Supporting Underserved Communities with Affordable Housing Solutions
The housing crisis has had a disproportionate impact on underserved communities. In response, Habitat Mortgage Solutions (HMS) is a nationally certified Community Development Financial Institution (CDFI) working to provide affordable housing solutions to these communities. HMS is a wholly owned entity of Habitat for Humanity International (HFHI), and it assists affiliates in their work as mortgage originators, homebuilders, and sellers. Let’s take a closer look at how HMS is empowering local communities.
How HMS Supports Local Communities
HMS works with affiliate partners in the development of projects that meet the needs of local communities. For example, one project in San Diego County provided mortgage financing for more than 80 low-income families who were unable to secure conventional mortgages due to income or credit limitations. The project was funded by multiple sources including grants from state and federal agencies, private philanthropy, and other non-profit organizations. Through this project, the community was able to purchase homes at an affordable rate and secure long-term financing for the purchase.
In addition to providing mortgage financing options, HMS also offers technical assistance services such as underwriting analysis and funding review for its affiliate partners. This assistance helps affiliates ensure that their projects meet all applicable state and federal regulations while keeping affordability in mind. Furthermore, HMS provides counseling services to borrowers which help them make informed decisions about their home purchases as well as financial literacy resources that teach them how to manage their finances responsibly.
HMS also supports its affiliate partners through grant funding initiatives such as its Homeowner Assistance Fund (HAF). HAF provides grants to approved applicants who are unable to cover closing costs associated with purchasing a home through the program due to financial hardship or disability status. This additional support helps affiliates close more loans while ensuring that those who need help most are able to access it.
At Habitat Mortgage Solutions (HMS), we believe that everyone should have access to quality affordable housing opportunities regardless of income or credit status. That’s why we partner with affiliates across the country in an effort to provide sustainable housing solutions for underserved communities. From mortgage financing options and technical assistance services to grant funding initiatives, we will continue our mission of supporting local communities through our commitment to innovation and affordability. Together, we can make an impact on increasing access to quality affordable housing solutions nationwide!
Contact Information
Daniel Gura
Managing Director
285 Peachtree Center Avenue NE Suite 2700
Atlanta, GA 30303--122
https://www.habitat.org/our-work/habitat-mortgage-solutions
advocacy@habitat.org