B.A.P. - Building Assets ProgramSAVING FOR HOME MAINTENANCE
What is the Building Assets Program (B.A.P.)?
Our homes are the largest assets we have and this year-long program for Habitat homeowners and other homeowners in the community was developed to assist in maintaining and improving that asset. The homeowner will set a savings goal to maintain or repair their house and this program will match their savings 4 to 1. For example, if the homeowner agrees to save $20.00 per month, this program will match those savings with $80.00. That’s a total of $100.00 saved for the home maintenance goal per month.
How do I apply?
There are 10 openings per year, 5 for Habitat homeowners and 5 for other homeowners in the community. Qualified applicants will be admitted to this program on a first-come, first-serve basis. Call Greater Lynchburg Habitat for Humanity at: 434-528-3774 for information on the next program.
How can the savings be used?
This will be decided during your meeting with the Family Service Coordiinator, Gale Nowlin - but some ideas are:
- A new roof or repairs to your existing roof
- Shutters for the exterior of your house
- A new front door
- Repairs or additions to steps, porches, decks
- New fencing for your yard
This money is saved to maintain or improve your home, so most items saved for will be permanent fixtures to your house. The idea is to maintain and improve the worth of your house.
How do I qualify for the Building Assets Program?
The following requirements MUST be met to qualify to participate in the B.A.P. Program
Have reliable employment or assistance with a minimum and maximum income for your family size, A 12-month period of on-time mortgage payments, A good credit report, The ability to save at least $20.00 per month, Willingness to volunteer 60 hours with Greater Lynchburg Habitat during the program year, Willingness to participate in financial training, and home maintenance classes, Willingness to meet with Habitat staff at least once per month to discuss program success, Willingness to allow Greater Lynchburg Habitat for Humanity staff to monitor your savings account.
What happens to the money I save, if I withdraw from this program?
The money you save will always be yours. The following reasons will void the agreement and match money will not be awarded: withdrawal of any saved money early without the permission of the Family Service Coordinator; not participating in classes or volunteer hours; failing to meet with Habitat staff. At the end of the program, how do I get my money?
At the end of the savings period, Greater Lynchburg Habitat for Humanity will issue checks payable to the business from where you purchased your new item or items or to the company that performs the work on your home.
This money is saved to maintain or improve your home; items saved for will be permanent fixtures to your house. The idea is to maintain and improve the worth of your home. Call Greater Lynchburg Habitat for Humanity at: 434-528-3774.
Contact Information
Greater Lynchburg Habitat for Humanity
360 Alleghany Ave
Lynchburg, VA 24501
Telephone: 434-528-3774
FAX: 434-528-3776
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