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Creating Hope through Affordable Homeownership
- 1. Creating Hope and Possibility Saturday, August 10, 2019
- 2. Creating Hope and Possibility Vision Changing lives with hope and possibility Mission Newtown helps people improve their financial well- being while strengthening communities through education, counseling, coaching and the development and stewardship of permanently affordable homes.
- 3. Creating Hope and PossibilityCreating Hope and Possibility • Arizona’s Oldest & Largest Community Land Trust • Affordable Home Ownership • Homebuyer Education and Homeownership Counseling (HUD- Certified) • Down Payment Assistance • $5,900,000 in investment in Tempe homeownership Community Land Trust Homes
- 4. Creating Hope and PossibilityCreating Hope and Possibility
- 5. Creating Hope and PossibilityCreating Hope and Possibility • Buy improvements, lease land • 99-year renewable lease • Restricted sale price • Owner occupancy required • Land is held by CLT in perpetuity • Subsidy used to create affordability protected by restrictions • Buyer pays taxes Community Land Trust
- 6. Creating Hope and PossibilityCreating Hope and Possibility Shared Appreciation Model Appraisal-based formula - Based on value of improvements & land Appreciation = new appraisal - initial appraisal x 25% Resale price = appreciation + initial price 20 resales – average equity = over $28,000
- 7. Creating Hope and PossibilityCreating Hope and Possibility Leasehold Appraisal All homes are appraised using a “Leasehold Appraisal” Acknowledges that while you don’t own the land, you have an exclusive 99-year (renewable) right to use it Typically about $15,000 below a typical appraisal
- 8. Creating Hope and PossibilityCreating Hope and Possibility Pre-Purchase Counseling A certified housing counselor will provide support and encouragement throughout your home buying process; help you feel empowered and confident with your decisions: • Analyze your current situation and help you create an individualized homebuyer action plan • Help you become credit ready and qualify for the best possible home loan • Help you access down payment and closing cost assistance programs • Provide advice and coaching while you work with lenders, Realtors, title companies and others involved in your home purchase transaction • Help you review and understand the documents connected to your home purchase; loan documents, purchase contracts, closing documents, etc.
- 9. Creating Hope and PossibilityCreating Hope and Possibility Individual Development Accounts Save $5,500 – get 4:1 match - $22,000 (IDEA) or $4,000 to get $16,000 matched (WISH) IDEA program, you must have your account open for 10 months Can use with CLT Must be first time homebuyer Must meet income eligibility < 78% AMI NewtownCDC.org/programs/IDA/
- 10. Creating Hope and PossibilityCreating Hope and Possibility Income Limits Area Median Income. FY 2019 Maricopa County-Phoenix-Mesa-Scottsdale MSA. Source: HUDUser.org Effective April 24, 2019 AMI % Number of Persons in the Household 1 2 3 4 5 80% 40,850 46,650 52,500 58,300 63,000 120% 61,250 70,000 78,750 87,500 94,400
- 11. Creating Hope and PossibilityCreating Hope and Possibility Project Overview & History • First of its Kind • For Sale • Small-Scale Development “inspired by tiny homes” • City-owned land, studied by ASU students
- 12. Creating Hope and PossibilityCreating Hope and Possibility City Request For Proposals • Model for small-scale affordable and sustainable housing • At least 51% of homes affordable to 80% AMI • 900 square foot community center • Adequate space for a community garden and/or “agriscaping” • Use sustainable building practices • Minimal parking • Homes must be no larger than 600sf, and predominantly detached • Must be on their own lot, with permanent foundation
- 13. Creating Hope and PossibilityCreating Hope and Possibility Disclaimer • Some details may change – Final pricing – Building permits – Construction process
- 14. Creating Hope and PossibilityCreating Hope and Possibility SITE
- 15. Creating Hope and PossibilityCreating Hope and Possibility Project Philosophy Tempe Micro Estates is designed as an ‘intentional neighborhood,’ where residents share the desire to interact with their neighbors. Each home is small and private, but the sense of community that surrounds it is intended to be big.
