In today s booming economy many people find themselves making good income, but they have not been able to save enough money for a down payment on a home of their own. The money comes from donations made by the banking, building and insurance industries. Many local builders, including former home builder Lewis Homes, Forecast Group and Inco Homes have contributed. Their donations go into a trust, with a balance of about one million dollars, to fund the gifts.
Families can use the money for various purposes.
Some need it for a down payment, others use if for closing costs, some even use it to pay down debt so they can qualify for a mortgage loan. The families do not have to pay the money back. They are required to apply one percent of their own money toward the purchase, and they have to attend a four-hour class on home ownership. This class teaches some basics about budgeting, paying the mortgage, communicating with the lender in the event of a job loss, and home maintenance. HART is now funding more than 600 gifts each month nationwide, with the vast majority of those in my Assembly District.