RURAL SELF HELP PROGRAM

    Family Resources of New Orleans (FRNO) self-help housing plan is a program where qualified individuals and families can build new
    homes in rural communities.  

    Who Is Eligible For The Program?
    To be eligible for this program an applicant must:  

  • Be within income levels
  • Have sufficient income to afford the cost of homeownership
  • Have less than 41% of their income going to debt payments (including the projected house payments)
  • Have an acceptable credit history (if you have had credit problems in the past, call the office so we can assess your situation; this may not
    hurt your chance of owning your own home)

    Where Does The Financing To Build The Home Come From?  
    The loan differs from a typical bank loan in the following ways:

  • No down payment
  • The interest on the loan amount is subsidized for qualified borrowers
            example: borrowers with very low incomes may pay around $200 a month for their house payments even though the full
            unsubsidized payment would be well over $400 per month                                            
  • The loan is repaid over 33 to 38 years
  • The borrower receives “sweat equity” for the work they do during construction

    What is “Sweat Equity”?
    Sweat equity is equity homeowners earn by working to help build their home and the homes of others in their self-help group.
    Equity is the value of property beyond the amount owed on it. Normally homeowners build equity into their homes by making a down payment
    and by making house payments. Self-help homeowners also build equity in their homes through the work they do during construction.  The
    amount of sweat equity earned is equal to the cost of construction.  This cost is reduced by using contributed rather than paid labor.  Although
    sweat equity varies from house to house, self help homeowners typically realize several thousand dollars of sweat equity.

    What Is The First Step In Building A House Through This Program?
    The first step is to contact our office @ (985)785-0570/(504)822-8519 for initial eligibility determination. If you meet the basic criteria,a formal
    application can then be made.














              


                     


                      email: orleansf@bellsouth.net   website: familyresourcesofno.org
                                       *River Parishes Address: 2223 Paul Mallard Rd. P.O. Box 434 Boutte, LA. 70039 ph# (985)785-0570 f (985)785-0454
                       *New Orleans Address: 817 N. Claiborne Ave N.O., LA. 70116 ph# (504)822-8519 f (504)821-5260
Under Construction!!!!!!!!!!!!!
Family Resources of New Orleans in
partnership with the United States
Department of Agriculture (USDA)
kicks off the Rural Self Help Housing
Program.   

Homes are currently  under
construction in St. Charles Parish,
LA.
Family Resources of New Orleans
"Building Wealth Through Homeownership"
    Family Resources of  New
    Orleans believes that all persons
    are entitled to equal housing
    opportunities.  We do not
    discriminate against any
    individual because of   race, sex,
    age, color, religion, nationality,
    disability or family status.  We will
    comply with all laws prohibiting
    discrimination with the sale or
    rental of housing.
     For communication of program
    information for the hearing or
    visually impaired contact
     (800)947-5277(V) or (800)846-5277
    (TDD).
    Copyright @ 2008 Family Resources of New Orleans, INC. All rights reserved.