Sustaining the Dream of Homeownership

“Knowing that I did this all on my own is just an amazing feeling,” NeighborWorks® client Stephani Kunkel said. Spearfish has always been home to Stephani. Her family lives here, her job is here, and it is the community she wants to live in. “I grew up in Spearfish and I want to lay roots down here.”

NeighborWorks® and Dakota Land Trust client Stephani Kunkel.

NeighborWorks® and Dakota Land Trust client Stephani Kunkel.

Even with a good job and working her way into a management position, her options for quality, affordable rentals were limited. “I was living in a small studio apartment and felt like I would never be able to afford anything with more than one room.” Stephani said.

Like many young adults she did not think homeownership and a mortgage would fit into her budget. “Owning a home did not seem possible. I thought, I am only 23 and how can I do this on my own?” Stephani stated. It was not until her mother heard about South Dakota Housing’s Governor’s House Program that Stephani realized that homeownership was a possibility. Stephani contacted her local bank to look into her options and the idea of homeownership began to take form.

The Governor’s House was a perfect fit for Stephani. “There is plenty of room for me, and if I have a family some day there will be room to expand.” The 1,008-square foot house has two bedrooms and one bath, with the option to build a full basement which Stephani’s house will have. South Dakota Housing delivered and placed the home on the foundation in July, and NeighborWorks® Dakota Home Resources completed the remaining construction in September.

“Owning a home did not seem possible. I thought, I am only 23 and how can I do this on my own?”

“Owning a home did not seem possible. I thought, I am only 23 and how can I do this on my own?”

To create an affordable monthly payment Stephani also utilized Dakota Land Trust (DLT). DLT was established to create a supply of affordable homes for low to moderate-income households in the communities of Western South Dakota. DLT purchases the lot and places the land in a 99-year ground lease. Taking the cost of land out of her purchase price will allow her to have manageable monthly payments so she can afford her home.

Together NeighborWorks® Dakota Home Resources, Dakota Land Trust, USDA Rural Development, South Dakota Housing Development Authority, and First Interstate Bank created an affordable homeownership opportunity for Stephani. Her mortgage payment will be comparable to the rent that she was paying for the much smaller apartment, and she is investing in her future and community.

About Dakota Land Trust:

Thanks to the support from organizations throughout South Dakota, Dakota Land Trust (DLT) has entered into its sixth year of operation.

Dakota Land Trust offers unique homeownership opportunities for families in communities while maintaining affordable housing for the future. Their mission is to create opportunities and foster stewardship of permanently affordable housing for low-income and moderate income families and individuals.

Through this mission DLT has been able to provide affordable housing for 22 families throughout seven communities.

The partnerships and contributions from South Dakota Housing Development Authority, Black Hills Vision, City of Spearfish, The City of Rapid City, and NeighborWorks® Dakota Home Resources have been crucial for DLT’s success.

Dakota Land Trust looks forward to creating and strengthening new and existing partnerships that will allow DLT to reach its goal of assisting 10 families every year.

Homebuyer Education: NeighborWorks Dakota Home Resources

NeighborWorks Dakota Home Resources- 2015 Homebuyer Education

Taking our Homebuyer Education classes will be one of the best decisions you will make to begin the process of achieving the dream of homeownership.

NeighborWorks Dakota Home Resources program is a eight-hour course that covers the basics of how to buy a house. Our classes cover budgeting, credit reports, how to shop for a house, and how to apply and shop for a mortgage and maintaining a home. While this course is designed for families or individuals that are short-term or nearly mortgage ready, we encourage our long-term clients to attend as many of the classes as they want in their route to mortgage readiness.

To view the most current schedule of Homebuyer Education courses, click here 2015 class poster

NeighborWorks Dakota Home Resources provides the services and tools a homebuyer needs to purchase the home of their dreams. Our programming includes a 8 hour curriculum that teaches a homebuyer about credit and budgeting, shopping for a home and mortgage and maintaining a home, with an option of an online homeownership education online course. In addition to the class or online course, homebuyers meet with a HUD approved housing specialist to review personal budget and credit situations and develop goals and tasks to prepare for mortgage readiness.

