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TEN, 1-Family Houses
$165,000 each
Available to first time homebuyers
- annual income to qualify is
approximately $35,000 to $70,000
according to family size.
209 - 221 Early Street, beautiful new colonial-style,
3 BR, 1.5 bath, homes located near Roger Williams Park!
Fully applianced kitchens, well insulated and "Energy
Star Certified." Security systems, full basements,
wired for cable and A/C/ ready. All are in Elmwood
Foundation's Community Land Trust.
In a Community Land Trust (CLT)
the land is owned by the community based organization
and the house is owned by the home buyer. The organization
sells the home to a buyer who meets criteria set by
CLT’s community based board, and the new homeowner
leases the land from the CLT through a 99 year ground
lease. The lease is key to connecting the homeowner,
usually a first-time low-to moderate-income family,
to the community. If the family decides to sell their
home a formula is used to determine the home’s
re-sale value in order to keep the home permanently
affordable. Once sold, the sale will give the family
a share of the increase in the home’s value. In
this way, the investment made in the home to make it
affordable initially will remain with the home to make
it affordable to subsequent families.
To purchase a home through the Elmwood
Foundation you must take the Homebuyer Education Class
(Call: The Homebuyer Education Center at 401-521-1461
or 1-888-722-1461 to register) and complete an Elmwood
Foundation Homeownership Application. You can click
"application" below or stop by the Elmwood
Foundation to complete one. The housing counselor will
review, when pre-qualified you will then go on a waiting
list.
To find out how to purchase
a house through the Elmwood Foundation, contact
Housing Counselor, Nina
Demunoz at 401-273-2330 x 103
CLICK HERE FOR ONLINE HOMEOWNERSHIP
APPLICATION English/Spanish
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