Delta's Abraham Connection is closer to its goal of building a local homeless shelter after receiving a donation last week from the Delta County Board of Realtors.
Abraham Connection president Cheryl Oeltjenbruns explained that the shelter and homeless advocacy group has its sights set on establishing a 4,000-square-foot shelter facility for single men, single women, and families.
The $577 donation from the Delta County Board of Realtors puts Abraham Connection halfway toward raising the funds it believes will be needed to establish the shelter, Oeltjenbruns said.
Others on hand for the event were Abraham Connection board member and realtor Bert Sibley; Debbie Laity, board of realtors president-elect; and, making the check presentation, Nancy Wood, board president.
Wood explained money for the donation was generated by actual real estate sales transactions in this area. When a buyer's earnest money is put into "escrow," it accrues a small amount of interest during the time until closing. Language in the standard sales agreement certifies agreement of buyer and seller that any interest accruing on the earnest money can go to "a fund established for the purpose of providing affordable housing to Colorado residents."
In Colorado, that fund is known as the Colorado Association of Realtors Housing Opportunity Fund (CARHOF). CARHOF collects interest on real estate trust accounts and contributions from realtors and affiliates. Funds are donated to organizations that provide housing and related services for moderate to low-income Coloradoans. Seventy percent of the revenue collected goes back to the community from which it was generated, and each local association determines which organizations to fund in their community.blog comments powered by Disqus