CalHFA Program Helps Owner-Builders to Help Themselves.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--May 9, 2003 With a combination of innovative financial assistance, dedicated team work and sheer "sweat equity Sweat Equity The equity that is created in a company or some other asset as a direct result of hard work by the owner(s). Notes: For example, rebuilding the engine on your 1968 Mustang to increase its value. ", 22 empty lots are about to become 22 owner-built affordable homes in Oroville. This labor-sharing construction method is made possible through the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Housing Finance Agency's (CalHFA) Self-Help Redressing or preventing wrongs by one's own action Without Recourse to legal proceedings. Self-help is a term in the law that describes corrective or preventive measures taken by a private citizen. Builder Assistance Program (SHBAP). SHBAP offers an opportunity to families and individuals with limited downpayment resources to obtain homeownership with the borrower's labor, or "sweat equity", representing the downpayment. In this program, CalHFA makes a long-term builder loan to non-profit, self-help housing developers with the necessary resources to provide adequate technical assistance to owner-builders. The Oroville project, called "Cherokee Estates" is located at the edge of the city limits in a rural setting with beautiful views of Table Mountain, and is also conveniently located to schools, shopping and other services. The sweat equity for this project will consist of three groups of seven or eight families who will be required to work a minimum of 30 hours per week to perform tasks such as site preparation, carpentry carpentry, trade concerned with constructing wood buildings, the wooden portions of buildings, or the temporary timberwork used during the construction of buildings. , painting, finish work, cabinetry cab·i·net·ry n. Cabinetwork: finely detailed cabinetry. Noun 1. cabinetry - the craft of making furniture (especially furniture of high quality) cabinetwork and landscaping. The CalHFA loan for Cherokee Estates submitted by the Community Housing Improvement Program (CHIP) is in the amount of $500,000. CalHFA will also provide low interest rate financing to the families once the construction is complete. CHIP was incorporated in 1973 and serves the people of Butte Butte, city, United States Butte (by  t), city (1990 pop. 33,336), seat of Silver Bow co., SW Mont.; inc. 1879. It is a trade, ranching, and industrial center. , Glenn, Tehama, Yuba, Shasta and Sutter counties. In the nearly 30 years it has been operating, CHIP has rehabilitated 533 homes, built 369 multi-family units and built over 1,241 sweat-equity single family homes. CHIP has partnered with CalHFA on 19 projects, 5 SHBAP Development Loans for 345 homes. "The Cherokee Estates project is a perfect example of CalHFA helping motivated mo·ti·vate tr.v. mo·ti·vat·ed, mo·ti·vat·ing, mo·ti·vates To provide with an incentive; move to action; impel. mo individuals and families to help themselves," says Theresa Parker, CalHFA Executive Director. "Sharing the labor is hard work, but sharing the gratification GRATIFICATION. A reward given voluntarily for some service or benefit rendered, without being requested so to do, either expressly or by implication. of living in an owner-built home is worth the investment." CalHFA -- the State's affordable housing bank -- was chartered 27 years ago to assist Californians to achieve the dream of safe, affordable and decent housing. Additional information on the full complement of CalHFA programs can be obtained by calling 1.800.789.2432 or visiting the web site at www.calhfa.ca.gov. |
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