habitat homes do exceed these standards of simplicity (ex. they might include a garage).

Some affiliates are also acquiring and rehabilitating existing homes. Habitat uses grants, donations and sweat equity to keep the cost to build the home down and to also keep the first mortgage affordable to the homebuyer. The difference between the first mortgage and the appraised value of the home is recorded as a second mortgage and is forgivable over time.