 |
|
|
|
|
|
December 5, 2002
Kulshan CLT Wins Two $250,000 Awards
For Homeownership Project
(Bellingham)-- Kulshan Community Land Trust announced two quarter-million dollar awards to expand its affordable homeownership program in Whatcom County. With a $250,000 grant from the Washington State Housing Trust Fund and $250,000 in HOME Investment Partnership Funds from the City of Bellingham, Kulshan CLT will continue its successful HomeBuyer Driven Program, buying existing homes in good condition. Since July, Kulshan CLT has helped six households realize their dream of homeownership, with eligible families providing the lion's share of the purchase price with their mortgage and downpayment, and Kulshan CLT offering additional downpayment assistance. Using the community land trust approach, all six homes have become permanently affordable, and future generations of working people of limited means will always have homeownership options in Whatcom County. During 2003, Kulshan CLT will use the new funds to provide homeownership opportunities for 10 to 15 households. "Our strategy will build a growing inventory of homes that stay affordable, even when the housing market climbs further out of reach for local families," said Paul Schissler, Executive Director for the nonprofit membership-based corporation.
Kulshan CLT had lots of help to create and implement this dynamic homeownership program, and its success depends on the involvement of a growing crowd of community supporters. The City of Bellingham's Office of Neighborhoods and Community Development matched the state grant using Federal HOME dollars. Both Peoples Bank and Washington Mutual provided affordable mortgages, and local real estate professionals have been instrumental in each of the transactions.
Kulshan CLT is a nonprofit membership organization, working for permanently affordable access to land and housing in Whatcom County. For more information on Kulshan CLT, call 671-5600 or visit www.kclt.org.
|
Prospective Homebuyer - Member/Benefactor
- Programs and Projects - About KCLT - Links - Contact Us
|
|
|
