Video: Charities find silver lining in dismal real estate market

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Renton, Wash. - The flat real estate market has been a source of concern for many.

But for some charities like Habitat for Humanity, it's providing a long awaited opportunity to advance their cause.

After years of being priced out of the market, Habitat for Humanity closed on the purchase of 4 and a half acres in Renton on Monday.

It's not much to look at now, but in due time 41 new town homes will be built there.

Habitat for Humanity helps people with steady but low incomes own their homes with zero percent down, zero interest loans in exchange for 500 hours of sweat equity.

With dozens of town homes finished, the organization had been looking for some new property to buy. But it had been 10 years since they'd actually purchased anything.

"We were aggressively looking for new areas that we could build in, land that we could build on, and we were absolutely not able to find anything," said Tom Granger, a spokesperson for Habitat for Humanity.

The new land purchased in Renton is a partnership between the Habitat for Humanity branches in east and south King County. Another parcel of land in Issaquah is being purchased as well.

"We're hoping if there is a silver lining in this downturn in the real estate market, that maybe it is for low income families to be able to afford to buy homes," Granger said.

Last month Cory Lynn Berrios and her family moved into a new townhouse which she and her husband were able to help build and buy thanks to Habitat for Humanity of east King County.

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After years of being priced out of the market, Habitat for Humanity closed on the purchase of 4 and a half acres in Renton on Monday.

"It hasn't quite sunk in that I can put a picture up on the wall and not worry about being charged for that hole!" she said.

The Berrios family says owning a home is infinitely better than the rentals they lived in before.

They're also excited that soon, dozens more families will have the stability and security of an affordable home.