The Benefits of Homeownership

Home owners provide stability. Owners typically stay in their home 12 years, whereas renters stay no more than three years.
US Census American Housing Surveys

Home ownership builds confidence. Owners possess significantly higher levels of self-confidence than renters.
Rossi and Weber National Survey of Families

Home owners create positive environments for families. Children of home owners are 59% more likely to become homeowners. Their children are also 25% more likely to graduate from high school and 116% more likely to graduate from college.
Boehm & Schlottmann, University of Tennessee

Home ownership improves neighborhoods .Owners are 28% more likely to improve their home and 10% more likely to participate in solving local problems.
George Galster, "Land Economics" and DiPasquale & Glaeser, Harvard's Joint Center for Housing Studies

Home owners are more involved in civic affairs: including voting in the last election and knowing their elected officials.
DiPasquale & Glaeser, Harvard's Joint Center for Housing Studies

Home ownership builds wealth.The median net worth of most modest-income owners is almost $60,000 compared to less than $1,000 for renters in the same income group.
The Federal Reserve Board - Survey of Consumer Finance

Homeownership provides tax benefits. The typical home owner that pays a $1,000 house payment will realize tax savings of about $120 each month.

The History of the Teton Coalition

The Teton Coalition was established to help the housing needs for low to moderate income families in the Rapid City area. Teton Coalition was formed as the Rapid City Housing Coalition in 1993 by a group of grassroots Native American community members.

Today, Teton Coalition has personally assists low-income-to-moderate income families of all backgrounds and ethnicities to achieve homeownership. Teton Coalition provides home buyer and financial literacy educational services to the general public in the Rapid City area. An integral part of our services are the classes, which include Homebuyer Education and Financial Literacy classes that are held each month. Of those, 10-15% are low to moderate income and are credit-ready to purchase their home.

As a special feature of the program, these families receive certificates for the classes they attend to assist them in achieving homeownership. These classes are held twice a month. The first is Homebuyer Education and the second is a Financial Literacy class which total six hours each.

Teton Coalition teams with a lender, a home inspector, a realtor, an insurance agent and USDA Rural Development to receive the intensive training in: budgeting, credit, debt ratios, loan products and lender terminology, selecting a realtor, selecting a home and insurance, selecting a home inspector, and what happens after you own a home. Teton Coalition also has a working relationship with both the Cheyenne River and Pine Ridge Reservations to assist families moving from the reservations to the Rapid City area.

In addition to providing affordable housing options, Teton Coalition develops 8-10 homes per year in the $90.000 to $117,000 price range. These homes are developed both inside and outside of the city limits with Teton Coalition partnering with USDA Rural Development to provide direct loans (interest rates from 1% to 6% depending on income) for homebuyers. The average cost of a home in Rapid City is approximately $175,000.

Teton Coalition works with low to moderate income population, people earning $20,000 to $26,000 per year. We currently have approximately 20 individuals on our client listing, including 14 Native Americans. By serving as advocates through the home buying process (from initial contact through closing) we are able to assist families who might never achieve homeownership and in the long term, have a foundation for self-sufficiency.

BOARD MEMBERS LISTING
CHAIRMAN:	Jim Shaw
VICE-CHAIR:	Melbert Prairie Chicken
SECRETARY/ TREASURER:	Lori Larson LIndsey Larson
MEMBERS
Shawn Wood	Lori Larson
Jim Shaw	Rita White Butterfly
Mary Tognotti	Lindsey Larson
Trivia Afraid of Lightning	Melbert Prairie Chicken

TETON COALITION STAFF
DIRECTOR:
HOUSING COORDINATOR:	Leona Clubbs Monica Swan
DEVELOPER CONSULTANT: