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Habitat for Humanity Overview Habitat for Humanity was founded on the conviction that all of God's children deserve a decent and safe place to live. Habitat for Humanity of Greater Greensboro has been putting faith into action in our community since 1987, partnering with hard-working families to build more than 265 homes, restoring in their lives the hope and dignity that poverty housing strips away. In the beginning Habitat of Greensboro was building an average of five homes per year, which quickly accelerated to 10. Today, Habitat is building at the rate of 25 to 30 houses per year. Houses are sold at the appraised value. Habitat makes a first mortgage loan of $70,000 to $83,000 that is paid over 20 to 30 years. The remainder of the sales price is also loaned to the homeowners. These second and third loans are forgiven over the period of the first mortgage. • Ideally, mortgage payments are set at 25% of the homeowners' gross monthly income. • All loans are interest free and after the down payment of 1% are repaid over a 20 to 30 year term. • Total monthly payments including a provision for taxes, insurance and maintenance average around $400. • Families are required to contribute 300 hours of "sweat equity"-- volunteer labor -- on their own and other Habitat houses For more information on Habitat, visit their website at hhgg.org or call 275-4663.
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