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- W329298456 abstract "considers its homebuilding a higher calling, and financiers consider Habitat's interest-free mortgages to be securities It's the world's fourth largest builder of homes. Counting only those homes built in the United States, it ranks somewhere in the top 21 builders, depending on how one measures production. Or, counting only nonprofit U.S. homebuilders, it is number one. It is for Humanity International, the nonprofit firm founded 21 years ago in Americus, Ga., by Millard and Linda Fuller. It now operates in 54 countries, through 1,657 affiliated entities, 576 employees, and hundreds of volunteers. It has housed more than a quarter of a million people. About 40% of Habitat's homebuilding is now done overseas. Of the 55,000 homes has built to date, a whopping 9,565 were built last year. We're building a house every 50 minutes now, says Millard Fuller. Fuller was speaking on his return from the Jimmy Carter Workshop, a weeklong, annual event, that is the best known of Habitat's so-called blitz builds. These events involve public figures, and attract media attention and subsequent donations to help fund housing construction. A graph of Habitat's homebuilding volume shows a marked upward trend after ex-President Carter got involved with the organization in 1984. Fuller says was well under way, having been eight years in existence by the time he recruited the former President, but others see Carter as having catapulted into the mainstream. Habitat didn't have the profile it has now until Carter came along, says James Carper, editor-in-chief of Professional Builder magazine, a publication of the National Association of Home Builders. Now, Carper says, among affordable housing entities, has the highest profile with builders. (NAHB says it had 60,341 builder-members, as of May 31.) Carper adds that is really America's first affordable housing organization with a national profile. Theology of the hammer The Fullers refer to the concept as the theology of the hammer. That is, to make decent housing available to those living homeless or in hovels, in return for the recipient putting at least 500 hours into the building of his own home, and repaying a long-term, interest-free mortgage loan on the property. Loan repayments, along with charitable donations, provide funds for the on-going construction of other homes. To preserve its Christian ideals, does not accept government funding for its houses. However, it accepts funds for land and amenities for building tracts, such as last year's $25 million federal grant. (The grant, in recognition of Habitat's 20th anniversary, coincided with President Clinton bestowing on Millard Fuller the nation's highest civilian award, the Presidential Medal of Freedom.) has just come up with a new source of funding: securitization. One would not think to securitize an interest-free mortgage since the yield for an investor in a mortgage-backed security is largely a cut of the mortgagee's interest repayments. Indeed, the securities are not being offered to individual investors. Instead, institutions are buying pools of loans for somewhat less than face value, and putting them in portfolio. The benefit to the institutions is less the 1% to 5% cut they take, when giving cash in return for a loan pool, and more the compliance benefits to the institutions under the Community Reinvestment Act. completed its first $6.5 million securitization in March and is planning another, larger, one for early November. Regina Hopkins, staff legal counsel, says, We hope to do two a year for the next five years, generating a total of $100 million. received up-front pledge:; for $15 million, when it launched the program earlier this year. Chase Manhattan Bank, PMI Mortgage Insurance Co. …" @default.
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- W329298456 date "1997-08-01" @default.
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- W329298456 title "Blessed Are the Poor; Habitat Considers Its Homebuilding a Higher Calling, and Financiers Consider Habitat's Interest-Free Mortgages to Be Securities" @default.
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