Local organization planning to build affordable homes
RENO, Nev. (KOLO) - Northern Nevada continues to grow and the demand for homes is high, but the inventory is low.
As Washoe County real estate prices increase, a local agency is working on making one of the largest purchases in our lives easier for qualified families.
The Community Foundation of Northern Nevada is teaming up with the City of Reno to break ground on ten new affordable homes in Golden Valley. All four-bedroom and three-bath homes are being sold at below-market prices. Chris Askin, President, and C.E.O of The Community Foundation in Northern Nevada said this strengthens our economy to help homeowners be productive members of society.
“The community can come together and make it possible for those families to be able to buy and own their own home, it’s just a dream come true,” said Askin.
According to the Reno Housing Authority, the median income for Washoe County is nearly $74,000. These ten houses will be sold to buyers who earn less than 80 percent of that. Michelle Duggan, Executive Assistant said it is a unique model providing homeownership opportunities for families living paycheck to paycheck.
“With this, they are able to get in the home and build equity and they will be paying their mortgage payment which might be less than the average rent right now,” Duggan explained.
Askin said, when there is a fixed payment for a home, as the years go by, their income will go up.
“That benefits the family, but it also benefits the community. They are then able to provide better support for their kids in terms of future educational opportunities and in many other ways,” Askin said.
These homes are planned to be completed by November and will be sold through late fall into the beginning of next year.
To find out more about this development or to see if you qualify click here.
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