Habitat for Humanity Dane Co. receives $650,000 to serve more families
MADISON, Wis. (WMTV) - The U.S. Dept. of Treasury awarded $650,000 to Habitat for Humanity Dane County Monday to increase lending and investment activity in economically distressed areas.
The department’s Community Development Financial Institutions Fund will help Habitat serve more families with sustainable and long-term housing through their home building programs, according to a news release.
Habitat will use funding for families that fall between 30-60% of Dane County’s median household income and are unqualified for most traditional financing.
Each family will invest 375 hours in “sweat equity” by building their homes with volunteers. They also will receive a 30-year mortgage with a below-market interest rate, plus a monthly mortgage payment capped at 30% of the family’s gross income.
Habitat for Humanity of Dane County CEO Valerie Renk said the organization has seen firsthand how home ownership can break the cycle of generational poverty.
“This funding will provide so much more than walls and a roof – it creates a brighter economic future for modest means families right here in Dane County,” Renk said.
The department awarded 397 CDFIs across the country this week in addition to the one in Dane County, totaling over $204 million in awards.
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