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Public orientation sessions are scheduled for affordable home ownership on Sanibel

By Staff | Jun 9, 2009

The public is invited to two orientation sessions to learn more about limited-equity home ownership on Sanibel Island for qualified buyers. Under this type of home ownership, you own the home and Community Housing & Resources owns the land.

The orientation sessions are scheduled for Monday and Tuesday, June 22 and 23 at Community Housing & Resources, located at 2401 Library Way.

In an exciting new program that will introduce home ownership to below-market-rate housing through CHR’s private nonprofit subsidiary Community Land Trust formed for this purpose, 14 units will soon be ready, and applications are being accepted.

Orientation sessions have already been held for people who work at the island’s various public service entities and nonprofits to explain the possibilities of owning a home through its new limited-equity ownership plan.

There will be two-bedroom/two bath units both new and totally renovated; renovated one bedroom/one bath units; renovated two-bedroom/one-bath united; and newly constructed three-bedroom/two-bath units.

Now, Community Housing & Resources is opening up these orientation sessions to the general public. Anyone who believes they meet the requirements listed below will be welcome at one of two sessions to get more details.

The requirements are:

You must be a first-time homebuyer (meaning you have owned no real estate primary residence for the preceding three years)

You must work on the island.

You must have a FICO (credit) score of at least 600.

You must meet the income guidelines, which are a maximum of 120 percent of area median income. The maximum annual incomes are:

– One-person household: $50,280

– Two-person household: $57,480

– Three-person household: $64,680

– Four-person household: $71,880

– Five-person household: $77,640

– Six-person household: $83,400

– Seven-person household: $89,160

– Eight-person household: $94,920

The meetings will be held Monday, June 22 and Tuesday, June 23, both beginning at 5:30 p.m. at 2401 Library Way and will last no longer than one hour. People who would like to attend should RSVP to Patti Bohm or Scott Marcelais at 472-1189 no later than Thursday, June 18 to ensure there are appropriate materials and seating capacity.

The newly constructed units will be located at Centre Street (behind Billy’s Bikes) and the renovated unit will be at CHR’s Beach Road and Sanibel Highlands campuses.