Just for fun... Calculate how much house you (or your friends and family) can buy
In related news: Affordable homes built in Arcata - no word on the selling price, or the new buyer's incomes, or who foots the bill, but the homes were recently sold to low-income working households as part of The Humboldt Bay Housing Development Corp. (HBHDC’s) permanently affordable homeownership program, - purchased by working households on limited incomes with the help of the city of Arcata’s First Time Homebuyer program...
The three-bedroom/1.5-bathroom homes offer approximately 1,300 square feet of living space and are equipped with a 1-kilowatt solar photovoltaic system, solar hot water system, “SunTunnels” for natural lighting, Energy Star appliances and a personal computer.
In an effort to preserve the affordability of the homes, HBHDC, a private nonprofit organization, stated in the news release that it will retain ownership of the land and the homeowners have agreed that if they want to sell the home in the future, the home will be sold at an affordable price to another low-income household.
The Humboldt Bay Housing Development Corp. held a ribbon-cutting ceremony celebrating the completion of three new Community Land Trust homes located on Aloha Way in Arcata. The homes were recently sold to low-income working households as part of HBHDC’s permanently affordable homeownership program. The Community Land Trust keeps the homes affordable in two ways. First, while the homeowner owns the house, the land underneath is owned by the CLT and leased to the homeowner. Aside from keeping the home price down by removing the land from the speculative market, the land trust uses public dollars effectively because the public investment into the land rolls over from one household to the next; no further public dollars need be spent to provide the permanently affordable housing in the community. Second, in exchange for the opportunity to buy a home the buyer otherwise could not afford, the homeowner agrees that if and when they sell their home, they will sell it at an affordable price. Essentially, the homeowner agrees to take limited equity and leave the rest in the home so the next low-income family can afford the home. Pictured, left to right, are Beth Matsumoto, Susan Vandermeer, Jenny Vanella, Larry Detker, Arcata Mayor Harmony Groves, Orion and Bella Waters, Jake Smith, John Wooley, Dana Gregg and Alyson Hunter, all of whom participated in the event. Following the ribbon-cutting ceremony, property owner Jesse Kaono Wedemeyer, who named the street the homes are on, blessed the new homeowners with a Hawaiian song, “E ke hao,” translated in English as, “I honor you as a sacred spiritual being.” Daniel Solomon/The Eureka Reporter
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