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How It Works
DuPage Habitat builds and sells homes to working families
using the funds and volunteers provided by corporate, faith-based and
individual sponsors. Habitat homes are not given away, nor are
they earned solely through 'sweat equity.' Homes are
built by volunteers and partner families then sold to
the families
on the basis of need, ability to re-pay a 30-year mortgage, and a
willingness to invest 250 hours of 'sweat equity' labor in Habitat's work.
How do we make Habitat homes affordable? We calculate the mortgage based
on the family's income and not by the home's market value. We don't make a
profit on the home and no interest is charged on the 30-year mortgage. The
affordable mortgage payments the families make are deposited into a Fund for
Humanity, which helps pay for the construction of more homes. Habitat
families also pay property taxes and homeowners' insurance.
Building Community
Because DuPage Habitat owns the mortgage, we maintain a long-term
relationship with our partner families. The Habitat mortgage requires
families to keep their homes in good order, prohibits renting of the home,
and also protects Habitat's investment through structured equity sharing.
We work with partner families to help them gain the skills they need to meet
these goals. Habitat also keeps the right of first refusal to purchase a
home back if a homeowner wants to sell their home.
Continuing Our Work
We need your help to continue this valuable work. DuPage Habitat does not
sell our mortgages to a bank, which means that every time we build a home,
we must raise ALL of the funds needed to develop it. In wealthy DuPage County,
we typically must raise $200,000 per home - the bulk of which goes to fund
land costs. We also need
donations of new products and services to keep development costs as low as
possible.
Habitat for Humanity brings together businesses, churches, civic groups
and individuals to build attainable, affordable housing for our community's
working families who just need a little Hand Up.
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