NJARHOF
Trustee Nears Completion of First Habitat
Build
Understanding the importance of affordable housing opportunities, particularly for families, NJAR® Housing Opportunity Foundation (NJARHOF) Trustee Carolyn Sadlon helped spearhead the creation of the Hudson County Chapter of Habitat for Humanity (HFH HC) six years ago.
Although Sadlon had inquired about starting an affiliate chapter in the past, the real stepping stone came in 2002, when the Liberty Board of REALTORS® received a phone call from Habitat urging member support. Sadlon quickly joined Habitat's steering committee as the Liberty Board representative. Since becoming involved, the board has raised in excess of $25,000 and assembled more than 100 volunteers for HFH HC. Sadlon asserts that their work with the organization "just makes sense" for the community.
The chapter is currently nearing completion of its first habitat building project - two attached homes in Jersey City, N.J. Many of the supplies for the build have been donated, and the volunteers work using green practices wherever possible. Currently, the Felix Family, including Nelson, his wife Rosa and two children are awaiting the completion of their new home.
HFH HC is holding its 4th annual golf outing on September 10, 2009 at Bam Hollow Country Club in Lincroft to help raise funds for current and future projects. For more information, click here. To view photos from the HFH HC current building project,
click here.
Photo caption: Volunteers
from the Liberty Board of REALTORS® and the
surrounding neighborhood are pictured at the
building site.
HUD Announces Details on First-Time Home Buyer Tax Credit
On May 29, 2009, U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan announced that the Federal Housing Administration (FHA) will allow home buyers to apply the Obama Administration's new $8,000 first-time home buyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that this will help stabilize the nation's housing market by stimulating home sales across the country.
The announcement detailed FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's detailed guidance, see their new mortgagee letter.
4th Annual Bus
Tour Focuses on Atlantic City's Past,
Present & Future
The New Jersey Association of REALTORS® Housing Opportunity
Foundation, Inc. (NJARHOF) hosted its fourth
annual bus tour on December 10, 2008, which focused on
revitalization efforts throughout Atlantic
City. The tour was offered to attendees of
the Triple Play REALTOR® Convention and
Trade Expo. Triple Play, the region's
largest annual real estate convention, is
hosted by the New Jersey, New York State and
Pennsylvania associations of REALTORS®.
The bus tour highlighted Atlantic City's
varied neighborhood-based community
development initiatives. Presentations were
made during the tour by members of
organizations that are working to support
the revitalization efforts, including
Michael Calafati, AIA, of Historic Building
Architects, LLC; Richard Jinks, Senior
Project Manager of Procida Realty &
Construction Corporation; and Edward C.
Einhaus, Director of Real Estate at the
Casino Reinvestment Development Authority (CRDA).
Christina P. Clemans, president of NJARHOF,
also was in attendance to talk about the
work of the Foundation.
The New Jersey Association of REALTORS® Housing Opportunity Foundation, Inc. (NJARHOF) wants to know what you are doing to improve homeownership opportunities in your area. Are you involved with Habitat for Humanity? Do you work with an organization that conducts home buyer education courses?
The New Jersey Association of REALTORS® Housing Opportunity Foundation,
Inc. (NJARHOF) is a 501 (c) (3) charitable
organization that seeks to create greater
homeownership opportunities for New Jersey
residents.
NJARHOF
Trustee Nears Completion of First Habitat
Build
