Habitat for Humanity of Lincoln County homeowners help to build their own homes.
Habitat homes are not free. The home is sold to the partner family with an affordable mortgage. In addition, each Habitat partner family must put in several hundred hours of “sweat equity,” helping to build others’ homes as well as their own. The sweat equity requirement involves families in helping others, and teaches them skills they can use later in maintaining and repairing their home. Families who turn to Habitat are typically struggling with substandard living conditions, coping with a high crime environment, are in overcrowded housing, and paying too much of their low incomes for rent. They come to Habitat looking for stability, opportunity and hope. Habitat for Humanity offers all those things, and more.
We target families whose annual income falls approximately within 40-70% of the Area Median Income as determined each year by HUD. The percent of AMI may vary slightly from year to year depending on available funding and grant requirements (currently set at 45-60%). Habitat underwrites or facilitates an affordable loan to our partner families.
Habitat for Humanity homes provide families a foundation on which they can build long-term financial security. Ultimately, we build much more than houses – the impact of home ownership is profound and lasting. Children’s educational performance, employment success, and life satisfaction are all improved through home ownership.
Habitat homeowners come from many walks of life. They are clerical workers, housekeepers, retail workers, teachers, childcare assistants, taxi drivers, food service workers and industrial production workers, to name just a few. Habitat homeowners have the vision and fortitude to sacrifice their time and personal comfort to give their loved ones a safe, stable place to live.
We’re committed to a building homes that are affordable to families and individuals living on low incomes – not just today, but for generations to come. Our new permanent affordability model will allow Habitat homeowners to continue building equity in their homes, while also ensuring that the home is affordable to the next buyer. This is made possible through a land-lease program where HFHLC retains ownership of the land, combined with a predetermined resale formula. Should the homeowner decide to sell, the formula allocates a portion of the change in appraised value to the homeowner. HFHLC manages the sale so the next low-income buyer can afford to purchase the home.