July 9, 2017 (Edmonton, Alberta, Canada)
I’m a big fan of Habitat for Humanity.
In my view, they are the only genuine affordable housing program which provides the benefit of zero-interest mortgage, mortgage payments that never exceed 25% of a low-income household’s income and builds hope and improves well-being of those families most in need. The Habitat model is remarkable as it combines the benefits of 500 hours of sweat-equity of the low-income families, volunteer labor, building materials, financial donations donations, and government affordable housing grant money into a interest-free home equity mortgage for the households most in need because of their low-income conditions (i.e. poverty). No interest is charged on the mortgage saving a low-income household thousands of dollars over time and making more disposable income available to them. The economic benefit to these families is that effectively enjoy the equivalent of a living wage thus solving one the key poverty issues: the lack of sufficient disposable income to live a good life. Habitat has figured out a way to architect a mortgage, cover its operating costs and forgo a profit providing not only low-income households but all of society with a measurable economic well-being benefit.
This week (July 9-14, 2017) former President Jimmy Carter and his wife Rosalynn Carter are here in Edmonton to help build 75 new homes in Edmonton, Fort Saskatchewan and Fort McMurray for low-income families in the space of one-short week. This is part of the Carter Build project that will see 150 new affordable homes built in Alberta and Winnipeg in celebration of Canada’s 150th anniversary. Continue reading