Micronesia Community Development Corporation Offers First Time Homeowners Sweat Equity

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MCDC hopes to help enroll about 20 families every two years into the self-help housing program.

Guam – Are you interested in becoming a first time homeowner? Good news if you are, there is now another option in obtaining the home of your dreams.

The Micronesia Community Development Corporation offers the first mutual self-help housing on island, which is a program intended to help eligible familes build their own homes while working together to build all the homes in their construction group. All homes are designed to be affordable and energy efficient. Residents can choose a layout for their new home and decide if they want 2, 3, or 4 bedrooms. According to Carlos Camacho from MCDC, most of the time, the monthly cost of owning your own home would be less than paying rent. Participants perform at least 65% of the labor needed to build the home and that labor serves as the down payment in the form of “sweat equity”.

MCDC Homeownership Advisor Carlos Camacho says, “We target a lot of families income, so our cost of goods are X factor, but we layer in the home grant to lower the cost so that the families with the “sweat equity” lower the cost of labor parts and the grants a little lower so they can meet the financial requirements either 30 or 38 years. The average payment, the lowest payment is $479 a month.”

MCDC hopes to help enroll about 20 families every two years into the self-help housing program.