1 minute read
Affordable Homes
by DevNW
A Ground-Breaking Year
In 2022, DevNW became one of the leading affordable CLT developers in the Pacific Northwest, with over 100 Affordable Homes in our pipeline.
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May 2022: $2.76M awarded to build 24 new CLT single family homes/townhomes on MacLeay Rd. in Salem, scheduled to break ground in 2023.
October 2022: Celebration of the infrastructure phase completion at Nelson Place in Eugene.
November 2022: Official groundbreaking at Polk Street Expansion for a new, 12-unit multi-family property for youth at risk of or experiencing homelessness in Lane County. The project is ahead of schedule and will be completed in summer 2023!
December 2022: Our RED team closed on the Evergreen Apartments, a project that will transform the Evergreen Church (905 Cottage St NE) in downtown Salem into 17 units of affordable housing for Veterans, including nine permanent supportive housing units.
Vertical construction at our Nelson Place development in Eugene, where 40 new homes will include 31 affordable single family homes and 9 market-rate townhomes.
CLT Home Resale Creates Value and Maintains Affordability
DevNW is building Community Land Trust (CLT) homes throughout our service area to support first-time and low-income homebuyers. This unique housing model provides accessible homeownership with long-term affordability and equity upon resale, benefiting both sellers and buyers.
A DevNW CLT home in Cottage Grove built in 2020 was sold by the original homeowner two years later. The seller earned nearly $18,000 in home equity in this short time. With $10,000 from a Down Payment Assistance loan, the seller’s earnings totaled nearly $28,000; a sizeable return on a two-year investment.
The CLT home sold for $227,804, or 58% of the 2022 average cost of a single family home in Cottage Grove. This provided a level of affordability that allowed a first-generation homebuyer to purchase in the community where they were born and raised.
Affordable Homes Highlights
Working with DevNW was an amazing experience and a valuable partnership in helping to secure affordable housing for a family in need. The down payment assistance made it possible for my borrower to qualify for a mortgage loan which was instrumental in taking a family from homelessness to homeownership. The difference homeownership has made for this family will have a lasting impact, hopefully for generations to come.
– Amy Bradley, Loan Officer CMG Home Loans
