Owning a home is so much than acquiring an appreciating asset – it’s a source of pride and new tie to the community. You could see the emotion on the faces of all four families that benefited from new Habitat for Humanity homes in Strathcona County. On a sunny July 27th, four families were handed keys that started new chapters in their lives. Two of the four homes were supported by the Alberta Real Estate Foundation, the REALTORS® Community Foundation and the Government of Alberta. The County of Strathcona also played a key role with significant contributions to all the homes.
Jay Freeman, Chair of the Alberta Real Estate Foundation (AREF), said of all the worthwhile projects that the Foundation supports, Habitat for Humanity is one of his favourites. At the ribbon-cutting ceremony he said, “With these projects we can see, in a very concrete way, how our small contribution is benefiting.” The families moving into the new homes couldn’t agree more. Both parents and children spoke about how owning a home will make a difference to them and their families. One of the new owners named Clodia said, “Owing a house means stability and security, but also it means I can be a good role model for my daughter.”
Habitat for Humanity believes in giving people a hand up, not a hand out. Habitat Homes are built by volunteers and donors and sold to qualified families. Those who are approved to receive a home must agree to work 500 hours at the build site in place of a down payment. Habitat holds the mortgage interest-free and amortizes it over as many years as necessary to ensure the families do not pay over 25 percent of their income for housing.
Affordable housing is one of the Foundation’s areas of interest for projects. It often partners with Real Estate Boards across the province, such as the REALTORS® Association of Edmonton, to match their donation and double the impact in communities across Alberta. Habitat for Humanity is a deserving partner as it serves families that are low to moderate income and offers them an innovative financing option. The Alberta Real Estate Foundation is proud of its contribution to this great event and join with others in welcoming these four families home.