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Affordable housing program's aim
Thelma Grimes/San Pedro Valley News-Sun
There are some opportunities to buy a home despite tough economic times because of added grants and federal programs that make the process more affordable.
Knowing where to find all the programs available and finding out the requirements to be eligible can be a time-consuming task, but there is a group working to make the process easier.
Lawrence Potter, executive director of the Southern Arizona Community Land Trust, and Ben Tuchi, of Innovative Housing Solutions, have teamed up to take on bankrupt properties and work with residents who want to buy a home.
Over the last few years the two have mainly worked in Pima County, but a recent purchase has allowed them to move into Benson.
The two are now in the process of developing the 45-lot Water Crest development off Ocotillo Avenue. Both non-profit organizations took over the property and will be building three- and four-bedroom that range from 1,190 to 1,400 square feet.
The houses will be modular homes built to city code and standards, Potter said, while noting prospective buyers will get the full new-home experience by participating in all the decision making from the cabinet designs to the bathrooms.
The homes will also take advantage of natural resources with additions such as solar-powered hot water heaters.
Tuchi said the real attraction of Water Crest is location. He and Potter said many of the developments they took over in Pima County were near services. Water Crest fits that requirement with the hospital across the street, the grocery story just north of the property and the schools directly behind it.
The catch to making the business venture a success is helping families get into the new homes with a mortgage they can afford.
"This program is aimed at getting housing for families in Southern Arizona who earn less than $45,000 a year," Tuchi said. "The main characteristic that drives us in doing this is that the key to economic development in a community is home ownership."
Potter said there are plenty of programs that allow lower-income families to purchase a house for about the same amount per month as they are currently paying in rent, and federal and state programs offer thousands of dollars in incentives to start.
One of those incentives is a federal home loan program known as WISH, or the Workforce Initiative Subsidy for Home, which provides matching grants for down payments and closing costs for first-time homebuyers. Families can get up to $15,000 in assistance through the program.
Another program is the Arizona Housing Finance Authority, which also provides down payment assistance to residents. And there are mortgage revenue bonds for first-time buyers.
Many of these programs have been created as lawmakers continue to focus on reviving the economy and improving home sales.
But Potter and Tuchi point out that families can't take advantage of such programs if they don't realize they exist.
To make that easier, the two are hosting a community meeting in Benson on Feb. 23. During the 7 p.m. meeting at Benson Schools, the Southern Arizona Community Land Trust (SACLT) will discuss the details of the Water Crest development, and how they can assist prospective homebuyers in taking advantage of federal assistance programs.
Residents will be able to apply at the meeting, with Tuchi and Potter on hand to answer questions and concerns.
SACLT isn't the only program bringing opportunity to Benson residents. The Southeastern Arizona Economic Development Group (SAEDG) also took over bankrupt property in north Benson.
SAEDG wants to bring affordable housing to first-time buyers by selling at the lowest price possible, with homes built off Pearl Street in the House Ridge Estates development starting at $118,000.
There are some opportunities to buy a home despite tough economic times because of added grants and federal programs that make the process more affordable.
Knowing where to find all the programs available and finding out the requirements to be eligible can be a time-consuming task, but there is a group working to make the process easier.
Lawrence Potter, executive director of the Southern Arizona Community Land Trust, and Ben Tuchi, of Innovative Housing Solutions, have teamed up to take on bankrupt properties and work with residents who want to buy a home.
Over the last few years the two have mainly worked in Pima County, but a recent purchase has allowed them to move into Benson.
The two are now in the process of developing the 45-lot Water Crest development off Ocotillo Avenue. Both non-profit organizations took over the property and will be building three- and four-bedroom that range from 1,190 to 1,400 square feet.
The houses will be modular homes built to city code and standards, Potter said, while noting prospective buyers will get the full new-home experience by participating in all the decision making from the cabinet designs to the bathrooms.
The homes will also take advantage of natural resources with additions such as solar-powered hot water heaters.
Tuchi said the real attraction of Water Crest is location. He and Potter said many of the developments they took over in Pima County were near services. Water Crest fits that requirement with the hospital across the street, the grocery story just north of the property and the schools directly behind it.
The catch to making the business venture a success is helping families get into the new homes with a mortgage they can afford.
"This program is aimed at getting housing for families in Southern Arizona who earn less than $45,000 a year," Tuchi said. "The main characteristic that drives us in doing this is that the key to economic development in a community is home ownership."
Potter said there are plenty of programs that allow lower-income families to purchase a house for about the same amount per month as they are currently paying in rent, and federal and state programs offer thousands of dollars in incentives to start.
One of those incentives is a federal home loan program known as WISH, or the Workforce Initiative Subsidy for Home, which provides matching grants for down payments and closing costs for first-time homebuyers. Families can get up to $15,000 in assistance through the program.
Another program is the Arizona Housing Finance Authority, which also provides down payment assistance to residents. And there are mortgage revenue bonds for first-time buyers.
Many of these programs have been created as lawmakers continue to focus on reviving the economy and improving home sales.
But Potter and Tuchi point out that families can't take advantage of such programs if they don't realize they exist.
To make that easier, the two are hosting a community meeting in Benson on Feb. 23. During the 7 p.m. meeting at Benson Schools, the Southern Arizona Community Land Trust (SACLT) will discuss the details of the Water Crest development, and how they can assist prospective homebuyers in taking advantage of federal assistance programs.
Residents will be able to apply at the meeting, with Tuchi and Potter on hand to answer questions and concerns.
SACLT isn't the only program bringing opportunity to Benson residents. The Southeastern Arizona Economic Development Group (SAEDG) also took over bankrupt property in north Benson.
SAEDG wants to bring affordable housing to first-time buyers by selling at the lowest price possible, with homes built off Pearl Street in the House Ridge Estates development starting at $118,000.
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The following are comments from the readers. In no way do they represent the view of bensonnews-sun.com.
Angelo wrote on Feb 21, 2010 11:11 AM:
It was gov't intervention, from regulation, mandates and subsidies, that started the housing crisis and subsequent "domino effect" on our economy.
If you can't afford a house, DO NOT ATTEMPT TO BUY ONE! "