It’s okay to dream. With your help someone’s dream of homeownership can come true!
Jericho Road depends on your generosity for the support many low income homebuyers need to get to the closing table. All levels of donation make a difference! Pledge your annual commitment or make a one-time donation.
The costs to build a starter home in the New Orleans area puts the sales price beyond that which a family in the low-moderate income bracket can afford. Financial resources that fill the void between what a family can afford and the home sales price is referred to as gap financing. The layering of multiple gap financing resources is essential to overall mortgage buy-downs to actual affordable levels.
The American Dream Fund is established specifically for the purpose of funding gap financing through Soft Second Mortgages for first-time low income working families. With your contribution to The American Dream Fund, Jericho Road can provide Soft Second Mortgages to those who qualify.
A soft second mortgage through Jericho Road is one that accrues no interest and is forgiven over a period of 15 years.
In this post-Katrina environment of skyrocketing market rate rents and home sales in addition to a decrease in subsidized housing units, affordable homeownership development offers one of the few opportunities for low-to-moderate income working families to build wealth. Jericho Road works closely with first-time homebuyers who face the daunting challenge of addressing barriers to affordable homeownership.
For more information about various methods or types of donations or more about The American Dream Fund contact Holly Heine.
All levels of donation are important. We have four levels of giving including the Foundation Club ($1-$99), Framer’s Club ($100-$499), Front Door Club ($500-$999) and Raise the Roof Club ($1000-$5000). Click here to Donate Today.