Wayne and Beverly Stuen started thinking of home ownership when they moved back to Western South Dakota. They had owned a home prior to moving East River, but due to the high cost they decided renting was a more feasible option.
For nearly a decade the Stuen’s rented a house, and up until they moved into their new two-bedroom South Dakota Governors House they were living in their RV camper.
“We really started thinking about home ownership to have more stability. I wanted to make sure that Bev would always have a home if something happened to me, and vice versa if something happened to her.” Wayne explained.
To create a home ownership opportunity that would fit within the Stuen’s budget they utilized Dakota Land Trust. Dakota Land Trust takes the cost of land out of the purchase price and the land is placed into the stewardship of the trust. Dakota Land Trust creates a permanently affordable home ownership opportunity and ensures that the Stuen’s will be able to afford their investment.
The Stuen’s two bedroom, two bath, one car garage and large porch is a South Dakota Governors House. In 1996, the Governor’s House program was created as a way to provide reasonably sized, affordable homes to income-qualified individuals and families. The Governors House provides a quality, low-cost, low-maintenance, energy efficient place to call home.
Dakota Land Trust, paired with the South Dakota Governors House created an affordable home ownership opportunity that was within the Stuen’s budget.
They utilized USDA Rural Developments 502 Mortgage Program to help create an affordable monthly mortgage payment.The 502 Direct Loan Program, assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. With a longer term loan and monthly subsidy based on an applicant’s income allows for more families to achieve their dream of home ownership.
Together NeighborWorks® Dakota Home Resources, Dakota Land Trust, USDA Rural Development, South Dakota Housing Development Authority created a safe, decent and affordable home ownership opportunity for the Stuen’s.
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 home ownership. NeighborWorks® Dakota Home Resources provides decent, safe and affordable housing throughout the Western South Dakota communities.