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Housing Purchase Assistance offered by Opal Community Land Trust
Offers a path to homeownership for islanders who are priced out of the real estate market. Retains ownership of the land to ensure the house remains affordable. Provides housing counseling to all applicants and homeowners.
Offers a path to homeownership for islanders who are priced out of the real estate market.
Homeowners using a community land trust purchase the building and sign a 99-year lease to the land. Homes appreciate modestly according to a resale formula. The formula allows homeowners to earn a reasonable amount of money on their house when they decide to sell, and it keeps the price affordable so another family can buy the same home at an affordable price in the future.
Provides housing counseling, budgeting and financial management counseling, and default counseling to all applicants and homeowners.
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Community Land Trust Home Ownership Program offered at Housing Resources Bainbridge
Helps low to middle income wage earners on Bainbridge Island purchase homes on the Island. The program sells homes developed on land at below-market prices and leases the land with a long-term lease.
A community land trust, a non-profit organization that conserves land for permanently affordable housing for low- and moderate-income households. When HRB sells a home, it retains ownership of the land underneath and leases it to the homeowner. A formula in the ground lease regulates the resale price, allowing the homeowner to build some equity while keeping the home affordable to the next income-eligible buyer. HRB helps buyers obtain affordable loans and down payment assistance, and when the time comes to sell, it will find an eligible buyer.
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Housing Purchase Assistance offered at Kulshan Community Land Trust
Provides pre-purchase housing counseling, down payment assistance and lower purchase price for people looking to purchase a home. Retains ownership of the land to ensure that the house remains affordable. Waitlist up to two years.
Provides pre-purchase housing counseling, down payment assistance and lower purchase price for people looking to purchase a home.
Potential homeowners agree to a fixed rate of equity appreciation (1.5% per year), and are not responsible for repaying the down payment assistance but are responsible for the mortgage.
In exchange for the down payment assistance, homeowners agree to sell their home at an affordable price to someone else in the applicant pool.
Retains ownership of the land to ensure that the house remains affordable.
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