OPAL

Community Land Trust

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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…

  • residents of wild rose meadowA 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.

family at scattered site residenceWhat makes OPAL houses different?

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.

 

girl in pink dressWhat are your next steps?

Find out if you are eligible for the program.
Review the steps to apply.
Fill out an application.
Shop for an OPAL home.
Apply for a mortgage.
Close on your OPAL home.

Buy Your OPAL Home

  • Are You Eligible?
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Recent News Items

  • Gifts enable OPAL to acquire 30 acres for future affordable housing
  • April’s Grove receives finishing touches
  • April’s Grove residents are moving in
  • OPAL’s Annual Gala moves online June 27 to June 30
  • Lisa Update: Keeping Islanders in Their Homes

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Contact Us

Call: 360.376.3191
Email: opalclt@opalclt.org

286 Enchanted Forest Road
P.O. Box 1133
Eastsound, WA 98245

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