Habitat for Humanity Seeks Interested Home Owners
by Edd Merritt
1/28/2010, page 4

Green Mountain Habitat for Humanity is building three affordable houses in Charlotte on the Burns Property off Greenbush Road across from the Old Lantern. The project is scheduled to begin this summer, and Habitat would like to have homeowner families selected before the construction begins. There is a practical reason for this sense of urgency. Families who buy these homes must contribute “sweat equity” to their construction. Therefore, it is important to have the owners chosen before or as soon as the first nail is struck.
On Tuesday February 7 Habitat’s family selection committee will meet with anyone who wants to learn more about the organization and the new homes available in Charlotte. The meeting starts at 7 p.m. in the Senior Center on Ferry Road next to the Fire House.
People who feel they have even the slightest chance of qualifying are encouraged to attend. Childcare will be provided. Habitat encourages people who, even if they may not be looking for a house themselves but who have interested relatives or may know of others, to attend. Applications will be available to take home and complete after the meeting.
Habitat criteria have no age limits for owners. However, applicants need to have a source of income that is sufficient to pay back a zero-percent mortgage.
The new houses of about 1,150 square feet have three bedrooms and will be equipped with new stoves, refrigerators and dishwashers.
There is no down payment required of the buyer. There are, however, closing costs of about $1,000 that the buyer must pay. These costs are often rolled into the loan. The house will be sold at cost to the “partner” family. The monthly mortgage is based upon the sale price of the house. A normal mortgage on a Habitat house runs between $400 and $500 per month. There is no interest on the loan held by Habitat. Mortgage payments go to Green Mountain Habitat, which uses the money to build more affordable homes in Chittenden County.
Family income must be at or below 60 percent of the median income for the county, depending on family size. Families must currently be living under less-than-ideal conditions, perhaps in sub-standard housing. They must be willing partners with Habitat, contributing sweat equity and repaying the loan in monthly payments.