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Housing America Corporation was awarded $1,000,000 grant through the Federal Home Loan Bank of San Francisco’s Affordable Housing Program (AHP).
Released by Housing America Corporation
Dec. 11th, 2009
Housing America Corporation was awarded $1,000,000 grant through the Federal Home Loan Bank of San Francisco’s Affordable Housing Program (AHP).
The AHP funds will be used towards costs for 50 single family houses under the Mutual Self-Help Program Desert Valley Estates Phase III subdivision. The funds will enable 50 families achieve homeownership and have affordable mortgage payments.
The Mutual Self-Help program is a first time homebuyer program that provides assistance to very low and low income individuals and families willing to build 65% of their own house. While building their house, participants earn sweat equity that can be equivalent to up to 10% of the house value, making homeownership affordable and attainable. Each participant is placed in a group of 10 to 12 other participants who work together to build each other's houses. Participants are required to attend Pre-Purchase Counseling Education and Homeownership Education classes and commit to 40 hours of construction labor on weekends. Generally, two participants work 10 hours per day each. An onsite a technician construction supervisor will train participants on each phase of construction process. Construction of the houses takes approximately 10 to 12 months to complete. Participants are able to move in once all the houses of the group are completed and inspected by a USDA Rural Development representative.
Over the past 33 years Housing America has provided families accessible and affordable housing in Yuma County. Under the Mutual Self-Help Program alone Housing America has assisted over 1,064 families achieve homeownership both in Yuma and Mohave Counties.
This is the second AHP award Housing America has received from the Federal Home Loan Bank of San Francisco. Housing America received an award of $360,000 in 2007 that was used to help 30 families achieve homeownership.
ABOUT THE FEDERAL HOME LOAN BANK OF SAN FRANCISCO
The Federal Home Loan Bank of San Francisco delivers low-cost funding and other services that help member financial institutions make home mortgage loans to people of all income levels and provide credit that supports neighborhoods and communities. The Bank also funds community investment programs that help members create affordable housing and promote community economic development. The Bank's members -- its shareholders and customers –are commercial banks, credit unions, savings institutions, thrift and loans, and insurance companies headquartered in Arizona, California, and Nevada.
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