Apr 26, 2013 1:58 PM
Many of you might be familiar with Habitat for Humanity – whether it’s nationally, internationally or locally. It’s not uncommon to hear about the work that other Habitat affiliates are doing across the country and around the world — we love being part of a much bigger movement in affordable housing. But we also want to share the “behind-the-scenes stuff” with you, in addition to the safe and affordable homes you see being built.
So, here’s a look at the Habitat model of homeownership:
- Habitat for Humanity Vancouver Island North works with lower-income partner families who would not otherwise be able to afford a conventional mortgage.
- Homes are built through volunteer labour, donated materials and services, with help from individual and corporate donations.
- The home is sold to the partner family with no-money-down and a no-interest mortgage. Payments are capped at 30 per cent of the family’s annual income.
- Habitat for Humanity Vancouver Island North then reinvests the mortgage proceeds into building more homes for families.
As an organization, Habitat for Humanity Vancouver Island North is a self-sustaining, permanent and a tangible solution to home ownership for families in need.
Watch the video clip produced by Habitat Toronto for a quick visual explaination of how our home ownership program works. This one is made for Toronto, but it equally applies to any Canadian Affiliate.
Interested in getting involved? Let us know!