Community land trust homeownership with HRB

As a community land trust, we conserve and develop land for affordable housing. By imposing income qualifications and regulating sale prices, we keep these homes permanently affordable and ensure that they serve the community in perpetuity. There are currently 60 homeownership homes in our program with more on the way. 

Please read this page and all of the downloads to understand the HRB homebuying process and learn about eligibility. (Translation services are available upon request.) HRB maintains a waitlist for our homeownership program. Anyone who is interested and believes they may be eligible is encouraged to apply.  

For more information, contact Homeownership Program Director Sherri Raines at 206.842.1909, ext. 19 or sherri@housingresourcesbi.org

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More about community land trusts

HRB is one of 24 community land trusts serving Washington.

Click here for a list of regional CLTs and other opportunities for affordable homeownership.

CLTs keep home prices low by separating the value of the home from the value of the land. HRB sells the home and retains ownership of the land, which it leases to the homeowner for a 99-year term with the option to renew.

We oversee each original sale and every resale thereafter to ensure that homes are sold to other income-qualified households at a price that is affordable. Regulations in the ground lease—not market forces—dictate the sale price, balancing affordability for the buyer with equity for the seller.  

Stewardship is a key component of the community land trust model. HRB supports prospective homeowners during the process of qualifying for and buying a home and keeping up with mortgage payments and home maintenance. When the time comes to sell, we find a buyer who meets our income qualifications and facilitate the sale without charging a commission. 

Read Ground Lease Basics.

  • Stable monthly mortgage payments that are affordable to you. 
  • Opportunity to build equity in your home. 
  • Tax-deductible mortgage interest. 
  • Long-term security. (There are no rent increases, and you can live there as long as you want.) 

  • The owner must live in the home full time; the home cannot be rented. 
  • If you decide to sell, the home must be sold to another qualified household at a price that is based on a resale formula (not the market rate). 

To be eligible, you must meet the following qualifications: 

Income and Asset Eligibility

HRB homes are generally affordable to buyers earning 60-80% of area median income (AMI) for Kitsap County. The exact income requirement depends on down payment, household size, debt, and other factors. (HRB has a limited number of homes available to households earning up to 120% of AMI).  

Assets at closing may not exceed $300,000. 

Read Eligibility Requirements.

Mortgage

To finance your home purchase, you will need to qualify for a mortgage, which requires the following: 

  • Adequate income. You must be able to document adequate, steady income so that your total housing costs does not exceed 35% of your gross monthly income. 
  • Adequate credit. Generally, mortgage lenders require a minimum credit score of 640. 
  • Minimum debt. Your total debt payments, including your total housing costs, student and car loans, and credit card loans and any other personal loans, may not exceed 40% of your gross monthly income. 

The process begins with familiarizing yourself with the documents on this page and determining if you are eligible. If so, download the HRB homeownership application below. All completed applications which meet our qualifications will be placed on our waitlist and considered in the order received. To remain on the waitlist, you must supply HRB with updated income information as requested.  

Buying a home requires time, energy, patience, and discipline, not to mention a variety of fees paid along the way. HRB is here to help as you meet the lender’s many (and often repeated) requests for information and documentation. With rising interest rates, one lending option available to low-income households is the USDA 502 Direct Loan program, which offers a lower interest rate. Homeownership Program Director Sherri Raines is a certified USDA packager and can assist HRB’s CLT clients with USDA applications upon request. If you have any questions or would like more information, email  Sherri Raines or call 206.842.1909, ext. 19.

Final determination of whether an applicant will be able to purchase an HRB home depends on the willingness of a lending institution to provide a mortgage that is affordable to the applicant. 

Read about potential homebuyer costs.
Download the application.
Start the online application process.
Pay your application or commitment fees online.