2031 Champions Way, North Lauderdale, FL 33068
This 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 had rented her past home for five years and diligently saved almost $15,000 toward her new home.
To help her reach her goal of homeownership and ensure her payment is affordable, R.E.A.C.H. holds the mortgage as a 30-year, 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.