THIRD & JACKSON ST. HOMEOWNERSHIP PROJECT
PROPOSED 2007 CDBG PROGRAM
Public Hearing #2 Fact Sheet
March 12, 2007
PROJECT MANAGEMENT TEAM
Waynesboro Redevelopment & Housing Authority: Project Engineering:
Tom Carlsson – Project Manager John McNair, Consulting Engineers
Kim Byrd – Homeownership Program Kim Cameron, City Engineering
David Rexrode – Homebuilder/Construction Manager Jim Powers, City Engineering
WHAT IS THE PROPOSED PROJECT?
The City in partnership with the Waynesboro Redevelopment and Housing Authority will complete infrastructure improvements necessary to develop affordable homeownership housing (14 units) on an undeveloped parcel at Third & Jackson Streets. The infrastructure improvements will include extension of water and sewer lines, street and storm drainage work. Upon completion of the necessary sitework, the Housing Authority will leverage funding from VHDA’s SPARC Program to construct fourteen (14) affordable single-family homes for purchase by first time homebuyers.
WHAT TYPE HOUSING WILL BE BUILT?
The development will consist of 14 detached single-family homes ranging from 1100 to 1300 SF. All floor plans will be three-bedroom, two-bath units. Each home will be energy-efficient and low-maintenance. Features will include central heat & AC (heat pump), all appliances, vinyl siding, ample windows with shutters, and front porches A mix of three home styles will be built, including: a ranch, cape cod and two-story home. Each lot is 50 feet wide by 130 feet deep, the standard lot size platted in Basic City. Paved driveways are included. All homes will be built directly by WRHA acting as a Class A General Contractor. Youthbuild participants will assist with labor and basic trades on select units. Since 1996, WRHA has built and sold 51 homes on infill lots throughout the city.
WHO WILL PURCHASE THE HOMES?
Kim Byrd is a VHDA-certified Homeownership Counselor, and will work with all potential first-time homebuyers. The homes are expected to sell for approximately $100,000-$120,000. The primary target group are low-to-moderate income households with annual incomes between 60 to 80 percent of area median income (AMI). For a typical two-person household, that income range in Waynesboro is currently $27,000 - $36,000. With downpayment assistance, lower-income households may be served. All such households have been essentially locked out of the local housing market due to the rapidly rising costs of land and construction. In the past, the greatest demand for WRHA homes comes from single-parent households with 1-3 children.
All purchasers are required to participate in WRHA’s Home Buyers Club. This program provides education and assistance with budgeting, credit management and securing the needed first mortgage. The Virginia Housing Development Authority (VHDA) is expected to make available $1,400,000 in “below market rate” mortgage money to the project through its Sponsoring Partnerships and Revitalizing Communities (SPARC) Program. Through SPARC, local participants can choose and qualify for any one of VHDA’s fixed rate mortgage products and receive a 1 percent discount on the conventional lending rate. Kim Byrd will originate all loans and handle all home sales.
WHAT WILL THE GRANT BE USED FOR?
The Community Development Block Grant (CDBG) funds will be used to extend water, sewer and streets into the development site. McNair Engineers have prepared a Preliminary Engineering Report (PER) which describes the needed improvements to roads and utilities, as well as clearing, grading and storm drainage work. Total infrastructure costs are estimated at $375,000. The grant-assisted development will allow WRHA to offer the homes at more affordable prices to first-time homebuyers.
WHEN WILL THE HOMES BE AVAILABLE?
The City will apply for the block grant in March and be notified of the results by summer. If approved, site work will be bid and underway by early 2008. The houses will be built in two phases of 6-7 homes, beginning at the earliest in Fall 2008. If you are seriously interested in purchasing a home at 3rd and Jackson St, but have limited income, no credit or poor credit history, please contact Kim Byrd now to further discuss. Many of WRHA’s successful first-time home buyers were able improve their status as borrowers after a year or more of credit rebuilding and improved budget management.
WHO SHOULD I CONTACT FOR QUESTIONS?
For general questions, please contact Tom Carlsson (Waynesboro Redevelopment & Housing Authority) at 946-9230.
If you are interested in purchasing a home, please contact Kim Byrd (Waynesboro Redevelopment & Housing Authority) at 946-9230.
No comments:
Post a Comment