Habitat for Humanity extends affordable housing assistance to its own employees
DALLAS (CBSDFW.COM) - For Rebecca Thompson, a major homebuying hurdle is the down payment.
"The down payment is the big one," said Thompson. "Just being able to get that much money all at one time, it's difficult."
As a Dallas Area Habitat for Humanity employee, Thompson knows so many others feel the same way. Especially now.
"What we've seen over the last 12 months is a rise in median income to the tune of about 3% versus an increase of home appreciation to about 19%," VP of Home Owner Services Blaine Cowart said.
"Cost of home, cost of financing, down payment challenges," CEO David Crawford said. "What was a crisis a year ago has exaggerated."
The organization points out the situation with renting is not any better.
Rent.com reported the average price on a two bedroom apartment in Dallas has gone up more than 30%, and a three bedroom more than 60%.
All of this is what led the non-profit that brings affordable housing to the Dallas community to extend their services to their own employees.
The "Welcome Home" program provides financial education in addition to down payment and closing cost assistance of up to $13,000 in the form of a loan forgivable over a 5-year term.
"I have received an incredible amount of interest from employees," Cowart said.
"This is one more tool we have to be able to bring a great group of people and keep the here working on affordable housing in the Dallas community," Crawford said.
Thompson is one of the first to enroll.
"I'm going through the education process right now so I'm learning what a mortgage is, how much I need a down payment, what I can afford," she said.
As she goes through this, she's incredibly thankful for the opportunity and can't help but get excited about the possibilities.
"I have plans for a garden and I like to decorate and I have all sorts of weird art so I can see where it's going to go," she said.
The Dallas Area Habitat for Humanity offers so many programs and services. Find more information here.