Nine working families, who had no hope of owning a home, have become first-time homebuyers through the homeward dreams program.
Achieving the American dream of owning your own home is becoming increasingly difficult for middle-income working families. One group especially hit hard are families whose income is between $40,000 and $60,000. These families earn too much to qualify for subsidy programs but not enough to buy a home in today's market.
Evergreen Federal's Affordable Housing Company, a subsidiary of Evergreen Federal Bank, has taken the lead in the community of Grants Pass by bringing the private sector together to create a long-term affordable housing program called "Homeward Dreams." Evergreen Federal's Affordable Housing Company and local business partners called "Dream Builders," have contibuted money, materials, labor and resources needed to build homes at a reduced price. This program is able to accomplish this goal without the use of tax dollars.
Three more homes will be sold in 2009.
Dream Builder partners Jacoby Homes, Eastwood Homes, and R. Crume Construction have all agreed to build homes in 2009.
Because these Dream Builders have agreed to build the homes at cost, Homeward Dreams is able to offer the homes for prices between $137,500 - $145,000. |