The Charitable Housing Agreement (“CHA” or“Agreement”) is a legally recorded contract initiated by the builder and between the seller and Homeful that records an agreement on the title of real property (“Participating Homesite”). This contract affords Homeful the right to collect the Fee — 0.001 of the gross sales price of a home — on the original sale (as defined in the CHA) and all subsequent sales of a Participating Homesite. Should you require a copy of the Agreement, please contact your Escrow Company and/or Title Company. If you are unable to obtain a copy of the CHA from your Escrow Company and/or Title Company, please email us at email@example.com (reference community name, tract & lot in the subject line).
Yes, enrollment is voluntary and even if enrolled, a homeowner may choose to opt out at anytime.
When a home is sold, 1/10 of 1% of the sales price will be contributed by the home seller through escrow as a tax-deductible contribution. For example, if a home is purchased for $250,000 the fee equates to $250.00.
Yes, this process repeats every time the home is sold – allowing for charitable contribution to be made in perpetuity.
Homeful charitable contributions will be distributed to qualified 501(c)(3) public charities working to eradicate homelessness. Contributions made to Homeful will stay in the general community in which they were donated; allowing citizens to work together for the betterment of their own neighborhoods.
Yes, all contributions made to Homeful are tax deductible.
No, the first time the fee will be processed is when you sell the home to another buyer.
The funds will be paid through escrow and the title company will send the payment to Homeful once the escrow closes.