“Most local workers are simply priced out of free-market homes.”
This stark fact is observed by the 2007 Affordable Housing Needs Assessment Final Report issued by the Teton County Housing Authority. While the realities of the Teton County, Wyoming housing market affect all community residents to varying degrees, our low-income residents are especially challenged by our high-cost environment. As the Needs Assessment observed, none of the homes for sale in Teton County at the time of analysis were affordable for those making less than 60% of Area Median Income (AMI), and “the majority of those in need of deed-restricted affordable housing at this time are median income or below.” Habitatplays a significant role in meeting the affordable homeownership needs of low-income residents. According to the Needs Assessment, “each community [housing organization] has a [population] niche that has emerged over time, with Habitat focusing on the lowest end, the Housing Authority mostly working with households earning between 80 to 120 percent of median income, and the [Housing] Trust targeting the 120 percent group.”
There is a significant need for homeownership opportunities for Habitat’s target population, those earning between 30% and 60% of AMI. The Needs Assessment observes that the largest “housing gap” between demand and supply occurs in the population earning less than 60% of AMI. Habitat’s target population is not small. According to the US Census Bureau American Community Survey2005-7, 16.4% of Teton County households (1303 of 7942) earn between $20,000 and $39,999 per year (31% to 62% of AMI.) This nearly identifies the size of Habitat’s target population.
By providing homeownership opportunities to our low-income partner families, Habitat helps stabilize our community, its workforce, and its diversity of residents. Habitat’s use of volunteer labor significantly reduces our affordable housing construction costs when compared to other providers. Our lower costs, in conjunction with the 0% interest rates we provide, help us ensure that our homeowners only pay roughly $500 per month for their mortgages. Because of the support of our donors and volunteers, Habitat is able to provide housing at a profoundly more affordable rate. As the local affiliate of Habitat for Humanity International, we are working in Teton County to achieve our organizations mission to “make decent shelter a matter of conscience and action.”
Your donation will pay a lifetime of dividends for a Habitat partner family and help ensure the diversity of our Teton County community.
Click the “DONATE” tab on the right hand side of this page to donate to us today!