NeighborImpact Accepting Builder Applications for Workforce Housing Program, $30,000 Incentive

NeighborImpact is now accepting applications for a new pilot program that encourages builders to construct and sell new homes at prices attainable to median-income earners.
The program, called Workforce Home Ownership for Median-income Earners (Workforce HOME), was established in partnership with Deschutes County, NeighborImpact, Housing Works and the Central Oregon Builders Association (COBA).The HOME Fund program provides financial incentives to home builders to construct homes and sell them to home buyers employed in Deschutes County earning above 80% and up to 120% of area median income.

Developers who are approved for the HOME Fund will receive a $30,000 incentive upon recording a 20-year deed restriction with a title company guaranteeing affordability.

“This program is crucial to helping developers buy down the high costs of land and development fees in Central Oregon, and we’re excited to see an increase in badly needed homes for our county’s workforce as a result,” said Morgan Greenwood, COBA Vice President of Government Affairs.

Buyers must be currently employed by or have an accepted offer of employment from a Deschutes County employer to qualify. A deed restriction will be placed on each home constructed through the Workforce HOME program to ensure that any future sales price remains affordable to qualified buyers for 20 years. The County has allocated $320,000 in support of the project.

“The County is excited to be providing enough money to fund builder credits for 10 newly constructed homes, which means 10 families in Deschutes County will be able to fulfill the American Dream of owning a home,” said Patti Adair, County Commission Chair.

NeighborImpact will administer the program, determining the eligibility of developers and potential buyers, overseeing the application processes and funding, and conducting annual verifications to make sure the homes remain occupied in accordance with the deed restriction.

“This program is innovative. It’s a break from the same-old, same-old,” said Scott Cooper, Executive Director of NeighborImpact. “Central Oregon is once again in the forefront of thinking creatively. It’s exciting.”

To learn more, or to apply as a builder/developer, visit neighborimpact.org/home-program/

This story is based on submitted information and has not been verified by our news team.

This article appears in Source Weekly September 5, 2024.