An Affordable Homeownership Model that Works
Through years of experience, Habitat for Humanity has developed an affordable homeownership and mortgage model that is sustainable and scalable and actually works. In 2015 alone, Habitat GTA helped 23 families, like the Jama’s, to lift themselves up out of instability and economic hardship and build a better life.
Families who are currently living and working for at least one year in Toronto, Brampton, Caledon or York Region can apply to become a Habitat GTA homeowner. Partner Families are chosen based on:
Need for affordable housing – Families currently living in overcrowded, unsafe or unhealthy conditions who cannot afford adequate housing through conventional methods can apply.
Ability to pay a Habitat Mortgage – Habitat for Humanity GTA does not give homes away. We help families build and buy simple, decent quality, affordable homes through a 0% interest mortgage with payments set at 30 % of gross income. Families must have an established, reliable source of income with which to pay this mortgage. Family incomes are typically in the 35th to 55th income percentile.
Willingness to partner with Habitat GTA – in lieu of a down-payment, each partner family contributes a minimum of 500 hours of volunteer “sweat equity” toward the construction of their own home and other Habitat initiatives. Families also attend homeowner education workshops and act as organizational ambassadors, helping to spread the word about the work of Habitat.
When families succeed, communities succeed and society becomes stronger.