In a major step forward to bring affordable housing to hard-working folks in Deschutes County, and cities within the county, the Deschutes County Commission recently voted to provide $1 million to create the HOME Fund, or Home Ownership for Middle-Income Employees Fund. This innovative new fund will reduce the cost to build new homes in Deschutes County for our workforce.
The HOME Fund is an exciting new tool in the toolbox for increasing affordable homeownership for people earning 80 to 120 percent of area median income. In Deschutes County, this is between $76,150 and $114,250 for a family of four, and includes teachers, nurses, law enforcement officers, firefighters, construction workers, hospitality workers, small business owners and many other members of the local workforce.
“Hardworking community members are struggling to afford to live here because of the high costs of land and infrastructure fees,” said Cheri Helt, former state representative and a leader in the effort to establish the fund. “This investment from Deschutes County is a real solution for increasing affordability. These dollars will make building a home pencil at lower price points — with savings and home ownership opportunities passed on to our local workforce.”
In addition to Helt, the HOME Fund was developed by affordable housing advocates, Hayden Homes, Pahlisch Homes, Central Oregon Builders Association and other community partners.
Here’s how the new fund will work:
- The $30,000 grants will be available to builders who lock in a deed restriction on the home that requires that it be sold at an affordable rate to people working for a Deschutes County employer and making between 80 and 120 percent of AMI. The deed restriction will run with the property for at least 30 years.
- The $30,000 grant will be awarded to the builder, who meets the deed restricted requirements, upon the close of the home. Helping off set the prohibitive cost of building an affordable home for our local workforce.
- Deschutes County funded the grants at $500,000 each year for two years.
- The fund will be managed with support from NeighborImpact, which will help to oversee administration and allocations of dollars.
- The fund is able to receive dollars from other sources, such as individual donors, large employers, other government agencies, or private foundations.
“This funding is a declaration that Deschutes County is serious about generating more affordable housing,” said Morgan Greenwood, vice president of Government Affairs at Central Oregon Builders Association, who also supported the creation of the fund. “Builders want to meet the demand for middle-income housing, but need public/private partnerships like this to help cover costs at below-market rates. By partnering together, we can make our community an affordable place for us all.”
Click here to learn more about Deschutes County Commission’s approval of HOME Fund seed funding.
