New Homeownership Opportunities
In May 2018, OPAL was awarded grant funding from the Washington State Housing Trust Fund to purchase four existing houses on Orcas Island and convert those to the community land trust form of ownership.
OPAL will purchase houses that are in good condition and moderately priced. OPAL will then resell the house, using grant funding and some donations to lower the price so that it is affordable for a purchaser earning around $40,000 – $55,000 per year (depending on family size). Through the transaction, OPAL will retain ownership of the land and lease the land to the new homeowner. The ground lease will enable the house to remain affordable for successive generations.