Last month, Habitat for Humanity East Bay announced the launch of our new Neighborhood Stabilization Program after being awarded $1.5 million in funding to acquire foreclosed homes in partnership with Contra Costa County.
Foreclosures in Alameda CountyWe are now proud to announce that Habitat East Bay has been selected to receive another award of $1.5 million from the City of Hayward to work as the exclusive developer that will purchase foreclosed homes, rehabilitate them and sell them to low-income families.
Both of these awards are restricted to cover property acquisition costs only. Habitat East Bay is responsible for raising donations from local organizations, individuals and community organizations to fund rehabilitation costs.
In this foreclosure crisis Habitat East Bay’s mission to revitalize neighborhoods through homeownership opportunities is now more relevant than ever. It is clear that the strategies to achieve our mission must expand to address this historic crisis.
That is why Habitat East Bay is launching a new foreclosure rehab program and asking you to contribute to our new Neighborhood Stabilization Fund. We will use your donation to rebuild struggling neighborhoods by purchasing and rehabilitating existing foreclosed properties. These refurbished homes will then be sold to low-income families at affordable rates, just like all Habitat homes.
Habitat East Bay will target communities that have been hit hardest by the mortgage crisis. Contra Costa County has already selected Habitat East Bay as a development partner in the Shore Acres neighborhood of Bay Point. We have also been awarded $1.5 million as the sole developer working with the City of Hayward’s Neighborhood Stabilization Program. These government funds will cover the cost of property acquisition in these regions.
Over the course of the next two years we plan to rehabilitate 8 homes in the Bay Point area, and 8-12 homes in the City of Hayward, then sell these homes to qualified low-income partner families.
You Can Help!
Public financing has been secured to acquire these properties and now private donations are needed to make these eight homes possible. Habitat East Bay needs to raise approximately $50,000 per home from individuals, corporations, faith groups and private foundations to pay for the cost of the rehabilitation and associated expenses.
We hope to expand this program to other neighborhoods in Contra Costa and Alameda Counties in order to give low-income families a hand-up in the economic recovery sooner.
Today, the East Bay faces a historic challenge together. Rarely have our communities faced a crisis of this magnitude. But, with crisis, there is opportunity for change and growth.
Now is the time when our community of supporters can come together to turn the tide in this foreclosure crisis one home at a time, one family at a time.
The Habitat East Bay Neighborhood Stabilization Program provides an opportunity to lift families, neighborhoods and communities out of economic turmoil by laying a stable foundation of healthy homeownership for our communities to rebuild upon.
We need your support to make this new beginning possible. Join our campaign to renew the vibrant communities of the East Bay today! DONATE NOW!