A project manager for Seattle’s Low Income Housing Institute, Mike Woo estimated that market rates for one of the new four-bedroom town homes on Northeast 182nd Street would reach about $350,000.
However, using special funding from a number of sources, Kenmore’s Copper Lantern Homes are designed to be affordable for lower income, first-time home buyers.
Copper Lantern’s four-bedroom homes went on sale March 28 for $240,000.
A broker from Windermere Yarrow Bay, Steve Holton said if the paperwork all went as planned, at least three units would be sold before the end of that first day.
“In this economy, that’s great,” he added.
Built under the direction of ARCH (A Regional Coalition for Housing), Copper Lantern homes received support from the cities of Kenmore, Kirkland and Woodinville along with the state and King County, according to Woo. The complex consists of 33 units in total.
Besides the four-bedroom homes, there are also one-, two- and three-bedroom spaces available. For those smaller units, prices range from $161,920 to $224,500. Square footage ranges from about 1,546 in the largest units to 534 for a one-bedroom home.
For now, only the four-bedroom units are complete. Woo said construction on the rest of the project should wind up toward the end of June.
“People are impressed by the hardwood floors and the finishings,” Woo said, arguing the homes don’t look like what most people think of as affordable housing.
As the Copper Lantern project is aimed at lower-income buyers, those buyers are eligible for some special financing should they meet certain income requirements.
For one thing, no down payment is required, Woo said. Buyers do need to pay closing costs, which can be several thousand. As some may know, mortgage insurance often is required when down payments amount to less than 20 percent of the final price tag. That insurance can add a few hundred to monthly mortgage payments. But Woo said no such insurance is required in this case.
Income guidelines require buyers have household incomes at or below 80 percent of the local median income. For a couple with no children, that’s about $49,000 a year.
Woo said the housing institute has about 1,600 affordable-housing units through out the Puget Sound area. Not even counting the Kenmore project, four more developments are under construction. The group has some senior-citizen housing, as well.
March 28 was the first day of sales for Copper Lantern, but a sales office will be open in the development from 1-4 p.m. Saturdays and Sundays as the project moves forward. Those interested also can go to the Copper Lantern Web site, www.copperlanternhomes.com.
