With the acquisition of 31 units at the upcoming Wintergreen Townhomes on Bainbridge Island, Housing Resources Bainbridge (HRB) will expand its inventory of affordable homes for ownership by 70%. These homes will join the HRB community land trust, where they will be kept affordable forever for income-eligible households. Today, at $369,000, they are well under market rate for Bainbridge, and as time passes and real estate prices continue to rise, these homes will become even more affordable—a testament to the effectiveness of the community land trust model which restricts resale prices while still allowing the seller to build equity.
Identifying qualified buyers is a time-intensive process. “Community land trust homebuyers must conform to a narrow profile,” said Executive Director Phedra Elliott. “They have to earn enough to support a mortgage, but not too much that they don’t meet our income qualifications. When we do find that just-right buyer and are able to match them to a home, it is thrilling for them—and us.”
If you want to learn more about this fascinating model of development, HRB welcomes your attendance at its annual fundraiser on Thursday, September 22, 2022. This event will feature regional community land trusts in a panel discussion and celebrate their work in building more sustainable and equitable communities. You can register for the event by visiting the event webpage. Puget Sound Energy is honored to support HRB’s important work in the community.