Agenda Packets - 1995/12/04 - Laserfiche WebLink

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Affordable Suburban Housing, Inc.-- A non-profit housing corporation Bill Schatzlein Executive Director Telephone(612)835-5498 10306 Morris Road Bloomington, MN 55437 Affordable Single Family New Construction Homeownership Program Background - a number of suburban communities have developed programs to facilitate the construction of affordable new single family homes. Some of the program objectives are: (1) to replace small lower value housing on scattered sites throughout the city with larger, new, higher value housing designed for families, (2) to eliminate the blighting'influence of substandard housing, thus improving residential • neighborhoods, and (3) to increase the supply of affordable housing for families. These objectives are achieved through the acquisition of property and the construction of new single family homes. Affordable Suburban Housing's Role - A.S.H. has developed this Affordable Single Family New Construction Homeownership Program in response to the need for affordable new single family homes in suburban communities. A.S.H. will work with Local Government Agencies in suburban communities in order to carry out our mission of providing affordable housing. A.S.H. will serve as the non-profit n-profit housing developer to implement this program. New Home Sites - The Local Government Agency (HRA) will acquire single family home sites. The Agency will contract with A.S.H. to design, market, and construct a new single family home on the site acquired by the Agency. A.S.H. will market the home through a pre-sale marketing program.The home will be sold to a low and moderate income family with a first mortgage on the home, and the land will be sold to the family subject to a second mortgage held by the Agency, with no payments. An appraisal will establish the value of the land. If the home is sold, the sale must be made to a qualified low and moderate income family, or the value of the land must be repaid to the Agency. • Housing To Be Built - A.S.H. has architectural plans for several "standard', two story, three bedroom homes. The selection of a house plan will be based on the site, and the needs of the buyer. The home will be well designed, well built, with good quality materials, and include energy saving features. A.S.H. will pre-sell the homes to low and moderate income families. The buyer will have the opportunity to make minor modifications to the plan, including upgrades depending on what they can afford. We anticipate that all of the homes will have a double garage.