San Bernardino County Program Aids Homebuyers
Published Jul 09, 2008
San Bernardino County, the largest in the country, is making the dream of home ownership come true for some residents who might not ordinarily qualify.
Much of a home’s cost is the land on which it sits. But a new program, Emerald Empire Homes, removes that factor, allowing buyers to purchase homes at as much as 40 percent below market rates. Housing Partners I Inc., an affiliate of the San Bernardino County Housing Authority, launched the program in 2007.
EEH, a community land trust, will sell homes to those who earn no more than 80 percent of the county’s median household income (a maximum of $47,360 currently), but it will retain ownership of the land beneath the homes. The reduced-price homes will include 70 properties already owned by SBCHA, infill homes the agency will acquire and homes to be purchased from builders.
“With declining housing prices, we think we’ll have a better chance of acquiring homes,” says Ron Ruhl, project manager at the housing authority. “We think we have a great opportunity to do maybe 25 homes this year and more in years to come.” Ruhl and SBCHA Executive Director Dan Nackerman are monitoring the program.
Homeowners will lease their land from the land trust for $50 a month. They may resell their homes to buyers qualified under the program and will reap 25 percent of any gains in equity. Resold homes will continue to be priced under market value.
Story by Laura Hill
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