Facing new challenges, together, this summer

Four families will move into these Sheridan Hollow Habitat homes this summer despite ripple effects of the pandemic that have caused increasing costs and time delays.

In the early spring of 2020, we launched the Essential Housing Response Fund to ensure that we could continue building through the COVID-19 pandemic – to keep our commitments to the families that were counting on us. 

Thanks to generous donors like you, we raised nearly $250,000 to help us complete seven homes and begin five more, allowing twelve families to purchase safe, affordable homes during the most tumultuous time in recent history.  

Last year, we knew the housing situation in our country was dire. However, we could have never predicted the length of the pandemic and its economic impact on the housing market.  

Right now in the U.S, 9.5 million people cannot afford to pay their rent, and it is nearly impossible for first-time homebuyers to buy a house. Home prices have soared by nearly 20% from last year and are out of reach even for families who have been able to make ends meet throughout the pandemic.   

Over the last year, the Capital District has experienced an increase in buying competition from families relocating from larger cities. Additionally, investors are purchasing one out of every five moderately priced homes on the market, converting them into rental properties. A solution? Build more moderately priced homes. The trouble is that home construction is becoming even more expensive than usual.  

Lumber prices have more than doubled in the past year, adding tens of thousands of dollars to the cost of building a new home. The cost of insulation has skyrocketed 25%, and the lead-time for essential building components such as windows and appliances has increased dramatically.  

Our 150th home (right) will be sold this summer. This has been one of the most expensive new construction projects in our history. But unlike luxury builders, Habitat won’t just raise the prices of our homes when the cost of materials goes up.

We know we can’t build our way out of the affordable housing crisis, but we’re still building. In fact, we’re preparing to break ground on six homes and have three more in the pre-development phase. As the region’s top affordable homebuilder, we know how to build safe, energy-efficient homes. However, maintaining an affordable sales price of our homes in this current market is not easy.  

Even before the pandemic, Habitat had to fill a gap of about $100,000 for each home we built – the difference between what it costs to build and the price that is affordable for Habitat buyers. Unlike luxury builders, Habitat will not just raise the prices of our homes when the cost of materials goes up. We rely on grants, in-kind donations, and gifts from individuals like you to close that gap and provide access to safe, affordable homes for local families to purchase. 

We depend on donors like you for financial support and partnership. That’s the only way the Habitat model of affordable housing works. We know that the demand for building materials will continue to rise during the summer months, leading to even higher costs.

Please give today to help us fill our increasing cost gap, so we can continue building safe, affordable homes.  

As the saying goes, it takes a village. It takes all of us, working together, to build a community where everyone has a decent place to live. Thank you for being a part of the Habitat team. We know we can count on you to help us overcome this new challenge.  

With gratitude,  

Christine Schudde 
Executive Director