GMAC Sponsors Construction of a New Home and Help for Four Homes that Need
Repair
MINNEAPOLIS, June 5 /PRNewswire-USNewswire/ -- This summer, Twin Cities
Habitat for Humanity (TCHFH) and GMAC Financial Services (GMAC) will team
up to work on five north Minneapolis homes, resulting in the construction
of one new home and the repair of four additional homes.
"Our city neighborhoods are in a fragile state," said Susan Haigh,
president of TCHFH. "Neighborhoods that have previously blossomed with new
homeowner families, are now instead filled with vacant, boarded up
properties that endanger the safety of all who still live there. The need
for homeownership preservation in the core cities has never been greater."
In the first of its kind in the Twin Cities, GMAC and GMAC ResCap, its
Minneapolis-based real estate finance subsidiary, will partner with Twin
Cities Habitat for Humanity through a Legacy Sponsorship, intended to
broaden neighborhood impact. GMAC will underwrite the cost of construction
for a single family home and additional repairs on four homes through
TCHFH's A Brush With Kindness program, a neighborhood outreach service that
offers painting, landscaping and minor repairs for qualifying low-income
homeowners.
"GMAC, GMAC ResCap and Habitat for Humanity share a common goal of
providing affordable housing and making the dream of homeownership come
true for those in need," said Sharon Sayles Belton, managing director,
Community Relations, GMAC ResCap. "This year we are particularly pleased to
bring an integrated GMAC strategy to collaborate on building and repairing
homes in Minneapolis and other cities around the globe. When we all combine
our efforts, we truly make a difference in the communities in which we live
and work."
For Twin Cities homeowner Zeba Amini, the new home will make a big
difference in the lives of her family, which includes sons Assadullah, 16,
and Amonullah, 13, and mother Kokogul. The family is originally from
Afghanistan and has been living in Minnesota for the last 16 years. "I want
to meet everyone who helps build my home to thank them for their help ...
We've rented for the last 15 years. Owning a home is freedom, especially
for my kids. They will be so happy to play in a yard and live in their own
rooms. Happy is a big change for us!"
During the past 15 years, GMAC ResCap has contributed financial and
volunteer support to Twin Cities Habitat for Humanity. Additionally, TCHFH
and GMAC ResCap are currently working collaboratively on foreclosure
remediation initiatives in the Twin Cities area. GMAC also supports
financial literacy and homeownership through several activities including
foreclosure prevention programs via GMAC ResCap's HOPE for Homeowners
initiative, the Homeownership Preservation Foundation and financial
literacy via SmartEdge by GMAC. For more information, call 888-995- HOPE or
visit http://www.SmartEdgebyGMAC.com.
Habitat for Humanity affiliates in 2007 are joining GMAC to provide
funding and more than 1,000 volunteers to help build 16 Habitat homes in
the United States, as well as additional homes in Canada, Mexico, and
Australia. Construction on the Twin Cities Habitat for Humanity home, at
Irving Ave. North will begin the week of June 4, and repairs on the four A
Brush With Kindness homes are scheduled for June, August and September.
"It's wonderful that so many of our associates are taking time to get
involved and help low-income families achieve the dream of homeownership,"
said Jim Jones, president and CEO, GMAC ResCap. "Our associates are active
on behalf of Habitat because we believe in supporting communities and we
know that homeowners play a vital role in building safe, strong and healthy
communities."
About Twin Cities Habitat for Humanity
The mission of Twin Cities Habitat for Humanity is to eliminate poverty
housing from the Twin Cities and to make decent, affordable shelter for all
people a matter of conscience. Volunteer labor, donated materials and
contributed funds are used to build and renovate homes in the Twin Cities
area. Working under the faith-based principle that no profit should be
gained from assisting those in need, Habitat for Humanity charges no
interest on the mortgages that it issues to homebuyers. Families who
purchase Habitat homes are selected based on need, ability to repay the
zero percent mortgage, and willingness to partner. Families put in 300-500
hours of "sweat equity" helping to build Habitat homes. Since 1985, TCHFH
has built more than 650 homes in the seven-county metro area and engages
more than 20,000 volunteers a year. For more information, visit
http://www.tchabitat.org.
About GMAC Financial Services
GMAC Financial Services, a global, diversified financial services
company that operates in approximately 40 countries in automotive finance,
real estate finance, insurance and other commercial businesses. GMAC was
established in 1919 and currently employs 31,000 people worldwide. GMAC is
passionate in its support of efforts that strengthen communities, focusing
on housing and human services, financial literacy, education, youth
development and the arts. For more information, go to
https://www.gmacfs.com.
GMAC ResCap (Residential Capital, LLC) is a leading real estate finance
company, focused primarily on the residential real estate market in the
United States, Canada, Europe, Australia and Latin America. The company's
diversified businesses -- GMAC-RFC, GMAC Mortgage, ditech.com, GMAC Bank,
GMAC Real Estate, and Homecomings Financial -- cover the spectrum of the
U.S. residential finance industry. For more information, go to
https://www.gmacrescap.com.
SOURCE GMAC Financial Services
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Related links:
http://www.gmacrfc.com
http://www.tchabitat.org/
http://www.prnewswire.com/comp/138832.html /
CONTACT:
Sharon Rolenc of Twin Cities Habitat for
Humanity, +1-612-331-4090, Ext. 626, or cell, +1-612-720-2083,
sharon.rolenc@tchabitat.org; or Jodi Ehlers Swanson of GMAC
Financial Services, +1-952-857-7343, or cell, +1-612-240-1594,
jodi.ehlers@gmacrescap.com
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