Supporting Habitat for Humanity

GMAC Residential's support of volunteerism is important to strengthen our connection with the communities that we serve. To make the most of our resources, GMAC Residential, along with the rest of the GMAC family, has chosen Habitat for Humanity as our signature charity project.

GMAC Residential sponsored seven Habitat builds in 2004. The project locations include:

Philadelphia, Pennsylvania
Marion, Indiana
Anchorage, Alaska
Pontiac, Michigan
Orange County, California
Phoenix, Arizona
Waterloo, Iowa

In total GMAC Financial Services companies, including GMAC Residential, plan to contribute $702,500 to Habitat for Humanity.

About Habitat for Humanity
Habitat for Humanity is an international non-profit group that seeks to eliminate poverty housing by building and renovating quality affordable housing, even if it's one house at a time. It works by pairing volunteers from the community and business world with skilled labor. So, you may have a teenager working beside a chairman of a leading 500 company, or in many cases, beside former president Jimmy Carter, Habitat's most recognizable spokesperson.

Habitat is not a giveaway program. Those chosen to benefit from the program work on their own home. In fact, each homeowner family must also provide 500 "sweat equity" hours of service on Habitat construction projects. A selection committee chooses homeowners based on their level of need, their willingness to become partners in the program and their ability to repay the loan.

Homes are sold at no profit to Habitat families, and no-interest mortgages are issued over a fixed period. Currently, a Habitat house in the United States costs homeowners an average of $35,000. Small monthly mortgage payments, including taxes and insurance, are repaid over 7 to 20 years and deposited into a revolving "Fund for Humanity" which supports the construction of more homes.

Habitat does not accept government money for construction of new houses, renovation, or the general operating expenses of projects. Habitat does, however, accept funds for acquisition of streets, utilities, land or old houses needing rehabilitation, provided those funds have no provision attached which would violate Habitat's principles. Donations of money and material are tax deductible. Homeowners planning to renovate their homes can also help by donating materials such as cabinets and almost new carpeting to their local Habitat chapter.

For more information on Habitat for Humanity, visit habitat.org.