Homeownership plays a unique role in the long-term development and resiliency of a community, as higher levels of homeownership typically breed economically stable neighborhoods. Ongoing research strongly points to homeowners as anchors of their communities who are not only financially invested in where they live, but also more likely to build the human links with their neighbors that promote the sort of stable communities all Americans desire.
The following is a snapshot of the economic impact HFHWFC has had upon the local economy over the last seven years:
HFHWFC built 30 homes between 2006-2012. Together, the spending associated with these building projects has totaled $4,831,827.15 in direct spending. The U.S Department of Commerce Bureau of Economic Analysis estimates that each dollar spent on construction in the Winchester MSA turns-over 1.7282 times within the local economy. Multiplying our affiliate’s total spending with this economic figure, HFHWFC has contributed $7,976,781.94 to the local economy over the last seven years.
In total, HFHWFC has added $2,838,900.00 to property values and generates approximately $35,000.00 in real-estate tax revenue annually.
Additionally, the HFHWFC ReStore has generated $111,822.46 in sales tax revenue over the last seven years.
The estimated value of a Habitat for Humanity volunteer hour in the Commonwealth of Virginia is $24.64.
Between 2006-2012, volunteers contributed a total of 51,513.0 hours to HFHWFC projects. $24.64 x 51,513.0 volunteer hours = $1,269,280.32 total value of volunteer labor hours.
HFHWFC Partner Families also contributed 7,263.2 “Sweat Equity” hours during this time. $24.64 x 7,263.2 = $178,965.25 value of Partner Family hours!
Habitat for Humanity of Winchester-Frederick Co. is extremely proud of these positive contributions to the local economy!
HFHWFC has also conducted a Benchmark Study to analyze the impact that Habitat home ownership is having on the quality-of-living conditions of its Partner Families. Results of this initial study for 2012 and subsequent annual survey updates will be used to evaluate what is positive about the affiliate’s programs while addressing areas that need improvement. We are proud to be able to say that 100% of our Partner Families would recommend HFHWFC to others who may qualify as a way to improve their quality of life.