Home Trust Helps Local Economy

Posted April 12, 2016 at 5:49 am by

Homes arrive by barge for the Hometrust - Aaron Shepard photo

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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