NeighborWorks Dakota Home Resources

Mar 2015

Wayne and Beverly Stuen started thinking of home ownership when they moved back to Western South Dakota. They had owned a home prior to moving East River, but due to the high cost they decided renting was a more feasible option. For nearly a decade the Stuens rented a house, and up until they moved into their new two-bedroom South Dakota Governors House they were living in their RV camper. DSC_0007 We really started thinking about home ownership to have more stability. I wanted to make sure that Bev would always have a home if something happened to me, and vice versa if something happened to her. Wayne explained. To create a home ownership opportunity that would fit within the Stuens budget they utilized Dakota Land Trust. Dakota Land Trust takes the cost of land out of the purchase price and the land is placed into the stewardship of the trust. Dakota Land Trust creates a permanently affordable home ownership opportunity and ensures that the Stuens will be able to afford their investment. The Stuens two bedroom, two bath, one car garage and large porch is a South Dakota Governors House. In 1996, the Governors House program was created as a way to provide reasonably sized, affordable homes to income-qualified individuals and families. The Governors House provides a quality, low-cost, low-maintenance, energy efficient place to call home. Dakota Land Trust, paired with the South Dakota Governors House created an affordable home ownership opportunity that was within the Stuens budget. They utilized USDA Rural Developments 502 Mortgage Program to help create an affordable monthly mortgage payment.The 502 Direct Loan Program, assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicants repayment ability. With a longer term loan and monthly subsidy based on an applicants income allows for more families to achieve their dream of home ownership. Together NeighborWorks Dakota Home Resources, Dakota Land Trust, USDA Rural Development, South Dakota Housing Development Authority created a safe, decent and affordable home ownership opportunity for the Stuens. About NeighborWorks Dakota Home Resources: NeighborWorks Dakota Home Resources is a private nonprofit organization that has been assisting in providing decent, safe and affordable housing and revitalizing neighborhoods for twenty years. NeighborWorks has helped more than 1,000 families realize their dream of home ownership. NeighborWorks Dakota Home Resources provides decent, safe and affordable housing throughout the Western South Dakota communities.

$130k

Spearfish, SD

Feb 2015

Knowing that I did this all on my own is just an amazing feeling, NeighborWorks client Stephani Kunkel said. Spearfish has always been home to Stephani. Her family lives here, her job is here, and it is the community she wants to live in. I grew up in Spearfish and I want to lay roots down here. NeighborWorks and Dakota Land Trust client Stephani Kunkel. NeighborWorks and Dakota Land Trust client Stephani Kunkel. Even with a good job and working her way into a management position, her options for quality, affordable rentals were limited. I was living in a small studio apartment and felt like I would never be able to afford anything with more than one room. Stephani said. Like many young adults she did not think homeownership and a mortgage would fit into her budget. Owning a home did not seem possible. I thought, I am only 23 and how can I do this on my own? Stephani stated. It was not until her mother heard about South Dakota Housings Governors House Program that Stephani realized that homeownership was a possibility. Stephani contacted her local bank to look into her options and the idea of homeownership began to take form. The Governors House was a perfect fit for Stephani. There is plenty of room for me, and if I have a family some day there will be room to expand. The 1,008-square foot house has two bedrooms and one bath, with the option to build a full basement which Stephanis house will have. South Dakota Housing delivered and placed the home on the foundation in July, and NeighborWorks Dakota Home Resources completed the remaining construction in September. Owning a home did not seem possible. I thought, I am only 23 and how can I do this on my own? Owning a home did not seem possible. I thought, I am only 23 and how can I do this on my own? To create an affordable monthly payment Stephani also utilized Dakota Land Trust (DLT). DLT was established to create a supply of affordable homes for low to moderate-income households in the communities of Western South Dakota. DLT purchases the lot and places the land in a 99-year ground lease. Taking the cost of land out of her purchase price will allow her to have manageable monthly payments so she can afford her home. Together NeighborWorks Dakota Home Resources, Dakota Land Trust, USDA Rural Development, South Dakota Housing Development Authority, and First Interstate Bank created an affordable homeownership opportunity for Stephani. Her mortgage payment will be comparable to the rent that she was paying for the much smaller apartment, and she is investing in her future and community. About Dakota Land Trust: Thanks to the support from organizations throughout South Dakota, Dakota Land Trust (DLT) has entered into its sixth year of operation. Dakota Land Trust offers unique homeownership opportunities for families in communities while maintaining affordable housing for the future. Their mission is to create opportunities and foster stewardship of permanently affordable housing for low-income and moderate income families and individuals. Through this mission DLT has been able to provide affordable housing for 22 families throughout seven communities. The partnerships and contributions from South Dakota Housing Development Authority, Black Hills Vision, City of Spearfish, The City of Rapid City, and NeighborWorks Dakota Home Resources have been crucial for DLTs success. Dakota Land Trust looks forward to creating and strengthening new and existing partnerships that will allow DLT to reach its goal of assisting 10 families every year.