- 16. Creating Hope and PossibilityCreating Hope and Possibility Maximizing Benefits, Minimizing Risks • Units will appraise & be able to be resold • Eligible for a conventional mortgage • Ground lease • Shared amenities as appropriate • Permanent foundation, sewer, water, electric • Private spaces, full-sized furniture & appliances • Known market, pushed and refined
- 17. Creating Hope and PossibilityCreating Hope and Possibility Who Lives Here? People who want to: • Live small and simply • Live with less impact on the earth • Live in an ‘intentional neighborhood’ • Work together with others to build community • Buy a brand-new, energy efficient home • Live in Tempe, near light rail, streetcar, and more
- 18. Creating Hope and PossibilityCreating Hope and Possibility RitaLane Site Plan
- 19. Creating Hope and PossibilityCreating Hope and Possibility Landscape Parking Parking Trash RitaLane
- 20. Creating Hope and PossibilityCreating Hope and Possibility Landscape
- 21. Creating Hope and PossibilityCreating Hope and Possibility 6
- 22. Creating Hope and PossibilityCreating Hope and Possibility 7 Common Room SideAccessible Home Front
- 23. Creating Hope and PossibilityCreating Hope and Possibility Laundry Drying Area Patio Common Room
- 24. Creating Hope and PossibilityCreating Hope and Possibility Accessible Floorplan
- 25. Creating Hope and PossibilityCreating Hope and Possibility Home Design
- 26. Creating Hope and PossibilityCreating Hope and Possibility 8 Courtyard Side (Patio) Patio Entry With Landscaping
- 27. Creating Hope and PossibilityCreating Hope and Possibility 1490 S. Rita 1491 S. Rita 1493 S. Rita Home Design
- 28. Creating Hope and PossibilityCreating Hope and Possibility Build Quality • 180 degrees • For-sale • Important to be energy-efficient, well-built • 3rd Party, independently verified
- 29. Creating Hope and PossibilityCreating Hope and Possibility Parking 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 RitaLane
- 30. Creating Hope and PossibilityCreating Hope and Possibility Home Owner’s Association & CC&Rs • HOA & CC&Rs required • Operated by home owners, supported by Newtown • Currently in draft form, available on our website • Comments welcome • HOA is operated by home owners • Landscape and common areas maintained by HOA • Encourage community feel • Learn from national partners
- 31. Creating Hope and PossibilityCreating Hope and Possibility Purchase Requirements Everyone: • Complete and submit the Newtown Intake Application • Be able to be pre-approved for a mortgage from an approved CLT lender and be otherwise creditworthy • Be able to contribute at least $3,000 of your own funds towards closing costs (typically from $6,000 to $8,000) • Attend the one-hour mandatory Community Land Trust Informational Meeting • Must be primary residence
- 32. Creating Hope and PossibilityCreating Hope and Possibility For Households Earning 80% of the Area Median Income (AMI): • Meet income eligibility requirements • Complete an approved Homebuyer Education Class • Attend one-on-one counseling with a Newtown counselor • Be a First-Time Homebuyer (Not owned in 3-years) • Submit all proof of eligibility documents Purchase Requirements
- 33. Creating Hope and PossibilityCreating Hope and Possibility • 80-120% AMI homes (6) will be sold at their appraised leasehold value, with minimal subsidy. • 80% AMI and below homes (7) will be sold at a more subsidized rate, which will be a value below the appraised market value final sale price dependent on the household’s income, down payment, subsidy available, and other factors. Purchase Requirements
- 34. Creating Hope and PossibilityCreating Hope and Possibility Pricing & Subsidy Available 80% AMI Limit 80% - 120% AMI Potential Sales Price Range: $160,000 - $185,000 Depending on final construction costs, appraised leasehold value, subsidy available, and other factors. Potential Sales Price Range: $195,000 - $215,000 Depending on appraised leasehold value and final construction costs.
- 35. Creating Hope and PossibilityCreating Hope and Possibility Preference • If you currently reside in Tempe and receive housing support from the City of Tempe or from a non-profit agency affiliated with the City of Tempe, please note so on your application. • This preference will bring your application to the front of the eligibility list, but applicants must still meet all purchase requirements.
- 36. Creating Hope and PossibilityCreating Hope and Possibility Timeline Interest Meeting Applications Accepted Pre-Sales Begin Construction Begins Purchase Contracts Construction Complete Today Fall 2019 Winter 2019/20 Spring 2020 Summer 2020 September, 2019
- 37. Creating Hope and PossibilityCreating Hope and Possibility Application Process • Newtown will not pay Buyer’s Broker Fee Applications Accepted Eligibility Review Waitlist Created Document Review & Counseling Pre-Sale Agreement Purchase Contract Sale Complete $400 $40 $1,000
- 38. Creating Hope and Possibility Saturday, August 10, 2019
Hinweis der Redaktion
- Newtown is the Valley’s ONLY Community Land Trust. 501c3 Nonprofit founded in 1994 we now have 142 properties in Tempe, Chandler, Scottsdale, Glendale. HUD-certified homeownership counseling agency. We focus on affordable home ownership – both in preparing buyers and in preparing homes. We’ve brought more than $5.9 million in funds to Tempe homeowners and properties.
