Home Trust Helps Local Economy

Homes arrive by barge for the Hometrust – Aaron Shepard photo

San Juan Island Home Trust shares this press release…

Home Trust infuses $1.26 million (so far) into local economy with construction of Sun Rise Phase II

Twelve repurposed/recycled homes from Canada are planned for Sun Rise Phase II, with seven homes now on site at the San Juan Community Home Trust’s newest neighborhood of permanently affordable homes. A total of $1,269,289 has been spent on labor, materials, and services to develop the site and refurbish the homes.

The project is also creating jobs. Victoria Compton of the San Juan County Economic Development Council has stated that over 50% of every dollar spent locally will be reinvested in our community.

Work is proceeding on schedule, with occupancy of the first five homes expected in June of this year. Eleven of the twelve homes are reserved for families earning up to 80% of Area Median Income (AMI), which is $54,300 for a family of four, adjustable by family size. Direct subsidies reduce the purchase price making the homes affordable to those families. One of the homes is reserved for a family earning up to120% AMI, and will be sold for $210,000 to compensate for the lack of direct subsidies. Home prices range from $158,000 to $210,000.

Committed homebuyers have already reserved the first five homes and are now working on obtaining mortgage financing. If you would like more information or an application form, call the Home Trust at 378-5541.

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