Sunday, March 15, 2009

GaHOC Announces PROJECT PROMISE for Georgia Residents

GaHOC, the Georgia Home Ownership Coalition announced today that it has launched PROJECT PROMISE, an initiative to help reverse the brunt of the housing crisis at the grassroots level. The program puts people first by bridging immediate housing needs with the goals of accessible and affordable home ownership.

With the economy shrinking at levels unprecedented since the 1930’s, the housing sector is reaching for a bottom. Record foreclosures, empty homes, lower values, and increased vandalism are part of the general plight that has befallen many neighborhoods. While great bargains are available to the select few, tightening of credit and qualifying for a mortgage have dashed the dreams of consumers, who otherwise would make the move to home ownership.

PROJECT PROMISE brings together home buyers and sellers into a managed solution that defers a sale for up to two years, or until such time when credit and mortgage requirements have stabilized. During the interim, the parties act in a landlord/tenant relationship, with an underlying agreement. If rent payments are made on time, the seller will pay closing costs and provide a home warranty at the time of sale. Both parties prosper in this partnership.

In recent months, a whole range of applicants have experienced a sharp decline in mortgage approvals. During the same period, inquiries at GaHOC have expressed an overwhelming interest for alternative paths to home ownership. Currently, over 200 families are qualified for PROJECT PROMISE and industry experts expect that number to be in the thousands in Georgia alone.

When throwing money at a problem means government bailouts of large banks and corporations with the taxpayer left holding the bill, it is time for clarity and new thinking from the bottom up. The GaHOC effort is at the community level and focuses on people and a place to call home.

GaHOC provides a free multiple listing service and through its membership, a safety net of various purchase and refinance options in the new economic climate. The group ranks include lenders, mortgage brokers, real estate agents, builders, investors, home owners, and prospective home buyers. For more information about GaHOC, the Georgia Home Ownership Coalition, call 770-509-3200 or visit the website at www.GAHOC.com.
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