His Harvest Homes4Heroes hopes to serve those who serve us
By Terri L. Jones
Last year, the median home sales price in Virginia was $244,493. To qualify for a mortgage on that home, a prospective buyer would have to make $62,400.
“However, police, firefighters and other community service employees in Virginia earned an average of only $46,630. “Enter Harvest Homes4Heroes LLC (HH4H), which renovates or builds homes that police officers, firefighters, teachers, nurses and veterans can afford. It also has combined forces with a team of educators, counselors, lenders, real estate agents, home inspectors and closing agents to develop a home-buying process for first-time buyers and to direct these buyers on how to repair credit problems, qualify for down payment assistance, and find and qualify for quality, affordable homes.”
We talked with Steve Lewis, managing partner of HH4H, about how he puts homeownership within the reach of those he fondly calls “Community Service Heroes” (CSHs).
Q: I UNDERSTAND YOU WORKED FOR [NOW BANKRUPT] CIRCUIT CITY [AS A CORPORATE DIRECTOR] AND SAW THE WRITING ON THE WALL.
A: I was close enough to the flame that I could see who was lighting the matches and feel the heat, though I didn't hold the matchbook. New executives, who didn't mesh with Circuit City's history, were leading us down a blind alley. I was fortunate enough to be able to search for exit strategies [in 2006] long before many of my colleagues.
Q: WHAT INSPIRED YOU TO LAUNCH HARVEST HOMES4HEROES?
A: I have a brother who served in the military for 20-plus years, a sister who is a nurse, another who is a physical therapy assistant, and a third sister married to a teacher. It always frustrated and amazed me that I could work for a retail organization selling stuff most people don’t even need, yet my siblings, who were serving our community, always struggled to get a good-quality house.
Q: WHAT IS THE BIGGEST ROADBLOCK TO HOMEOWNERSHIP FOR THESE FOLKS?
A: They have the same challenge as everyone else: positioning themselves to a bank as viable candidates for homeownership. In a lot of situations, because of their income levels, it comes down to expendable income toward down payment and closing costs.
Q: IN THE TWO YEARS YOU’VE BEEN DOING THIS, HOW MANY HEROES HAVE YOU PLACED IN HOMES?
A: We currently have two CSHs in homes. Four are prequalified and looking at homes with their realtors. We’ve begun preliminary discussions with another 10. Recently, one of the first two CSHs we helped, a teacher who purchased a home close to her school in Church Hill, invited me to her housewarming party. We try to stay in touch with all our clients.
Q: HOW HAS THE ECONOMY AFFECTED YOUR MISSION?
A: It actually is a great time for CSHs to buy a home. Housing stock is up, and home prices and rates are down. But not everyone should own a home. Not everyone is prepared. That’s part of our program — to make sure people’s expectations are appropriate and their finances are right before they jump into the pool.
Q: YOUR BUSINESS IS VERY ALTRUISTIC IN NATURE, BUT IT’S ACTUALLY “FOR PROFIT.” HOW HAS YOUR BUSINESS BEEN RECEIVED?
A: The Richmond Association of Realtors has called us a “hybrid” in that we walk, talk, act and have the heart of a nonprofit. Our margins are very low —in the single digits.
Q: HOW HAS THIS ENDEAVOR CHANGED YOU PERSONALLY?
A: This journey has put the “service above self” philosophy in place in my life. I am a firm believer in what you give out, you get back.
Q: WHAT ONE MESSAGE DO YOU HOPE THAT HARVEST HOMES4HEROES WILL SEND TO THE COMMUNITY?
A: While HH4H is helping heroes become homeowners, everyone can show their appreciation by simply saying “thank you for your service.” You’ll be amazed how you’ll feel … and how you’ll make them feel!
