North Bench Farms Subdivision

In 2002, MCHT built and sold twelve single-family detached homes located in Oakley, Utah in the North Bench Farms Subdivision. Abutting protected open space, North Bench Farms is a mixed income development.

The homes were appraised at over $160,000 each. With the help of a variety of funding mechanisms, including a construction loan by Frontier Bank and Rural Development Section 502, the homes were sold at $123,000 to moderate- to low-income qualified buyers.

Project Description

  * 12 affordable single family homes
  * 50’x100’ lots
  * Income qualifications and resale price restrictions
  * 4 one-story 1268 sq.ft., 8 two-story 1323 sq.ft.
  * 3 bedroom, 2 bath, 1 car garage
  * Project completed July 2002
  * Construction loans: Frontier Bank and Rural Community Assistance Corporation
  * George S. and Dolores Dore’ Eccles Foundation Grant

Homebuyer Financing/Restrictions

  * USDA Rural Development 502 Direct and Frontier Bank Buyer Mortgages
  * Olene Walker Housing Loan Fund – buyer closing costs
  * Federal Home Loan Bank of Seattle $7000 per unit AHP Grant
  * Future homebuyers of these homes must comply with income restrictions
  * Homes can be sold to income qualified purchasers for $129,900 base price plus 3% equity per year and limited capital improvements
  * Covenants, conditions and use restrictions