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2001 Champions Way, North Lauderdale, FL 33068

2001ChampionsWay1R.E.A.C.H. purchased this one bedroom, one bath, 882 square foot townhome in a community built for low- to moderate-income families. The property had been vacant for many months and was in poor condition. R.E.A.C.H. spent $18,400 in repairs and carrying costs. Renovation to the home included fresh paint, new flooring, a rehabbed bathroom, and they replaced the ceiling fans and closet doors.

Anita, a single 48-year-old, African American woman who earns 80% of the AMI for Broward County, had been a long-time renter and wanted to buy her first home. She obtained a federal grant of $18,000 in HOME funds from the county. R.E.A.C.H. reduced the contract price and paid $9,356 in closing costs so that Alice could afford to purchase this home, and in addition, they allowed her an extended time to purchase so she could receive and use the grant income. Many sellers will not wait for a buyer to receive the grant funds, which also require multiple county inspections on a property including environmental. In addition, the townhome is in a community with an HOA and R.E.A.C.H. made the HOA whole when they purchased this unit, helping to restore the HOA’s ability to meet its maintenance goals. R.E.A.C.H. lost $14,300 in the sale of this home.

North Lauderdale is a working class area, with a median household income of $42,600, and is an area where homes average $85,000, and rents average $1,200 month. The work R.E.A.C.H. is doing in restoring abandoned properties to productive use is key to fortifying affordable housing opportunities.

2031 Champions Way, North Lauderdale, FL 33068

2031ChampionsWay2_CroppedThis 900 square foot, one bedroom, one bath townhome, built in 1986, is in a centrally located community close to shopping areas. The property was vacant and needed repairs when R.E.A.C.H. acquired it. Repairs included new flooring, an updated kitchen, a new dishwasher and a renovated bathroom.

The new homeowner is Marcia, a 63-year-old woman who earns 80% of the AMI for Broward County working as a patient account liaison for Holy Cross Hospital – a job she has held for 13 years. She had rented her past home for five years and diligently saved almost $15,000 toward her new home.

To help Marcia reach her goal of homeownership and ensure her payment is affordable, R.E.A.C.H. holds the mortgage as a 30-year, 5% fixed rate loan with no mortgage insurance. In addition, the townhome is in a community with an HOA and R.E.A.C.H. made the HOA whole when they purchased this unit, helping to restore the HOA’s ability to meet its maintenance goals.

The North Lauderdale area has a median household income of $42,600, and is an area where rents average $1,200 month. The work R.E.A.C.H. is doing in restoring abandoned properties to productive use is key to fortifying affordable housing.

REACH out -We’ll R.E.A.C.H. back!!

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