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 parties 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. CLT homeowners must live in their CLT home.

Hours

M-Th, 9am-3:30pm

(206) 842-1909

Voice - Sherri Raines

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

Housing Resources Bainbridge (HRB) is a Community Land Trust (CLT) non-profit organization committed to permanently affordable housing for low and moderate income families. It accomplishes this goal by acquiring land (through purchase or donation), developing housing (or other community needs) on the land, and stewarding the land for the community and its residents. HRB rents or sells homes on the land at prices affordable to low and moderate wage earners and retains ownership of the ground underneath the home. At the time of sale, HRB assists the homeowner in selling the home to another income-qualified family. Sale prices are determined by a ground lease formula, rather than the current market rate. This allows the home to remain affordable in perpetuity for the benefit of the whole community.

What's Here

Community Land Trusts

Providing organization

Housing Resources Bainbridge

Housing Resources Bainbridge (HRB) works to ensure the diversity and vitality of Bainbridge Island by providing and maintaining affordable housing opportunities in the community. HRB owns and operates 103 units of rental housing and stewards 55 homeownership properties as part of our community land trust. Our housing programs, Independent Living, Permanent Supportive Housing, and Housing Stabilization keep Bainbridge Islanders safely and affordably housed. Together these programs help make Bainbridge a healthy, diverse, and balanced community where everyone is welcome. Even islanders who never need our services will likely be touched by someone we serve.