Affordable housing to go on sale Saturday
October 2, 2008 · Updated 3:16 PM
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:
Maximum Annual Income
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.