News

Affordable housing to go on sale Saturday

P>Quadrant Homes has announced it is taking steps to address the local

affordable housing crisis by making 38 new homes in Snoqualmie

Ridge available this week.

The homes will be sold at below-market prices to families that

meet certain income qualifications. According to Marie Geiger of the

Fearey Group, Quadrant's public relations firm, families can qualify for the

housing based on their income and family size.

"This is an outstanding opportunity for people who thought

they would never be able to afford a brand new home," she commented.

Quadrant stresses the homes are brand new, for-sale detached units

and not rentals or "fixers." Known as

the Quadrant Cottages, the houses are detached condominiums that

range from 924 to 1,450 square feet, have 1 to 2.5 baths and two to three

bedrooms. The homes will be pre-sold; construction is scheduled to begin

in the spring.

Thirty-five of the homes will be priced at $150,000 and three

homes will be priced at $133,000. They will be made available to individuals

and families with incomes falling within specific guidelines agreed upon

in partnership with the city of Snoqualmie, i.e., matching 80

percent of the median income of the Upper Valley:

Household Size

Maximum Annual Income

1. $35,040

2. $40,080

3. $45,040

4. $50,080

Quadrant advises that with a typical first-time homebuyer who

makes an initial 5 percent down payment on a home priced at $150,000, the

total monthly payment - including taxes, fees, private mortgage insurance

and property insurance - averages around $1,300. Different policies and

loan programs exist with each individual lender. Individuals should be

certain to consult their lenders to examine different programs.

Condo and homeowner fees total $100-125 per month and cover

the costs of the maintenance and upkeep of the cottages' exteriors and yards.

Quadrant will make the homes available beginning at 10 a.m.

this Saturday, Dec. 4, at the company's sales office at Snoqualmie

Ridge. Sales will be made on a first-come, first-serve basis to people who

qualify. The builder recommends interested individuals and families should

follow these steps in order to participate:

1. People interested in applying for one of the 38 homes need to

complete an Income Verification Form and have it signed by a lender certifying

their current income. Forms are available by calling the Snoqualmie Ridge

sales office at (425) 396-5000. Later in the week of Nov. 29, personnel at the

sales office will be able to provide further details about the event logistics

on Dec. 4 and when people can arrive.

2. Completed forms must be presented in person on Dec.

4, along with a $1500 deposit check (to be used

as earnest money).

3. Participants will complete a reservation form at the event to

reserve their home of choice.

4. Participants will then make an appointment to complete a

purchase and sale agreement that will make the offer to purchase official.

For further information on the affordable housing program,

call Quadrant's Snoqualmie Ridge sales office at (425) 396-5000.

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