What makes HRB homes affordable?

HRB is a community land trust (CLT) and a CLT provides permanently affordable housing for those living and working in a specified community. CLT homes are affordable because the owner purchases only the house and leases the land under a 99-year renewable ground lease. This ground lease defines the homeowner’s rights and ensures the permanent affordability of the home.

What are the benefits of owning a CLT home?

  • Stable monthly mortgage payments that are affordable to you
  • Opportunity to build equity in your home
  • Tax deductible Mortgage interest
  • Long term security – no rent increases, can live there as long as you want

What is different about owning a CLT home?

  • The owner must live in the home full time – cannot be rented
  • If you decide to sell the home it must be sold to another qualified household at a price that is based on a resale formula (not the market rate).

What are your next steps?

Click through the options below to learn more about purchasing a CLT home through HRB.

To be eligible, you must meet the following qualifications:

1. Income Eligibility

HRB homes must be sold to buyers who have a gross household income that is less than 80% of the Area Median Income (AMI) for Kitsap County. (HRB does have a limited number of homes available to households earning up to 120% of AMI). Click here to view the maximum income by household size.

2. Asset Eligibility

Assets at closing are restricted to $300,000. Contact Marta Holt if you have additional questions about how assets are used to calculate eligibility.

3. Mortgage

If you are going to finance your home purchase you will need to be able to qualify for a mortgage through a conventional lender.  This includes:

  • Adequate Income – You must be able to document adequate, steady income so that your total housing costs does not exceed 35% of your gross monthly income.
  • Adequate Credit – Generally mortgage lenders require a minimum credit score of 640.
  • Minimum Debt – Your total debt payments, including your future house payment, may not exceed 40% of your gross monthly income.

Here are important documents that you should familiarize yourself with to help you decide if CLT Homeownership is for you.

ABC’s of CLT

CLT Income & Eligibility Requirements 2021-22

Fee Schedule

Financing for a CLT Home Purchase

Gound Lease Basics

HRB is here to help you own a home and that process starts with completing the application. We encourage anyone who wants to own their own home on Bainbridge Island to apply! Download the HRB Homeownership Application here.

If you have any questions about the homeownership program or would like more information, email Marta Holt or call (206) 842-1909 ext. 10.

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