Community Frameworks
Established in 1974, Community Frameworks is a nonprofit organization aimed at building stronger communities in Washington, Oregon, Idaho and Montana. Community Frameworks assists in building and preserving homes for renters and first-time homebuyers as well as as aiding other organizations to meet the housing needs of low-income homebuyers via their various programs. These programs include:
HomeStarts: a program which produces affordable housing within the vicinity of Community Frameworks offices
Development Services: services designed to assist organizations in the area with affordable housing
SHOP Program: provides nonprofit organizations with grants to be used for purchasing home lots and building houses for low-income families
Technical Assistance: offers numerous training and development services to enable local organizations to produce and maintain affordable housing
Am I eligible?
Low- and moderate-income families and individuals who reside in one of the 4 states listed above may be eligible to apply for a Community Frameworks loan. Also, local organizations registered in these particular states may apply for funding from Community Frameworks. In order to qualify for funding or a loan, you must:
- Have a good credit history dating back 12 months
- Have a 2 year work history with your current employer, but exceptions such as time spent in school or receiving formal training may also be acceptable
- Be able to verify your income with your current employer
How does it work?
Individuals and families unable to afford a home take part in building their own home or a multi-family housing unit. Organizations who qualify for grants use the funds to purchase home lots and screen and setup homebuyers with the volunteer home-building lots.
What are the alternatives?
If you are in a low-income household and wish to become a homeowner, taking part in a home-building program such as the ones offered through Community Frameworks may be your best option. There are, however, other Federally funded home loans which can offer low or zero downpayment and low mortgage rates if you are unable to devote the time and energy required to build a home or do not meet the above requirements.
Do I really need this type of loan?
As a low- to moderate-income household, the home-building programs offered by Community Frameworks may be a way for you to become a homeowner without having to save money for a downpayment or struggle with unmanageable monthly mortgage payments. A strong sense of community also arises from families coming together to build their multi-family units, which helps to rehabilitate areas that may not have been viable options for safe neighborhoods otherwise. If you can afford a downpayment and conventional mortgage rates, then a regular home loan may be a better option for you.
Can I afford it?
Households that meet the above qualifications are deemed able to afford assistance through Community Frameworks. If, however, you do not meet the requirements, you may wish to inquire at your local lender for other options suitable to you.
