NORTH BENCH FARMS SUBDIVISION
LOCATION
OVERVIEW
PROJECT DESCRIPTION
HOMEBUYER FINANCING/RESTRICTIONS
NORTH BENCH FARMS SUBDIVISION MARKET RATE
Location
West Celebration Loop, Oakley, Utah
Overview
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
North Bench Farms Subdivision Market Rate
In 2004, MCHT purchased the remaining 53 lots in the North Bench Farms Subdivision in Oakley from the developer, North Bench Farms LLC, a subsidiary of Four Square Properties of Carlsbad, California. All of the homes were constructed utilizing the same plans that the developer has used for market rate homes in this subdivision.
Most of the lots were used for the Mutual Self-Help and CROWN Programs with the remaining being sold for market rate homes. Construction commenced on the last lot in the subdivision in July 2007. Financing for the purchase of the lots was provided by Housing Assistance Corporation, Rural Community Assistance Corporation and Zions Bank. Construction financing for new market rate homes is being provided by Zions Bank.
