Acting as the mortgage holder, Habitat provides up to a 30-year zero-interest loan. This allows homebuyers to have affordable house payments while providing Habitat with a steady source of funds to continue building homes for qualified homebuyer families.
Not only are we passionate about building affordable homes, we believe in keeping them affordable for families once they move in. By being wise about green building, we include only what will be most beneficial to families. This creates a healthful environment and drastically reduces energy and water use, saving Habitat homeowners thousands of dollars. For a family of four living on $30,000 a year, reducing their utility bills by $100 a month goes a long way in helping them be successful in their home.
When a family’s health improves, it reduces sick days so parents perform better at work and children learn more at school. When children don’t have to enroll in a new school year after year, their grades and social skills improve. As homeowners, parents set an example of personal responsibility when they shift from dependence on landlords and take pride in caring for their own property. In many ways, owning a home helps a family establish economic stability. Families can rely on a steady mortgage payment as opposed to rising rent costs. The home quickly becomes a financial asset as it begins earning equity. It also allows homeowners to support to the local economy as active taxpayers.
Habitat for Humanity ReStores sell new and gently-used building materials and home improvement products. The proceeds from our two Kent County locations go to our affiliate to support local Habitat families. Since opening in 2004, nearly 4,000 tons of material has avoided the landfill by being donated to our Kent County ReStores.
Before we celebrate the groundbreaking of a home, Habitat has the funding in place and has identified a home to live in it. Through grants, donations, homeowner mortgage payments and ReStore funds, we are able to maintain financial sustainability. This prevents Habitat from borrowing money for building and ensures each home has a family to live in it when construction is complete.