Affordable Home Project Launched
PHOENIX (By Catherine Reagor-Burrough, Arizona Republic) April, 8, 2004 -
Arizona's housing prices may be among the lowest in the West, but so is the
typical income of its residents. That means many of the state's residents are
struggling to afford a home of their own, despite working full time.
To help Arizona's families buy homes, build up personal wealth and create
stable neighborhoods, the Stardust Foundation has donated $2.75 million to
launch an affordable-housing initiative. It's teaming with Neighborhood
Housing Services of Phoenix, Wells Fargo Bank and Trend Homes to create the
Stardust Homeownership Fund.
Families that qualify can use the fund to reduce their principal and payments
by financing as much as 20 percent of a home in an interest- and payment-free
second mortgage. Then for the first 10 years, they are liable for payments
only on the first mortgage.
Essentially, that gives a family a 20 percent down payment to get into a home.
Saving up enough for a down payment is one of the biggest obstacles for
first-time home buyers, the National Association of Realtors reports.
"Homeownership is the corner of stable neighborhoods," said Gregg Holmes,
president of Stardust Initiatives. Stardust founder Jerry Bisgrove donated $20
million to launch the Arizona Family Housing Fund in 2002.
To qualify for this new program, borrowers must attend financial classes and
invest at least $2,500 in the home. Then families are asked to meet with
someone from the Stardust Fund at least once a year to review their financial
situation.
Wells Fargo will provide marketing and mortgage assistance. Trend Homes will
build the first group of homes.
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