Mountainlands Opens Up Additional Seminar Spots Ahead Of Plans To Sell Central Village Condos
A local nonprofits effort to bring more affordable housing to Summit County will soon be complete with 64 new condos but time is running out for those interested in buying these units.
Mountainlands Community Housing Trust Executive Director Scott Loomis says the first building of The Central Village Condominiums will be complete this Fall with the second building likely to be complete the following year. The two buildings located in the Silver Creek Village area will each have 32 units varying in size from one, two and three bedrooms. The units will be for sale as restricted affordable housing.
“To be eligible to purchase a unit, one person in the household has to work in Summit County,” Loomis said. “Also, there are limits on income as well and basically any size family making $87,840 or less is eligible.”
In order to buy a home through the program you have to attend a workshop in advance. Loomis says they’ve decided to add a few more sessions to give people an opportunity before they finish sifting through applications.
“We sent out four sessions with 25 people each and those filled up right away,” Loomis explained. “So, we've opened up another session and those are going to be held on the 10th and 11th of February, we have to wait till after Sundance here. To register for those and I would encourage people to do it like this morning go to Central Village Condos at housinghelp.org or you can just go to housinghelp.org and pull that up. There's an automatic reservation thing. So, to be eligible to apply for one of these you have to go to attend one of these sessions.”
Loomis says the sessions explain the process of becoming a homeowner through Mountainlands Community Housing Trust.
“First buildings already under construction, it’d be completed around September,” Loomis continued. “So, what we're going to do is take reservation agreements and then convert those to real estate purchase contracts. At that time, you’ll have to get your permanent financing, but you'll have to show that you're eligible for a reservation agreement. Both in terms of employment and income as well as you can qualify for a mortgage. So, we're going to explain all that at these sessions and we're very encouraged. I've always said that I was pretty confident that these units will sell quickly. Seeing the response to signing up for these sessions, it's encouraging. I think there is a tremendous market for this type of product.”
Loomis says between these affordable projects and additional builds in the area Siilver Creek Village gives people the ability to buy homes ranging from $160,000 to $550,000. You can find more info here.