Habitat Families Burn Mortgages
Habitat for Humanity has celebrated an important milestone for three of its families. Last week, it burned their mortgages symbolizing that they'd paid off their home loans.
Development Director Elesha Gayman says since the Quad Cities chapter was founded in 1993, it's completed 116 houses, and a total of eight families have paid off their mortgages.
"Most of the mortgages now that we write are about 85,000 dollars but it is dependent on what the family is able to afford. So what we do is try to make sure that the house payments never exceed 30 per cent of their income."
At the beginning, Habitat completed one house a year, but now finishes five or six.
Gayman says along with becoming home-owners, their families also become property tax payers.
"Since 1993 our Habitat homeowners have paid almost 1.4 million dollars into local property taxes. We're up to paying between 100 and 140,000 per year right now that is going into local property taxes."
On Saturday, Habitat dedicated its 116th house.
Groundbreaking for number 120 will be held on Saturday (10/17).