Business - Business News

POSTED: Tuesday, Jun. 30, 2009

Whatcom nonprofit uses federal program to build home for low income households

A local nonprofit organization is utilizing a federal loan program to create stick-built, energy-efficient homes for households with low incomes.

Affordable House for You is building 864-square-foot homes with three bedrooms, a carport and a gardening shed. The first five are in the Columbia Valley area, just north of Kendall. Two are nearly finished, three more will be completed by this fall and the group is seeking more lots in Whatcom County.

The cost of the Columbia Valley homes, which are on large lots, is only $130,000, well below the median prices of houses in Whatcom County. The monthly payments for a qualifying household may be as low as $384, excluding taxes and insurance, when using the U.S. Department of Agriculture-subsidized loan program.

David Pearce, a mortgage advisor with Neighborhood Mortgage in Bellingham, and Darin Berry, who is building the homes and who owns a Whatcom County construction business, founded the nonprofit. They did so in order to take advantage of a USDA rural housing program, which requires a nonprofit group's participation and a seller to carry some of the financing on a home sale.

In addition to the five Columbia Valley homes, Affordable House for You is looking for "orphan" lots in other areas in Whatcom County and beyond. Most areas outside Bellingham city limits are eligible

For more information, call Pearce at (360) 220-9321 or visit AffordableHouseForYou.com.