What we think: A stake in the system
In the grand scheme of things, it may not seem that much. But to 10 families in Miami’s Liberty City neighborhood it was a big deal when they became homeowners on Saturday – at a time of economic recession and a housing market that is still reeling from its effects.
These homes, averaging three bedrooms and one bath each, are not free but they are the result of an initiative that makes them very affordable. They cost between $100,000 and $133,000, required a down payment of about $1,500 and the monthly mortgage payment is about 30 percent of a family’s total income or between $650 and $900.
In addition, each homeowner was required to give “sweat equity” – actually work on the construction of the home – for 250 hours if single and 300 hours if a couple.