Homebuyer education has been shown to dramatically reduce foreclosure rates, especially among low- and moderate-income families, according to a recent study by NeighborWorks® America. Individuals and families with counseling from NeighborWorks organizations are ten times less likely to go into foreclosure than similar borrowers.

One-on-One Counseling Sessions

Each family that participates in our educational classes will receive sessions with our housing counselor(s) that will allow them to develop a plan for savings and mortgage readiness.

Homebuyer Education Curriculum

Are you Ready to Buy A Home?

  • Pros & Cons of Owning a Home
  • How to Buy A Home
  • The Homebuying Team
  • The 4 Cs of Credit
  • How much can you afford

Managing Your Money & Budgeting

  • Making A Plan
  • How To Spend your Money
  • Developing the Plan
  • Why should you Save

Understanding Credit

  • Ratings/Credit Score
  • RATIOS
  • Issues and how to fix them
  • Nontraditional Credit
  • Establishing
  • Managing Your Debts
  • Identity Theft – what should you do
  • Your Rights

Getting a Mortgage Loan & Lending

  • What is a Mortgage Loan
  • Who Can Get a Mortgage Loan
  • How Much of A Loan Can You Get
  • Shopping the Product/Lender
  • The Steps in the Loan Approval Process

 

 

Seventy percent of U.S. adults don’t know down-payment assistance is available

Seventy percent of U.S. adults don’t know down-payment assistance is available

Seventy percent of U.S. adults are unaware of down-payment assistance programs available for middle-income homebuyers in their community, according to findings from the second annual America at Home survey commissioned by NeighborWorks America, a national nonprofit community development corporation based in Washington, DC.

“Down-payment assistance programs make home purchasing more accessible for first-time buyers,” said Marietta Rodriguez, vice president of Homeownership Programs and Lending at NeighborWorks America. “In addition, because many down-payment assistance programs require home-buyer education, these purchasers tend to be more successful in the long term. Research has shown pre-purchase counseling helps reduce mortgage default and equips homeowners with the information they need to budget for other expenses and maintain their property.”

There are hundreds of millions of dollars available for down-payment assistance. NeighborWorks organizations provided 6,000 people with more than $100 million in such assistance last year, and expect to make even more available this year.

NeighborWorks America charter member NeighborWorks® Dakota Home Resources provides resources to Western South Dakota Residents to help families and individuals achieve, preserve, and sustain the benefits of homeownership. To date NeighborWorks Dakota Home Resources has provided 676 families with down payment closing cost assistance; and has provided homebuyer education to 1600 first time homebuyers.

In October of 2014, NeighborWorks Dakota Home Resources updated their loan programs to better serve current and future homeowners. “We increased our Down Payment & Closing Cost loan limit to allow clients to borrow up to $10,000; this increase will allow borrowers to lower their monthly payment and avoid the high cost of mortgage insurance when paired with conventional loan products.” NeighborWorks Lending Director Mike Walker stated.

In addition to increasing the lending limits NeighborWorks Dakota Home Resources rolled out a new program to help preserve the existing stock homes in our communities. The “Rehab for Resale” loan allows the homeowner to use the equity in the home at a low interest rate and complete the necessary repairs required for qualified financing.

NeighborWorks Dakota Home Resources provides Free Homebuyer Education to Western South Dakota Residents.

NeighborWorks Dakota Home Resources provides Free Homebuyer Education to Western South Dakota Residents.

NeighborWorks Dakota Home Resources and other charter organizations play a critical role in helping people find resources like down payment assistance and homebuyer education. For more information about NeighborWorks Dakota Home Resources please contact Stephany at 605-923-6007 or visit us www.nwdhr.org.

For the full findings of the America at Home survey commissioned by NeighborWorks America, go to NeighborWorks.org/HousingSurvey.

About NeighborWorks® Dakota Home Resources: NeighborWorks® Dakota Home Resources is a private nonprofit organization that has been assisting in providing decent, safe and affordable housing and revitalizing neighborhoods for twenty years. NeighborWorks® has helped more than 1,000 families realize their dream of homeownership.

