Habitat provides capital to buy
land and build homes for families in our community who are in need of a home,
but who cannot qualify
for conventional financing. Habitat raises the money for the house
in the community and then makes a no-interest loan to the purchasers of the
house and the land. Habitat as a builder of affordable housing is unique
in several ways:
- Homeowners and volunteers build in partnership. The homeowner family makes a down payment and monthly mortgage payments and invests 300 hours of "sweat equity" (construction labor) in building its house and the houses of others.
- Homeowners are charged no interest on their mortgage and Habitat makes no profit on the sale. All money from mortgage payments are used to build more homes.
- No government money is used. Funding sources include individuals, churches, corporations and civic groups. Much of the material needed to build each house is donated. Habitat in a non-profit corporation qualifying under 501 (c)(3) and all contributions are tax deductible.
How does the family selection
process work?
At the time Habitat is beginning the construction of
a new house, prospective homeowners can complete an application. Members
of the family selection committee consider the following criteria in a confidential
process.
Willingness to be a partner with Habitat:
Homeowners
must demonstrate a willingness to be supportive of Habitat's mission both
before and after
they take possession
of their respective new
homes. Being a supportive partner of Habitat involves the family's
commitment to complete 300 hours of "sweat equity" toward the construction
of theirs and other Habitat homes.
Need for a new home:
Through a comprehensive, criteria-based inspection of a prospective
homeowner's home, the Family Selection Committee determines whether the prospective
homeowner's current housing is substandard.
Ability to pay for the house:
Through credit references and verification of income, prospective
homeowners must demonstrate the capacity to afford the no-interest mortgage
payments and to make those payments on time.
Applicants should also be residents of Kirksville for at least
one year.
Special thanks to Teresa Cody for contributing parts of the text for this page.
