On Thursday, October 27th, Habitat Charlotte is hosting a mortgage-burning ceremony, and there will be plenty of fuel for the fire. All told, Habitat has recorded 141 mortgage payoffs— 23 of them in the last fiscal year alone.
Though the public is familiar with the work of Habitat for Humanity, a common misconception exists that the housing ministry gives away houses. In actuality, Habitat homeowners are required to invest 250 hours of sweat equity in lieu of a down payment, and then carry a no-interest mortgage underwritten by Habitat. The result for most homeowners is a monthly mortgage payment that is less than what they were paying for rent.
The foreclosure epidemic has led Habitat Charlotte to broaden its new-construction model to one that now includes the acquisition and rehabbing of foreclosed homes. This helps to stabilize fragile neighborhoods plagued by vacant homes and enables Habitat to get more low-income families into homes for less than the cost of building new ones.
Want to join the celebration?
Who: Paid-in-full Habitat Charlotte homeowners and 20+ year Habitat volunteers
What: Mortgage Burning Ceremony
When: Thursday, October 27, 2011 at 6:00pm
Where: 3815 Latrobe Dr. (parking lot at Habitat Charlotte headquarters)
Interested in home ownership?