02/13/2010: "Forever Affordable Homes"
January 13, 2010 was the date of the official groundbreaking for Sun Rise, with the construction of 14 new permanently affordable homes currently underway. An unseasonably warm and dry January and February have provided ideal conditions for the dirt work, and progress is well underway and ahead of schedule on extending Grover Street and installing utilities.
Fourteen homes, ranging in size from one to four bedrooms, will be constructed. Twelve of the homes are reserved for households at or below 80% of Area Median Income, and will be priced to be affordable. Grant funds have been secured to provide subsidies needed to serve this income group, and mortgage payments can be no more than one-third of a household’s income.
Two of the homes will be sold to households between 80 and 120% of AMI without the benefit of grant subsidies, and sold at a higher price. Interest is strong, and applications are still being accepted by the Home Trust. If you (or someone you know) is renting, cannot afford to purchase a home on San Juan Island, have decent credit and a steady income, you (or they) may qualify.
Call 378-5541 for more information.