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Community Land Trust Home Ownership Program offered at Housing Resources Bainbridge

730 Ericksen Avenue Northeast, Suite 100, Bainbridge Island, WA 98110

From Olympic Way SE take the Winslow Way exit west, take a right on Ericksen Ave. NE. Proceed north on Ericksen to 730, building is on the right, ground floor.

Eligibility

Homeownership applicants must complete an application. Eligible buyers must earn less than 120% of the area median income but also earn enough income to pay mortgage, taxes, insurance and other housing costs. Generally, applicants must have good credit and steady income. Housing costs must not exceed 35% of the household income and total debt should be no more than 40% of income. Assets after close should not exceed $300,000. Homeowners must live in their homes.
(206) 842-1909

Voice - Sherri Raines, Homeownership Program Director

https://www.housingresourcesbi.org/programs/homeownership/
[email protected]

Application process

Visit website or email for more information.

Fees

Call for more information.

Service area

Kitsap, WA

Description

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.

Providing organization

Housing Resources Bainbridge

An affordable housing provider on Bainbridge Island, serving all income-eligible home-seekers regardless of residency. HRB owns and operates 55 units of rental housing and stewards 61 owner-occupied homes as part of its portfolio. (There are 54 new homes under construction or in predevelopment.) HRB also offers an independent living program that performs health and safety home modifications, free of charge, to help older adults and people with disabilities continue to live at home.