South Central Arkansas Realtor® Association’s Realtors showed up in a big way to participate in Habitat for Humanity of Saline County home build last week. Instead of packing their pens and contracts, SCARA Realtors brought out their gloves, hardhats, hammers and huge hearts to participate in this effort to provide a path toward homeownership. Habitat partners with qualifying families to build homes they can purchase through affordable mortgage financing.
Habitat is a global nonprofit housing organization of which Habitat for Humanity of Saline County became a local affiliate in 1998. Rather than giving homes away, the organization works alongside selected families to help them become successful homeowners. The qualifying family puts in an average of 300 volunteer hours or “sweat equity” on their home. Homeownership is more than paying a mortgage. It is one of the most important steps toward building financial stability, creating a comfortable lifestyle and establishing long-term wealth. Putting in the hours to see their home to completion provides a sense of accomplishment, and pride in having a place they can call home.
Habitat for Humanity of Saline County to date, has helped approx. 114 families and are currently building on their 90th home. Needless to say, all this does not come together without planning and organization. It takes great community teamwork and organized work behind the scenes. Stephanie Griffin is the Executive Director who organizes this effort. Saline County Habitat also has 2 restores, one in Benton and the other in Bryant who takes in gently used items, refurbishes and places in their stores for resale to add in the funds for building these homes.
The typical new Habitat home appraises for around $140,000 - $150,000 depending on the sq. footage. Once a family is chosen through the approval process, this family is granted a zero percent interest mortgage. One of SCARA’s affiliate members, Preston Madison with Flat Branch Home Loans, noted that this could save the family approx. $200,000 in interest payments if they had purchased the same home with a 7% interest rate over a 30 year period. Their typical zero interest rate mortgage is around $600-$650/mo. This mortgage payment also serves a broader community purpose. These payments are recycled into Habitat’s local Fund for Humanity to help support the construction of additional homes for future families.
Arkansas Realtors® Association has a 501 C3 charitable organization, Hearts & Homes. This was established in 2009 to assist Arkansans pay for housing-related expenses due to the effects of catastrophic illness or natural disasters. The Board of Directors for this group, gifted the Habitat for Humanity of Saline County $15,000 to ensure that the efforts of this group continue to be able to help struggling families through this program. When I mentioned earlier that Realtors® brought their huge hearts to the Habitat Realtor® home build day, the Hearts & Homes organization brought theirs and their checkbook! It truly is humbling, to see how working together for the benefit of others, brings joy in giving and to those who receive! It is a win win!!
Story and photo submitted by the South Central Arkansas REALTOR® Association