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Group says everyone can own a home now |
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BY JENNIFER FERRIS : The
Herald-Sun
jferris@heraldsun.com
Jul
27, 2006 : 7:28 pm ET
CHAPEL HILL --
Unless you've already done it, buying a home can seem like an
impossible proposition.
It might
seem harder still if your bank balance only has three digits and
your credit score doesn't have lenders knocking down your door.
But Crystal Fisher, sales and
marketing manager for the Orange Community Housing and Land Trust,
says it doesn't matter who you are or how bad your credit is. She
can put you in a new home.
If that
sounds a bit like a schmaltzy car commercial, it shouldn't. Fisher's
organization, along with two other local groups, are pros at
connecting homebuyers with the houses of their dreams.
"People have a misconception about
buying a home," Fisher said. "I tell them 'You don't even know
what's along that path until you're on it.' "
Homebuyer assistance is available for anyone living in
this area who is living at or below the local median income. U.S.
Department of Housing and Urban Development figures for 2006 set
$57,050 as the 80 percent mark for a family of four. Median income
means roughly half the households earn more and half earn less.
Fisher and her coworkers strive to
educate the community about affordable homeownership and she says
the group has come a long way in the last few years. But quite a few
misconceptions remain.
Some people
think affordable housing is only for the profoundly poor, Fisher
explained. In actuality, there are groups, such as Habitat for
Humanity, who help the area's lowest income residents buy houses,
but there are also groups such as the land trust who work with
higher wage earners such as teachers and young professionals.
Another misconception is that a
house available with public assistance is of a lower standard. This,
Fisher explains, couldn't be further from the truth.
The land trust's most recent
development is in the Northside neighborhood just off West Rosemary
Street in Chapel Hill where eight homes are being built by the land
trust, Habitat for Humanity and EmPowerment, Inc.
The cute, bungalow-style houses
are nestled into the historic neighborhood. The six that feature
all-new construction blend seamlessly with the two that have been
rehabilitated.
The air in the
neighborhood buzzes with the sound of construction equipment, and
Fisher beams with pride as she describes the families that will soon
move in.
A family of six will be
purchasing one of the houses for far less than half the appraised
value, and similar deals are yet to be struck on some of the other
houses.
While Habitat for Humanity
provides mortgages to its clients, the land trust works by
connecting homeowners and programs from lenders and state agencies
to pay the costs of buying the house.
Of course, the initial price of the house is also low,
as the land trust maintains ownership of the land while the buyer
owns the house.
The idea of this
can be a deal-breaker for some, Fisher explained. But, the owner
builds equity in the house and is able to take a profit when it
comes time to sell. The only real difference is that by maintaining
ownership of the land, the land trust lowers the price and provides
a safety net for nervous first-time homebuyers.
There are currently more than a dozen affordable homes
in the Chapel Hill and Carrboro area that are awaiting new owners.
And Fisher says that with the two towns' inclusionary zoning
practices, more affordable units are coming to the area each day.
Anyone interested in hearing more
about purchasing a home through one of the area's many assistance
programs is invited to attend the community outreach session at the
Hargraves Center in Chapel Hill at 2 p.m. Saturday.
Members of the Orange Community
Housing and Land Trust will join representatives from EmPowerment,
Inc, Habitat for Humanity and many local lenders for an
informational presentation about buying a home in this area.
Even if people are just curious
about whether they qualify, the two-hour session would be time well
spent, Fisher said. "You can have a home now," she insists. "We are
here to provide assistance for that. People think 'I can't own now,
so I won't start now,' but they need to get on the path, so we can
help them find their way home."
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WHAT: HOuSe: A
community homebuyer outreach session
WHEN: Saturday 2-4 p.m.
WHERE: Hargraves Community Center, Chapel Hill
WHO SHOULD COME: Anyone who has
ever even thought about becoming a homeowner.
COST: Free
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