| Twin Cities Habitat Teams up with GMAC on Homeownership Preservation Efforts in Minneapolis |
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GMAC Sponsors Construction of a New Home and Help for Four Homes that Need RepairMINNEAPOLIS, 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/. Company News On-Call: 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, This e-mail address is being protected from spam bots, you need JavaScript enabled to view it ; or Jodi Ehlers Swanson of GMAC Financial Services, +1-952-857-7343, or cell, +1-612-240-1594, This e-mail address is being protected from spam bots, you need JavaScript enabled to view it |
