County Bank awards grant to affordable homeownership program
Milford Housing Development Corporation, one of Delaware’s leading nonprofit affordable housing providers, has been awarded a $1,000 grant from County Bank to assist very low-income families build a home of their own through MHDC’s Self-Help Housing Program.
The grant from County Bank State will fund the replacement of hand and power tools required for home construction for Self-Help families. Working in groups of 5 to 7, Self-Help families spend 30 hours a week during the evenings and weekends building their own homes. Home construction typically takes ten months to complete, which is followed by post-occupancy homeownership counseling. Participants complete four weeks of construction-based training, provided by MHDC staff, to provide them with the skills necessary to build their home.
David Moore, MHDC president/CEO commented, “Thanks to our partners like County Bank, MHDC is better able to serve those who are in need of affordable homeownership opportunities. County Bank’s commitment to affordable housing and to our mission is truly appreciated.”
Since 1997, MHDC has offered the Self-Help Housing Program as an alternative path to homeownership to families who might not otherwise be eligible through traditional avenues. The Self-Help Housing Program utilizes a sweat equity model to homeownership for very-low to low-income families. It is the only federally-funded homeownership program specifically for rural America. MHDC is the only agency in Delaware operating the Self-Help Housing Program. MHDC Self-Help families average over $32,000 in sweat equity per home. Over 165 families have reached their dreams of owning their own home through MHDC’s program.
For more information about MHDC, go to www.milfordhousing.com or call 302-422-8255.