I58 Inc

Rental housing program - the purpose of this program is to provide affordable housing for individuals who have completed rehabilitation or recovery programs. Rent rates are typicallly lower than market rates and are often subsidized through other state housing urban and development programs. I58 understands this can be crucial for their successful transition to independent living. By offering support through this program, i58 is helping to ensure that these individuals have a stable environment as they continue their journey towards self-sufficiency. It is a way to empower those individuals to rebuild their lives and thrive after overcoming challenges.

Transitional men's housing program - this program is designed to serve as a residence for certain men in the community. The transitional house itself features six bedrooms and three bathrooms. The house had been abandoned for over a decade and was previously encumbered by a restrictive covenant imposed by hud. It now provides a safe and secure environment for men who have successfully completed a 90-day rehabilitation program and wishes to continue their journey of recovery. I58 offers comprehensive support services, including assistance in job placement and credit building, enabling these individuals to become contributing members of our community in as little as 18 months and empowering them to achieve independent living. The residents of the house contribute 80 per week, which goes towards covering the cost associated with the mortgage, utilities, insurance, and maintenance of the property.

Through i58's homeownership program, a pivotal partnership was forged with york technical college in rock hill, sc, enabling i58 to construct 900 sq. Ft., 2-bedroom / 2-bathroom homes. These homes are meticulously constructed on campus in rock hill, sc, and then transported to a lot in chester county, sc, that was either purchased or donated to i58. Through a partnership with the city of chester, the city has donated lots to i58. This collaboration not only provided students with valuable hands-on experience in the different areas of construction but also significantly reduces i58's construction costs. With the reduction of the construction cost, this allows i58 to provide a forgivable second mortgage to make the borrowing amount less for the homeowner from a financial institution. The forgivable second mortgage is usually 10 - 15% discount of the asking price. Once the house is appraised, the asking price is then set. As long as the homeowner pays their note to the financial institution which holds the first mortgage, they never owe i58 anything. The goal is to keep the market value of the community stable and provide affordable housing at the same time. Therefore, by giving the new homeowner the forgivable second mortgage, this allows the homeowner to come out on top with equity in the home from day one. While the house is under construction by i58's partner, i58 is working with potential clients to help them repair and/or establish their credit, learn how to work within a budget and instill the importance of maintenance within the house to maintain the stability of the house. The goal is for the client to succeed in their new journey as homeowners.