Non-Profit Collects Gold To Support Affordable Housing

Deadwood, SD- (11-14-2014) NeighborWorks® ® Dakota Home Resources is hosting the 2nd Annual Solid Gold Investment Brunch on November 14th, 2014 at the Deadwood Gulch Convention Center in Deadwood.

The unique fundraiser is bringing awareness to the mission of NeighborWorks® Dakota Home Resources and giving guest the opportunity to invest in affordable housing by donating gold items.

During the Solid Gold Investment NeighborWorks® will be accepting unwanted, broken, and mismatched gold jewelry and coins.  The proceeds raised from the donated items are tax deductible and will be used to continue the mission of providing affordable housing and revitalizing our communities.

“Supporting affordable homeownership is truly a solid gold investment,” stated Executive Director Joy McCracken. “Communities need affordable, quality housing to be vibrant and resilient,” McCracken stated.

NeighborWorks®  Dakota Home Resources is on the frontlines every day, helping individuals and families in achieving, preserving and sustaining the American dream of homeownership.  “We thank all of our partners for their ongoing support in making the dream of homeownership a reality for our families, “McCracken stated.

If you would like more information on the “2nd Annual Solid Gold Investment Brunch” or NeighborWorks® Dakota Home Resources please contact Stephany at 605-923-6007.

$20,000 Invested into Affordable Homeownership- NeighborWorks Dakota Home Resources

NeighborWorks Dakota Home Resources and Dakota Land Trust celebrated their “2nd Annual Solid Gold Investment Champagne Brunch” and  received community support to expand their mission of providing decent, safe, and affordable housing opportunities for the residents of Western South Dakota.

On Friday, November 14th 2014 First Interstate Bank and Wells Fargo encouraged others to support the initiative of affordable homeownership in Western South Dakota communities by each presenting a check in the amount of $10,000.

The monetary donations from First Interstate Bank Foundation and Wells Fargo will enable NeighborWorks Dakota Home Resources to continue to provide assistance to help residents achieve, preserve and sustain their dream of homeownership.

The monetary donations from First Interstate Bank Foundation and Wells Fargo will enable NeighborWorks Dakota Home Resources to continue to provide assistance to help residents achieve, preserve and sustain their dream of homeownership.

The monetary donations from First Interstate Bank Foundation and Wells Fargo will enable NeighborWorks Dakota Home Resources to continue to provide assistance to help residents achieve, preserve and sustain their dream of homeownership.

The funds received from Wells Fargo will be utilized to expand the mission of NeighborWorks into Belle Fourche and assist with creating housing opportunities to retain residents and employees.

“We’re thrilled to continue our work with NeighborWorks® Dakota Home Resources to help stabilize and rebuild Black Hills communities.  This investment donation will support NeighborWorks Dakota Home Resources’ mission to help provide safe, decent and affordable housing,” said John Senden, Wells Fargo Business Banking Vice President. “It’s our hope that these funds will improve the quality of life in Belle Fourche.
NeighborWorks® is a non-profit organization with a mission to create decent, safe, and affordable housing in Black Hills Communities by offering free Homebuyer’s Education classes, credit counseling, and housing rehab services.

This investment donation will support NeighborWorks Dakota Home Resources’ mission to help provide safe, decent and affordable housing,” said John Senden, Wells Fargo Business Banking Vice President.

This investment donation will support NeighborWorks Dakota Home Resources’ mission to help provide safe, decent and affordable housing,” said John Senden, Wells Fargo Business Banking Vice President.

In 1998, NeighborWorks® Dakota Home Resources became involved with NeighborWorks® America’s “Campaign for Home Ownership.”  This campaign seeks to revitalize communities by offering homeownership opportunities.  Through the assistance of NeighborWorks® Dakota Home Resources, families in South Dakota are realizing their dream of homeownership.

The donation proceeds from First Interstate Bank, Wells Fargo and other donors, kicked off the NeighborWorks® Annual “Campaign for Home Ownership” by contributing $24,000 during the day Champagne Brunch Event.

