Written by News Bulletin News Sources
Wednesday, 28 August 2013 00:00
Bill Allen, project director for Montgomery-based Fox Valley Habitat for Humanity announced a four-year, $1.8 million initiative to build six new homes and rehab 14 others in south Kane and Kendall counties. (News Bulletin photo)
Habitat for Humanity launches $1.8 million initiative to build 20 homes
The Fox Valley Habitat for Humanity has announced a $1.8 million initiative to build 20 affordable homes in the area over the next four years.
At an evening reception held at Rush-Copley Medical Center in Aurora last week, southern Kane and Kendall County business, church and local government leaders officially launched Montgomery-based Fox Valley Habitat for Humanity’s ambitious four-year, “Working Families Rebuilding Neighborhoods" effort.
The initiative is a partnership of business, church and community groups with working families to build 20 affordable Habitat homes and to rebuild neighborhoods in Aurora, Montgomery and surrounding areas.
Bill Allen, project director, said Fox Valley Habitat will partner with sponsoring organizations, working families and dedicated volunteers in five areas:
* To build six new and 14 refurbished single-family Habitat homes;
* Educate the community on the operations of Habitat and how the Habitat home ownership process impacts area employees;
* Revitalize older neighborhoods through the construction and sale of owner-occupied, covenant-restricted homes;
* Expand sponsorship and community involvement opportunities for businesses, churches and civic organizations, and,
* Generate an estimated $21 million in economic benefits for the local economy.
Nearly $480,000 has already been pledged to the Working Families initiative.
In a recent study involving 65 Fox Valley businesses, civic and church leaders by Atlanta, Ga.-based ByrneAllen Corp., most leaders said they believe that hardworking families earning $22,000 to $45,000 per year cannot afford to purchase a starter home in our economy.
As a result, they spend a large percentage of their monthly income on rent.
Community leaders understand the link between creating affordable home ownership opportunities for employees earning $22,000 to $45,000—Fox Valley Habitat’s income requirements for partner families—and an employer’s ability to retain quality employees, especially in the medical, retail, service, and manufacturing industries.
According to a ByrneAllen economic impact analysis, Fox Valley Habitat’s past homebuilding operations and its new initiative—70 homes total—will produce over $23 million in direct economic benefits over the next 20 years—the length of a Fox Valley Habitat no-interest home mortgage.
With the new initiative, Habitat will, through a focused marketing campaign, debunk the myths surrounding Habitat and its homeowners—including the misperception that homes are given away or earned through sweat equity.
“We want local employers to realize that Habitat offers their lower-wage employees a home ownership opportunity that is less expensive than renting, benefitting both employee and employer,” said Jeff Barrett, Fox Valley Habitat executive director and pastor of Genesis Community Church in Montgomery.
“Companies seeking community involvement and team building opportunities will find Fox Valley Habitat a perfect fit as well.
“Marketing and public relations exposure for local companies involved with Habitat will be enhanced".
“Area churches can broaden, and simplify their local outreach efforts by partnering with Habitat, a successful local Christian housing ministry since 1989".
“Elected officials, business leaders and area residents will learn of the positive economic and infrastructure impacts of building Habitat houses in place of existing substandard housing in order to revitalize older neighborhoods,” said Rev. Barrett.
To fully implement the Working Families initiative, Habitat is seeking tax-deductible sponsor commitments of $1,850,000 through home sponsorships ($85,000), land sponsorships ($25,000), four-year financial commitments (2013-2016) and in-kind donations of building materials and construction services.
A distinguished group of business and church leaders has joined with the Habitat board of directors in support of the $1,850,000 initiative.
They are: Community Division, Barry C. Finn, president and CEO Rush-Copley Medical Center, and Steven and Dave McCormick, First Centennial Mortgage, $100,000 level; Neighborhood Division, Himbert J. Sinopoli, vice president and general manager, Hollywood Casino, Aurora; Homeownership Division, Zachary Martel, president, Roscich and Martel Law Firm, LLC, $50,000 level; Homeownership Division, Nick Wallace, partner, 3ROOFBIDS.COM, $48,000 level; Woodworker Division, Rob Costello and Tory Hannan, principals, Torch Architecture, and Rev. Jeff Barrett, pastor, Genesis Community Church, $25,000 level.
Founded in 1989, Fox Valley Habitat for Humanity, an affiliate of Habitat for Humanity International, is a nondenominational Christian housing ministry that builds affordable homes in partnership with hard-working families in southern Kane and Kendall counties.
Homes are built using funds and volunteers provided by sponsor organizations, working alongside future Habitat homeowners and trained worksite managers.
The homes are purchased for the cost of construction—land and materials—by partner families. No interest is charged on the 20-year mortgage initiated, held and collected by Habitat.
—News Bulletin news sources
Last Updated on Tuesday, 27 August 2013 10:15