$10,000 grant goes to support MHDC homeownership program

Pictured from left to right: Steve Loughren Jr. M&T Bank Relationship Manager Business and Professional Banking, Christine Rust M&T Bank AVP Branch Manager Milford, David Moore MHDC President/CEO, Rob Bunting Business M&T Bank Banking Team Lead, Nancy Choma M&T Bank Regional Manager Delaware South.

Pictured from left to right: Steve Loughren Jr., M&T Bank Relationship Manager Business and Professional Banking; Christine Rust, M&T Bank AVP Branch Manager Milford; David Moore, MHDC President/CEO; Rob Bunting, Business M&T Bank Banking Team Lead; and Nancy Choma, M&T Bank Regional Manager Delaware South.

MILFORD – A $10,000 grant has been awarded to Milford Housing Development Corporation (MHDC)  from M&T Bank.  The grant was to support the Self-Help Housing Program.  M&T Bank has been a longtime supporter of the program.

Since 1997, MHDC has offered the Self-Help Housing Program as an alternative path to homeownership for families who might otherwise not be eligible through more traditional avenues.

Staff provides eligibility determination, loan packaging/processing, pre-construction training, onsite construction guidance, and post-homeownership counseling.

Working in small groups of families, participants help build one another’s homes together and build group cohesion over a year-long construction process.

Key program features include: no down payment; mortgages rates as low as 1%; Energy-Star rated homes; many locations; and no experience necessary.

Participating families are required to provide approximately 65% of all the labor for home construction. This equates to roughly 1,300 hours in work committed and over $32,000 in sweat equity per home.  To-date, MHDC has created nearly 200 Self-Help homes in Delaware.

For more information about MHDC, go to www.milfordhousing.com, or call 302-422-8255.

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