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seemed further away.

But his resolve didn’t waver and he used what federal relief he had to rebuild his savings because, as he put it, “I had a goal: I wanted a house. When I came out of the tunnel I knew what I wanted.”

By 2021, he started looking again. A townhome might come up on the market — far from perfect, but within Laney’s means — and he would ready himself to put down an o er. It never was enough.

“Someone comes in and puts 20k cash on the o er, or 30k or 40k,” Laney said. “I went through about a year and a half of that and I knew in my head I was not going to be able to get a house.”

A real-estate agent who came into his bar told Laney to apply for a $300,000 bank loan. He had good credit, the agent told him, and would be a shoo-in for the money.

“ ree hundred thousand dollars does not get you a townhome,” Laney thought to himself.

He was frustrated. More than frustrated. He felt depressed.

“I’d done everything right, everything I was supposed to do and it still didn’t matter,” he said. “I’m just stuck, like the hundreds of thousands of other people, in limbo.” at did not come with the guarantee of a home. Laney was in a line of people just like him and demand far outweighed supply. Number 10 was his position. Who knew how many more were behind him, he thought. en it happened. Laney was made an o er, a 1,275-square-foot detached home near Ketring Park in central Littleton valued at $285,000, roughly a third of what similar properties sold for.

Laney’s luck began to turn near the end of 2021 when he heard there were about to be dozens of single-family homes for sale in Littleton for less than $300,000. He thought it was too good to be true.

‘We can’t all win the lottery’ at year, South Metro Housing Options, which manages a ordable properties throughout Littleton, sold 59 of its single-family homes to Habitat for Humanity of Metro Denver, which pledged to renovate the units and sell them at a below-market price.

Laney’s hourly wage had slightly increased since the pandemic from $8 to $10, though 90% of his income still came from tips, he said. Still, Laney believed he met the nancial requirements for a Habitat home, which would only sell to people who earn no more than 80% of the area’s median income.

But when Laney applied to be on a waitlist at the beginning of 2022, he was quickly denied. He was told his income, roughly $56,000 when he applied, exceeded the cap by less than $1,000.

Laney said he was actually making less than that, about $54,000, but because Habitat counted his “unrealized interest gains,” such as money held in stocks, Laney was over the threshold. Habitat was also only looking at the income of recent months, Laney said, rather than his income over the past year. is made it look like he made more than he did because his monthto-month income would uctuate dramatically based on tips.

He applied again and was denied again, this time for making just $300 more than the cut-o . But, a slow month at work turned out to be a good thing. His income dipped just enough that by the third time he applied he made it on the waitlist.

“I can’t even express how happy I was,” Laney said. “I’ve been living and serving this community for 10 years and I want to live here.”

Still, the program has some drawbacks compared to traditional homeownership. Laney cannot build as much equity as many of his neighbors because he does not own the property the home sits on. Instead, it is owned by something called a land trust — a collection of entities.

“ e beauty of the land trust is it removes the cost of the land from the equation from the cost of the home,” said Kate Hilberg, director of real estate development for Habitat for Humanity. “It allows the homeowners to pay on that mortgage for that home and improvements to that home but not the land.”

Land trusts are crucial tools organizations like Habitat use to lock in the a ordability of homes even as property values rise elsewhere. e owners of these units will see some equity from their homes, Hilberg said, about 2% each year. But it won’t be enough to match the likes of homeowners who have used their growing property values to build decades of generational wealth.

“A lot of families use this as a starter home option and they do gain enough equity and stability to turn that into a down payment on a home in the open market,” Hilberg said of homes under land trusts.

But fathoming a concept like equity is a luxury for those who still can’t buy a house on the market, Laney said. While he’s thankful for what Habitat did for him, he fears the few dozen homes it manages in Littleton can only go so far to meet the demand of hundreds, if not thousands, of residents who have struggled as he has. “ ere isn’t enough income-based housing for people … the people who live and work in this community can’t a ord a house,” Laney said. “We can’t all win the lottery.”

Colorado Community Reporters Andrew Fraieli, Steve Smith, Tayler Shaw and Ellis Arnold contributed reporting to this story.

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