- Our job is to help low income families achieve their dream of owning a home. Our team helps with pre-purchase counseling, financial coaching, down payment assistance, and more. We have close to 100 clients working to save for their home at this moment. Most of our clients are in the medical fields, service jobs, or working in education and have extremely limited homeownership opportunities in the valley – and especially in Tempe.
- Proven model for creating permanently affordable homes
- Tempe Micro Estates is a first of its kind project in the valley – for sale homes “inspired by tiny homes”
- City issued RFP had a number of requirements
- Located in the Jen Tilly Terrace Neighborhood, near Rural and Apache Boulevard. Convenient to two grocery stores within a ¾ of a mile. Near local and national coffee shops, award-winning restaurants, light rail, street-car, bike routes, orbit circulator, and more. Tucked away in a fairly quiet neighborhood.
- Designed to be a intentional neighborhood – 13 small homes share a courtyard and common room. Cars are left on the edge of the property to allow for a courtyard with gardening, fruit trees, and more. The common room allows for extra space outside of each small home, perhaps to share a meal, a board game, or another community activity.
- Tiny homes on wheels are not eligible for conventional mortgages, instead are treated as a personal property loan, like a car.
- Tiny homes on wheels are not eligible for conventional mortgages, instead are treated as a personal property loan, like a car.
- Each home is designed sit back into the landscape. Over time, the homes are meant to blend in with the site landscape by encouraging vine growth. The vines occupying the homes meld the building and site together. East-facing patios allow residents to people watch along Rita Lane and the central gardens. As the landscaping matures, the vines, shrubs, and trees will become the predominant feature on the site, allowing the homes to recede in prominence and become features in the landscape.
- The property will be planted with native trees and plants, as well as fruit-bearing orchard trees. Along Rita Lane, Arizona Ash trees line the street. At the back of the parking lot are Sonoran desert native Ironwoods, which will show a pop of purple in the spring. As you walk into the property, you pass a native mesquite, with edible pods.
- In front of the common room are densely planted fruit trees. As you enter the courtyard, there is a citrus orchard on the east side, with stone fruit trees on the east side, along with garden beds for residents at the center of the courtyard. The courtyard also features a rainwater harvesting tank and other water harvesting landscape features to “plant the rain.” Each homeowner is responsible for weeding and maintaining the landscape adjacent to their home, and for working together to maintain the landscape of the property overall. While care has been taken to pick low-maintenance plants, they still need care and upkeep. Some of the landscape plants support a Monarch Butterfly Waystation and other habitat, which will need to be cared for in order to keep the designation.
- 900 sf community room, with a community kitchen, mailboxes, storage area, and the central laundry with two washers and two dryers, as well as an outdoor area specified for line drying. This space can be used by any resident and is ideal for common dinners, gatherings, and more. This could hold a common book or game library, or other community. The goal is to reduce the duplication of equipment and systems, allow for extra space for homeowners, encourage community gatherings, and to use the laundry-to-landscape system to irrigate the trees and landscaping in front of the common room.
- The home at 1450 South Rita Lane is a 600sf, one-bedroom, single-story, and includes 5-foot turning radii in the bathroom, and other places, along with additional backing in the bathroom walls for grab bars, as well as convenient access to its own parking space. Furniture is shown for scale.
- The 12 other homes on site are all 600sf, lofted, one-bedroom homes. The kitchen and bathroom are on the first floor, with windows looking out onto the private patio, and into the courtyard. A window at the stairs allows extra light in. All of the windows are shaded either with the patio awning or metal fins to reduce direct summer sun – and solar heat gain. All homes are designed with the environment in mind.
- Each home is on its own lot, with a landscaped front area with Sonoran native plants and Coral Vine. There is a private patio, and an area behind the patio for personalized landscaping. Homes have an accent Lilac Vine on their west side, and the perimeter walls feature Arizona Grape Ivy, Primrose Jasmine, Lilac Vine, or Passion Vine, depending on the orientation.
- There are only 16 parking spaces, including two spaces reserved for drivers with a disability placard or plate. Private vehicle parking is extremely limited. Street parking will not be allowed on Rita Lane. One car per home, max.
- That would be an income range of about above $36,000 a year to around $46,000 for a household of two for the 80% homes.