The phrase ‘Making a Difference’ has almost become cliché. But while the expression may be overused, the impact of the actions that make a difference can never be appreciated enough by those who are positively affected. Such is the case with three individuals whom CommunityWorks North Dakota assisted this year. Their cases very much highlight the organization’s mission to expand affordable housing opportunities throughout North Dakota, which, in turns, makes all the difference in the lives of those served.
Refinancing for a Disabled Veteran. Earlier this year, a female disabled veteran was referred to CommunityWorks North Dakota by her banker because her mortgage had a balloon payment due. The bank could not refinance her mortgage due to her debt to income ratio. When the veteran came to CommunityWorks she was rightly concerned about losing her home. CommunityWorks was able to refinance her original loan with a 20-year fixed mortgage at a lower interest rate, which lowered her monthly payment by $195. Most importantly, she was able to stay in her home.
Fixing a Roof. An elderly woman faced a terrible situation: Her roof needed to be fixed or her insurance company would drop her. Worse yet, there was no way the woman’s Social Security payments would come close to paying repair costs. To her, it was a crisis. But to CommunityWorks, it was exactly the kind of project the organization was founded to address and she was precisely the type of client CommunityWorks is designed to serve. The organization provided the elderly woman with a rehab loan that enabled her to repair her roof and continue to live in her house.
Rehabilitating a Home. One man simply needed a little help to repair a foreclosed property that had been damaged by its previous owners. The interested buyer was having difficulty obtaining a loan to purchase the home. CommunityWorks was able to loan him the money for both the purchase and to cover some of the repair funds, while he paid the remaining costs out of pocket.
“We have dozens of stories like these,” says LCD Group housing director Lisa Pogatshnik, who notes that these people were referred by a bank.
“Banks are often limited in what they can do. We are here to help meet needs and fill in gaps where they can’t,” says Pogatshnik. “We are a valuable resource for lenders and our programs make all the difference for these clients and everyone we serve.”
“This is what makes our work so rewarding.”