How does equity and home value appreciation work for families?
If a family decides to sell their HFHDF home, they recoup all principle paid at closing. In addition, equity appreciation in the home is shared with the family based on the terms of their mortgage. HFHDF has first-right-of-refusal to repurchase homes. 11. How does Habitat select families? We solicit applications from families which we review to identify the need for decent affordable housing, the families’ ability to afford our no-interest mortgage, and their willingness to complete the required hours of “sweat equity”. We also perform credit and background checks on each family, and we make a visit to the current living quarters of each qualified family to meet them and discuss their needs and qualifications. Our family selection committee reviews this information and recommends the families we will select for Habitat homes. Final approval of the selections is made by our Board of Directors. 12. Who is responsible for the upkeep of homes? Each HFHDF development has an HOA which is res
