Lisa Simpson
Sep 21,2009
In: Finance

Habitat Houses Responding to the Challenging Demand for Affordable Homes

A recent development project by Habitat for Humanity will offer 42 houses to those with low income. It is at the crossing of St. Francis and Union streets and Old Spanish Trails covering 27 acres. The land had been purchased by Habitat after the devastation of Katrina. In Hancock County there are already more then 115 houses built by Habitat.

Home ownership has become a reality for many families thanks to Habitat’s endeavours. Wendy McDonald the local representative of Habitat said, “We will continue to build throughout Hancock County, but for the next year, we will be focusing on this.”

Following the hurricane most the new houses had been built by individuals. Some were organized clusters. But this time the approach is distinctive. The area will be looking more like a sub-division. The undertaking has involved a cost of $5 million. In the unique partnership are included apart from Habitat, Hope Community Credit Union, Mississippi Development Authority, Enterprise Corporation of the Delta and Hancock Bank.

A part of the project will comprise of 8 buildings – each having 2 units named Senior Villa. It will be 900 sq feet each having two bedrooms and one bath. Those qualifying to apply have to be over 55 years or be adults who are handicapped. There will be 26 other single-family units. The area will be landscaped with all the infrastructure required like streets, drains etc.

Hancock Bank will be investing 42.3 million. In return the bank will benefit from breaks in federal taxes under New Markets Tax Credit programme. John Hairston of Hancock Bank said that this new project “reflects our region’s resilient spirit and helps bring folks back home to Bay St. Louis and South Mississippi.”

MDA provided a grant to cover the expenses for the infrastructure like building streets, seeing to the water supply and sewerage etc. Enterprise Corporation of the Delta tabled the tax credit plans to help the financially weaker residents living in Tennessee, Mississippi, Louisiana and Arkansas. Hope Community Credit Union is sponsored by Enterprise Corporation. The former based in Jackson debuted in 1995 initially as a modest church venture. Since then it has been active providing thousands with financial help in the form of mortgages, business loans and investments that are socially beneficial.

Those who want to buy houses in the new project can contact the Habitat office and be informed about the conditions and process involved.