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Another 8 sweat equity homes in the future for HFI

Homes for Islanders completed purchase of eight developed lots just off Grover Street and Corliss Court in Friday Harbor. Justin Roche, executive director of HFI said the lots are of similar size to the non-profit's current development off Lampard Road in Friday Harbor (approximately 1/4 acre per lot).

These lots are for very low to low income individuals and families on San Juan Island. Applicants who qualify for the loans will own the land without any resale restriction.

Homes for Islanders is a private non-profit corporation funded by the U.S. Department of Agriculture (through Rural Development) to assist limited income families interested in building their own homes. Homes for Islanders is currently waiting for funding from USDA-Rural Development and expects to begin house construction some time in 2012 or early 2013.

Homes for Islanders services are free to their clients and include:

  • Formation of building groups of eight families who will be working on the construction of each other's homes
  • Assistance in applying for a 502 Rural Housing Loan from Rural Development.
  • Provision of fully serviced, builder-ready lots
  • Four different model house plans.
  • Assistance in selection of subcontractors.
  • Building account management and construction budgeting.
  • Instructions and training during every phase of the construction process.

This program is for people who cannot afford a significant down payment typically required to purchase a home and large monthly mortgage payments. Upon successful completion of the program, monthly loan payments will be based upon the applicant's current income level and are often less than their current monthly rent. Those who qualify and are accepted into the program will pay no money down, no out of pocket closing costs and make no mortgage payments during construction. The only costs for qualified applicants will be to pay for their credit report.

The program is "self help construction" which means that the majority of labor to build each home is provided by the home owner. The applicant"s effort becomes an investment in the building process. Although much of the technical work is subcontracted out (i.e. plumbing, electrical, drywall & roofing), the applicant saves thousands of dollars by working on the construction of the homes in their building group. Self Help builders are ordinary people with an extraordinary desire for home ownership. This approach substantially reduces the costs of construction and essentially provides the down payment and builds sweat equity for the homeowner.

Don’t count yourself out before talking with us.

Contact Homes for Islanders to learn more or to start your pre-application process today.

Telephone: 370-5944

Office location: 640 Mullis Street, Suite 102b in Friday Harbor. Open 8am to 5pm Monday – Friday

Website: www.homesforislanders.org

Email: info@homesforislanders.org

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