Every OPAL House Comes With an Affordable Price and Help With Financing
Have you thought you could never afford to own a home on Orcas? OPAL Community Land Trust offers a path to homeownership for islanders who are priced out of the real estate market. When you partner with OPAL to buy your OPAL house, you get the island home you are looking for, plus…
- A price you can afford. This means an affordable monthly payment. OPAL combines public grants and private donations to reduce the price of an OPAL house well below market prices. Many OPAL homeowners pay the same or less to own their homes than they paid for rent.
- Safe loans and help getting financing. OPAL staff work with you to help you find financing that is both affordable and safe.
- Ongoing support if you need it. An OPAL staff member is always there for you, even after you have moved in. OPAL provides housing counseling, budgeting and financial management counseling, and default counseling to all applicants and homeowners.
- The opportunity to build equity. OPAL homes appreciate modestly according to a resale formula. The formula allows you to earn a reasonable amount of money on your house when you decide to sell, and it keeps the price affordable so another family can buy the same home at an affordable price in the future when you decide to sell. The resale formula enables you to extend to the next buyer the same opportunity you received.
When you buy an OPAL house, you purchase the building and sign a 99-year lease to the land. The lease provides you with the security you need, and it provides OPAL with some guarantees that you will help perpetuate the mission:
- As long as you own the house, you and/or your family will live there full-time.
- You will maintain the house and keep it in good shape.
- You agree to sell the house at a price that is calculated according to the resale formula in the lease so that the house remains affordable for the next buyer.
- You will sell to another income-eligible family.