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HABITAT BRINGS NEW HOMEOWNERSHIP OPPORTUNITIES TO BAYVIEW NEIGHBORHOOD
With only 53 percent of households in San Francisco able to afford an entry-level home*, the dream of homeownership is still highly elusive for many local families with low incomes. At the same time, U.S. foreclosure rates are continuing to surge -- up 35 percent in the first quarter of this year.** With Habitat for Humanity's new readiness workshops and ongoing affordable housing program, which includes extensive homeownership training, more local working families will have the opportunity not only to get a foot in the door, but also to be successful once becoming homeowners. The Homebuyer Readiness Program, which is sponsored by AT&T, Citi, and Oracle, is already underway in the Bayview and other local communities. Workshop dates and locations are available on Habitat's website at www.habitatgsf.org. "This is truly a thing of joy," said new homeowner Nkechi. "It is a beautiful dream that I would not have had without Habitat and so many people helping to make it come true." (Read more in the San Francisco Chronicle) The Whitney Young development was made possible through significant support from the city of San Francisco, including the donation of land from the Redevelopment Agency and community endorsement from the Bayview Hunters Point Project Area Committee (PAC), as well as grants and charitable giving from individuals, businesses, civic organizations, faith groups and private foundations. Key sponsors include: The American Bankers Association (ABA) Housing Partners Foundation, Bank of America, Calvary Foundation, Citi, Coldwell Banker, Federal Home Loan Bank, JP Morgan Chase, PG&E, the San Francisco Foundation, Thrivent Financial for Lutherans, Union Bank of California Foundation, and Wells Fargo. The Habitat for Humanity approach encourages self-help by providing a "hand up-not a hand out." Houses are sold to partner families at no profit and are financed with affordable, zero-interest mortgages. Partner families also invest considerable effort into their dreams, including up to 500 hours of "sweat equity" to help build their own homes. Source: * California Association of Realtors. ** RealtyTrac Inc.
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May 15, 2010 - At a dedication event celebrating seven new homeowners in the Bayview neighborhood of San Francisco, Habitat for Humanity Greater San Francisco announced a new initiative to help more local families take advantage of homeownership opportunities. Habitat introduced the Homebuyer Readiness Program, offering workshops on debt reduction, credit repair, and money management to help remove obstacles and better prepare families with low incomes for homeownership.