Wednesday, October 21, 2009

A $75,000 grant and $800,000 loan for affordable housing in the City of Salida.

DOLA's Division of Housing has announced that $875,000 of federal and state funds has been awarded for increasing the availability of affordable housing in the City of Salida.

The City of Salida will receive a $75,000 CDBG grant to provide down payment assistance for homebuyers at the Crestone Heights Community Land Trust, which is being developed by the Chaffee Housing Trust. The Chaffee Housing Trust will also receive a Revolving Loan Fund construction loan of $800,000 for the project.

Crestone Heights is located within one mile of downtown Salida, at the corner of Crestone Ave. & Mesa Lane. The Chaffee Housing Trust is developing 5 homes in a tri-plex and a duplex. All units will be restricted to homebuyers at or below 80% AMI. There will be two 2-bedroom, 1.5-bath units; one 2-bedroom 2-bath units; and two 3-bedroom 2-bath units. The townhomes will be kept affordable in perpetuity using the community land trust model, with a 99-year land lease and resale restrictions.