Our firm has been involved with Habitat for Humanity for over ten years now. This past week, we participated in the home dedication ceremony for the new family taking possession of their Habitat home. This is always a joyous time for our firm who participated in the construction but an even more exciting time for the family. However, this year was different from all the other years.
This year we did not build a house from “scratch.” This year, Bank of America discounted a foreclosed home to Habitat for Humanity who, in turn, completely renovated the home. This renovation included items like a new roof, a new kitchen, new flooring, new windows and complete repairs of everything else that was broken or needed to be redone. Finally, a fresh coat of paint was put on inside. This entire process took a foreclosed home that had been on the real estate market for two years with no activity and turned that asset into a home for a deserving family.
From my understanding, Bank of America will be turning over about one house per week in our area during 2014 to Habitat for Humanity. Instead of building new, simply being able to renovate a home will speed up the process and allow many more qualified families to get into homes. This also helps our economy recover more quickly because the excess supply of homes will be put to good use and help stabilize home prices in these neighborhoods.
I would like to applaud Habitat for Humanity for their creativity and willingness to work on the front lines in the effort to provide housing to deserving families and at the same time assist in reducing the supply of excess housing to speed up our economic recovery. I consider this to be a win-win accomplishment for everyone.