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07/06/2007: "9 More Affordable Homes In FH"

Homes for Islanders (HFI) announces nine new homes will be constructed in Friday Harbor On June 14th the Rural Community Assistance Corp. (RCAC) announced a $640,000 loan to purchase and develop the site at the corner of Park and Guard St. in Friday Harbor. On June 20th a loan of $135,000 of Self Help Opportunity Program (SHOP) funds was approved by Community Frameworks. Community Frameworks is a regional distributor of federal SHOP funds.

On June 27th, the Washington Dept. of Community Trade and Economic Development announced the conditional award of $420,000 in Housing Trust funds to Home for Islanders for homeowner’s down payment assistance for the Park Street development.

Shortly, HFI anticipates that USDA-Rural Development assisted mortgage loans will be approved to complete the financing.


All of these awards are loans and will eventually be repaid when owners sell or refinance. The homes will have a resale restriction insuring that they will remain affordable for low to middle income buyers.

In addition to providing water and sewer service, the Town of Friday Harbor has been very helpful at every stage of this development.

HFI is a non-profit 501(c)(3) housing development organization that is currently assisting low income home owners to build their own homes. HFI provides organization, financing, home sites ready to build and the on site direction and training to build the homes. By providing upwards of 2000 hours of labor, home builders earn equity and substantially reduce the cost of their homes.

Site construction is scheduled to begin in July and home construction shortly thereafter. Homes for Islanders is still accepting applications from families and individuals who would like to participate.

For additional information contact the Homes for Islander’s office at 360.370.5944 or visit the website at www.homesforislanders.org.