Habitat for Humanity Sees Some Good in Foreclosure

Newnan-Coweta Habitat for Humanity Head Leslie Merriman discovers the bright side of foreclosure.

There is a $4 billion government fund called Neighborhood Stabilization Program. From this Habitat for Humanity wishes to use $153 million for Georgia to buy out foreclosed homes and give them to the low-earning families in need.

Foreclosure in Georgia is still at large that this project will definitely help a lot of the foreclosure problematic families. Georgia counties like Atlanta and Clayton are also interested in these foreclosed homes for the low-income plan.

These families will not get this home for free. Habitat for Humanity has this principle called “sweat equity” where the beneficiaries build their houses with the organization’s volunteers. Since the federal funds will pay for the houses, the recipients will just sweat it out through reconstruction their homes or working at ReStore. This is the group’s store and all the proceeds are used to fund building of other homes.

Application for the local government’s share in Neighborhood Stabilization program is up until Monday. The Habitat will work to obtain the project fund from the local government.

To buy 20 foreclosed homes, Newnan-Coweta Habitat needs to apply for $2.08 million fund.

Foreclosure in Atlanta, Georgia experienced a tripling of foreclosure cases with a whopping 45,000 cases in six years.

A qualification for the beneficiary is that the family must have less than 50 percent of the median income in the territory or $36,142 for a household, or $43,243 for a family.

U.S. Director of Field Operations for Habitat for Humanity International Stephen Seidel is still unsure on how many applicants can receive a foreclosed home. The city has not decided on how to spend the fund and needs to know which Habitat group is ready to utilize this project.

Yet, Merriman is already planning to have 13 families enjoy their soon to be ex-foreclosed home in six months.