Habitat for Humanity looking at building in West Prince

O'LEARY - Habitat for Humanity has built homes for 26 Island families since 1999.
That might seem like an impressive number, but executive director Susan Zambonin points out national statistics suggest 5,000 families in P.E.I. qualify for Habitat for Humanity assistance.
Another four or five homes are planned for this year. House number 30 will be built in Summerside and financed with mortgage income from the first 26 partner families.
"This is a way for families to pay it forward," said Zambonin in noting how families who've benefitted from Habitat for Humanity can help others.
Despite the organization's successes, it has yet to build a home in West Prince. None of the homes planned this year will be built in West Prince either.
A West Prince committee has been meeting for a year hoping to drum up interest in the program.
John and Eileen Martin and Nancy Hamill serve on the West Prince group's family sub-committee and have been putting feelers out in hopes of attracting qualified families in time for the 2011 building season.
Habitat for Humanity housing isn't free, but Zambonin pointed out there are some pretty significant benefits connected to the mortgage.
There's no down payment and the mortgage amount is determined by the appraised value of the home regardless of how much of material and labour are donated.
Payments are based on 25 per cent of the household income for however long it takes to pay it off.
A standard mortgage with interest can end up costing homeowners two and a half times their purchase price, said Zambonin said, who pointed out no interest is charged on Habitat mortgages.
"I can see this being a real nice option for someone," said Eileen Conway-Martin who grew up in a large family in a small apartment. "It's great to have the opportunity to help make that happen for another family."
Potential Habitat for Humanity candidates would be families with at least 25 per cent of their income being earned income and have a manageable debt load (debt service ratio less than 50 per cent) but don't qualify for a conventional mortgage.
A family approved for assistance must also agree to contributing at least 500 hours of sweat equity, which could include helping with a build, fundraising, attending information nights (sessions will be held across P.E.I. on April 8) or working in a ReStore.
There's a ReStore in Charlottetown and one opens in Summerside on April 1.
Any family in West Prince who thinks they might qualify for Habitat for Humanity assistance is encouraged to contact the Martins or Nancy Hamill.