Joy McCracken Executive Director of NeighborWorks® Dakota Home Resources stated “We appreciate the continued support all of our donors. Their ability of having the foresight to understand the benefits of homeownership, enlighten the positive outcomes it has on our families and communities”.

Since 1992, NeighborWorks® Dakota Home Resources has provided a variety of programs and services that has assisted 1,000 low-and moderate-income families with the purchase of their homes.

NeighborWorks® Dakota Home Resources would like to thank everyone that was able to attend the Champagne Brunch.  “Thanks to our great partners, whether through volunteering or capital contributions, we able to achieve the mission of NeighborWorks® Dakota Home Resources” stated Joy McCracken.

For more information on the programs and services offered by NeighborWorks® Dakota Home Resources or Dakota Land Trust, please call 578-1401 or visit its website at www.neigborworksdhr.org.

 

Black Hills Power Contributes $1,500 to Build a Community Pocket Park

(Rapid City, SD) August 6th, 2014 On August 6th, 2014 at 1:30pm, Black Hills Power presented a check in the amount of $1,500 to NeighborWorks Dakota Home Resources and the College Park Block Club to support the construction of the newest community pocket park in Rapid City.

Black Hills Power along side other donors and volunteers will help transform a vacant lot into a community play space on the corner of Lemmon and Monroe in North Rapid.

The space once known as Willow Park will be brought back to life by volunteers on Saturday September 13th, 2014.  The play space will provide a safe haven for sensory and imagination play.

kids

In the Photo: Neighborhoood children gather around the future plans of Willow Park. They think the sculpture donated by Bridget Beck will be one of the coolest structures in the future Willow Park.

In April of 2013 NeighborWorks Dakota Home Resources and the College Park Block Club approached Rapid City Parks and Recreation and received approval to build a neighborhood pocket park.

NeighborWorks partnered with surrounding organizations and community members to design a play space that will fit the needs of the neighborhood.  National and local contributions from Kaboom, Black Hills Area Community Foundation, Walmart Foundation and Black Hills Power have showed their commitment to this area by providing generous funds to complete the project.

bhp

In the picture: Stephany Valkenburg – NeighborWorks Dakota Home Resources; RCPD Lt. John Olson; Parks and Recreation Board Member – Rick Askvig; City Council Member – John Roberts; Mayor Sam Kooiker; Black Hills Power- Jason Sanderson; Black Hills Power- Marsha Nichols; Rapid City Parks and Recreation Executive Director- Jeff Biegler; NeighborWorks Dakota Home Resources Executive Director- Joy McCracken; Black Hills Power- Jamie Hill.

“This is a great opportunity for Black Hills Power to be a partner in our community to provide a wonderful recreation option for kids and families.  We always enjoy working with NeighborWorks on these projects, and enjoy giving back to the communities we serve” Said Mike Theis, Director of Operations at Black Hills Power.

Community Parks promote healthy habits, increase physical activity, renew self-identity, and belonging as an antidote to social alienation, vandalism, and violence. Willow Park will be another resource in our community to encourage and increase our revitalization efforts.

NeighborWorks Dakota Home Resources and the College Park Block Club would like to thank all of the organizations and volunteers that have given their support for this community project.  Their efforts prove the community is dedicated to providing resources and increasing healthy and happy activities for our children and families to enjoy.

The Willow Park Planning Committee invites other members of the community to get involved with the Willow Park community project.  If you would like to donate to help provide monetary funds, donations are being accepted at NeighborWorks® Dakota Home Resources and First Interstate Banks “Build Our Park”.  Contributions are tax deductible.   The community build date is scheduled to place on September 13th. 2014.    If you are interested in volunteering please contact Stephany at 605-923-6007.

About NeighborWorks® Dakota Home Resources: NeighborWorks® Dakota Home Resources is a private nonprofit organization that has been assisting in providing decent, safe and affordable housing and revitalizing neighborhoods for twenty years.  NeighborWorks® has helped more than 1,000 families realize their dream of homeownership. NeighborWorks® Dakota Home Resources provides decent, safe and affordable housing and revitalize neighborhoods throughout the Western South Dakota communities.