$130k

Spearfish, SD

Jan 2014

Margaret Koch did not know what she was going to do when her home repair cost began to wear down on her finances. She had only lived in her home for two years and the cost of major plumbing and home maintenance repairs were becoming too costly and overwhelming for her monthly fixed income. Maragret It is really frustrating when you feel like you done everything right, and there are still obstacles that seem impossible to overcome. It is really frustrating when you feel like you have done everything right, and there are still obstacles that seem impossible to overcome. As a first time homebuyer Margaret thought she had did everything to ensure that she was purchasing a home that would fit her needs and budget. Margaret stated that she had two home inspections completed and both stated that the home was not in need of any major repairs. It was shortly after Margaret moved in that her plumbing started backing up and causing issues. I had plumber after plumber come in and try to fix the issue. She had hired a company to go inside the plumbing and replace a pipe that had collapsed. Once the company notified her that the work was complete she was still facing regular plumbing and back up issues. Even after I fixed the problem, I was spending nearly $200 a month on plumbing repairs. Margaret explained. It was not until I found NeighborWorks that there was light at the end of the tunnelI called NeighborWorks and Robert was here the next week. They helped me find contractors to fix my plumbing issues, and also discovered that the original work was not completed. Margaret explained Collapsed pipe that was causing plumbing issues in Mrs. Koch's home. Collapsed pipe that was causing plumbing issues in Mrs. Kochs home NeighborWorks Dakota Home Resources worked with Margaret to find a contractor that could complete the necessary home repairs at a cost that she could afford. I would not have been able to complete these repairs without NeighborWorks. I will have a small loan payment, but it is a payment I can afford. Margaret explained. If I would not have found NeighborWorks, I would have had to sell my home. NeighborWorks Dakota Home Resources is able to provide low interest rate loans and forgivable loans for home rehabilitation and repair projects throughout Western South Dakota, thanks to the support from NeighborWorks America, South Dakota Housing Development Authority, US Bank and Wells Fargo Bank. "If I would not have found NeighborWorks, I would have had to sell my home. Margaret Koch If I would not have found NeighborWorks, I would have had to sell my home. Margaret Koch NeighborWorks Dakota Home Resources completes around thirty home rehab projects annually. Assistance ranges from replacement of furnaces and hot water heaters, to updating electrical and plumbing homes. In 2013, NeighborWorks Dakota Home Resources invested over $100,000 into preserving and rehabbing affordable homes throughout Western South Dakota. Margaret explained that she could not have been happier with the contractors that completed the repairs. They did quality work, and Neighbor Works was there for me whenever I had any questions. NeighborWorks Dakota Home Resources is a private non-profit organization that works to assist families with their dream of homeownership and revitalize the communities to improve the quality of life. NeighborWorks Dakota Home Resources can assist you in fixing your home. Call NeighborWorks Dakota Home Resources at 605-578-1401 for more information.

$25k

Rapid City, SD