Hope Community Builders Goes Green

Hope Community Builders (HCB), has retained the services of GreenVision Consulting of Richmond to certify its new homes with an “Energy Star” designation. This label, a government backed symbol seen on computers, appliances, etc. can be earned for homes as well. By following a set of guidelines established by the U.S. Environmental Protection Agency for building and passing certain on-site tests, each individual home can be certified as an “energy star” home. New homes will feature improved insulation, energy efficient water heaters and heating and cooling systems. Homeowners will be encouraged to purchase “Energy Star” rated appliances.

In addition, HCB will work toward certifying their homes as “Earthcraft Homes.” Earthcraft is an organization that sets standards for building which lowers a home’s impact on the environment. These standards work to create homes which are more energy efficient, have better indoor air quality, use environmentally friendly building materials, and reduce waste during the construction process.

What does this mean for HCB home buyers? With careful consideration of the environment and energy efficiency, home buyers will have a home that will be 30% more efficient than homes built to the Model Energy Code, incur lower monthly utility costs through the life of the home and help reduce greenhouse gas emissions.

The Virginia Housing Development Authority (VHDA) has recently adopted Earthcraft standards for green building. Building to these “green” standards also gives HCB better access to mortgage interest rates at lower than market value for first time home buyers. As administrators of these “SPARC” funds, HCB will have a competitive edge to receive these funds.

Covenant Heights Construction Update

Senior Building Supervisor Duane Bontrager and Builder Supervisor Eric Beck review drawings for in-process homes in Covenant Heights.

The completion of Phase I of Covenant Heights is almost a reality. 44 duplexes have been sold and 20 have been built. 17 families have moved into new homes with several closings each month. There are 16 additional homes in various stages of construction.Phase II consists of 41 duplexes with several townhouses and is anticipated to begin in July, 2006. Land for Phase II has just been purchased and plans are being designed. Phase II will include a green area for a subdivision park.

According to Asrat Gebre, CEO, now is the time to apply for these new homes. Requirements include:

• Being a first—time homebuyer
• Annual income may not exceed 60% of the median income—a family of 4 may earn up to $33,060
• Good credit.

All homes are custom designed in consultation with the home buyer and are approximately 1,350 square feet in size.

HCB Awarded $3 Million in SPARC Funds

The Virginia Housing Development Authority (VHDA), based in Richmond, VA just announced that HCB was one of 60 organizations that provide affordable housing around the state to receive $137 million in low-interest financing. HCB was awarded $3 million for its work in building affordable homes in Harrisonburg in 2006.

Round 5 of the Authority’s Sponsoring Partnerships and Revitalizing Communities (SPARC) homeownership program provides home loans through non-profit organizations, such as HCB, to potential homebuyers.

HCB is also eligible to receive allocations at an interest rate of ½ to 1 percent below VHDA’s rate for first-time homebuyer programs.

The emphasis of SPARC funds is to boost home ownership among low-income Virginians. SPARC funds also support VHDA’s strategic initiatives such as community revitalization, and serving the housing needs of seniors, minorities and those with disabilities. Information on the SPARC program can be found at the VHDA website: www.vhda.com