Permanent Affordability
In Perpetuity
Grace Landing's six cottage homes are designed to remain affordable for generations to come. Habitat for Humanity of Island County will retain ownership of the land through its Habitat Land Trust, a community land trust model. Homebuyers purchase the home itself, not the land beneath it. This helps keep the home purchase price and monthly mortgage payments lower.
Each homeowner signs a 99-year renewable ground lease, with the support of HFHIC acquires an affordable mortgage with a fixed resale formula ensuring equity appreciation. If the home is sold in the future, HFHIC will repurchase the home, remodel it as needed and resell it to a new income qualified buyer.
In addition, Grace Landing benefits from Habitat's volunteer driven model, which incorporates donated labor and materials whenever possible, alongside licensed and bonded contractors to ensure quality, safe construction.
This approach benefits both homeowners and the broader South Whidbey community. HFHIC homebuyers build wealth while living in a safe, attractive, well-built home with affordable mortgage payments, and the community can count on these homes remaining affordable for future generations.
habitat for humanity of Island County PARTNERS WITH will
From the CEO
We are confident that a partnership between our two organizations will create a greater impact and a stronger, more resilient path toward meeting the urgent demand for affordable housing in Langley, Washington and the surrounding area.
Thank you for your continued commitment to affordable housing in our community.
Sincerely,
Orin Kolaitis
CEO-Habitat for Humanity of Island County
WILL and HFHIC Together
Serving So. Whidbey Families
Working in partnership, WILL and HFHIC are developing a community of six permanently affordable resident-owned homes in Langley WA, serving families with incomes that are 60% and below of the Area Medium Income (AMI).
Resident Qualifications
HFHIC assumes the responsibility for qualifying and selecting families. A family selection committee will be formed if there are more qualified families than housing opportunities. The family selection committee will consist of members from the WILL board of directors, HFHIC board of directors, volunteers and HFHIC staff.
Property Development & Building
WILL has developed the design for the six houses to be built on the lot and will work with the contractor it has engaged to complete all units and adjacent parking. Decisions regarding the building process will be in partnership with priority given to the current/existing house design and general contractor, Cruver’s Contracting LLC.
Funding
HFHIC will work together with WILL to acquire funding for this project, including through donations, sponsorships, and grants
Long-Term Stewardship
HFHIC assumes the stewardship of the property and ongoing homeowner support. HFHIC will provide rules and regulations for the property by means of our land trust ground lease with a term of 99 years with the option to renew. All homes will be required to be sold to income qualified buyers. HFHIC has the right of first refusal.
Shared Values and Transparency
HFHIC and WILL commit to open communication, equitable decision making, and accountability throughout the project.