Homeownership Month;
A Time to Partner for Affordable Housing
National Homeownership Month began on June 1 and shines a spotlight on the American Dream of owning a home. Affordable homeownership gives families a sense of pride, a connection to their community, stability, and the ability to build equity and generational wealth. Despite such benefits, recent events may slow the progress of additional affordable homeownership options. Sadly, recent events may slow the progress of additional affordable homeownership options here in Hanover and King William.
To help maintain affordable mortgages for approved families, we have been utilizing the USDA Rural Development Single Family Housing Section 502 Direct Loan Program. However, USDA has recently announced that the FY24 Consolidated Appropriations Act has greatly reduced funding for its single-family housing programs. With significant cuts in their budget, all of their funding has already been spent for the fiscal year, halting many affordable mortgages nationwide.
Our STAR development has three homes yet to be fully funded. Habitat initially planned on $540,000 in mortgage funding from USDA that is no longer available.
To continue construction and lessen the long-term effects of such a large financial shortage, we seek financial support from the community.
A one-time or monthly recurring gift can be made online via credit card or ACH transfer through our secure website. Checks can be mailed to PO Box 2604, Mechanicsville, VA 23116. NAP tax credits are also available. Those interested can contact Michele McCabe at 804-569-6108 x103 for more information.
Please partner with us through a financial donation to celebrate Homeownership Month, to support affordable housing options, and to continue building bright futures for local families for years to come.
See our complete press release here.
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