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La Conner’s housing boom continues this summer with five homes in Channel Cove, the development managed by Home Trust of Skagit. “We’re fully funded,” Executive Director Jodi Monroe said last Wednesday. She projects a July construction start and families moving in in December.
Monroe received word that funding for construction, operations and down payment assistance had been approved. This will fill out the neighborhood on land the Trust owns on Park Street south of Caledonia and west of Maple Avenue.
Monroe is excited that “five more townhouse will be added to the affordable housing stock in Skagit County. It’s a win-win. Once a home is built and sold, it remains affordable regardless if the original family stays in it or sells it in the future.”
The ideal buyers will be grocery store or school district employees, Monroe said. Her vision is that these new homeowners “live and work and shop and play in La Conner.”
The selling price is $225,000, with buyers taking a mortgage as high as 200,000. Home Trust covers the funding gap. The organization has partnered with the Town of La Conner, Skagit County and federal agencies. Monroe is “seeking qualified individuals and families who are mortgage ready, meaning they can get prequalified with a lender.”
Families qualify at 80 percent of the area medium income. A family of four could not exceed $55,300. A single person earning $38,750 qualifies. Families own the homes and have 99-year ground leases that assures future affordability through a re-sale formula. Owners build equity as with any home purchase.
There will be two side-by-side three bed, two bath townhomes and a matching single home. Monroe hopes to have “families in them by Christmas.”
Home Trust of Skagit is a community land trust organization helping homebuyers in Skagit County secure affordable homes and achieve an equity return on their investment, while preserving affordability for the next homebuyer, as stated on their website.
Call Monroe at 360-428-0014 for more information.
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