MoneyReal Estate News

Actions

Adopt-A-Family program helps families attain homeownership

Posted at 4:09 PM, Feb 24, 2022
and last updated 2022-02-24 18:19:32-05

PALM BEACH COUNTY, Fla. — Community Foundation of Palm Beach and Martin Counties is celebrating more than 50 years of impact in South Florida.

The Community Foundation of Palm Beach and Martin Counties has provided nearly $200 million in grants and scholarships over its 50-year history, supporting 3,400 local organizations with grants and 2,500 of the area’s brightest minds and future leaders with scholarships. 

With more than $350 million in assets, it is one of Florida’s largest community foundations.

Through the support of its donors and fundholders, the Foundation has been able to address some of the community’s most pressing needs. 

Adopt-A-Family is an organization that received a grant from the Community Foundation for its Service Enriched Housing program.

The Adopt-A-Family Service Enriched Housing (SEH) program is an innovative housing program for low-income families dedicated to the pursuit of financial stability and homeownership. SEH provides safe and affordable housing for 30 families.

Families work collaboratively with the program manager to address credit obstacles, debt, and the necessary steps to becoming a homeowner.

SEH’s innovative rent model enables families to save money while paying rent that is well below fair market value. Residents are charged 30% of their gross income for rent. 

Any amount over $550 is placed directly into an individual escrow account for each resident. 

During the 2019-2020 fiscal year, the residents saved a combined total of $63,778 in their escrow accounts.

Additionally, SEH residents are referred to a number of first-time home buyer workshops approved by the U.S. Department of Housing and Urban Development. These workshops expand on various aspects of homeownership, such as budgeting and credit counseling.

For more information about grants and scholarships available from Community Foundation for Palm Beach and Martin Counties, click here.
here.

To learn more about the Adopt-A-Family Service Enriched Housing (SEH) program, click here.