NORTHWEST CROSSING “HOME” TO NEW COLLABORATIVE PARTNERSHIP HOUSE

Several Central Oregon companies came together over the past few months to make the dream of home ownership come true for one Bend, Oregon family. The construction of this new affordable house was made possible through a unique partnership that included:

• West Bend Property Company, the developer of NorthWest Crossing, donated the homesite.
• SolAire Homebuilders constructed the home, receiving some donated time and materials from their team of subcontractors and suppliers.
• The City of Bend provided a zero percent “Course of Construction” Loan.
• Housing Works made the home available through its HomeQuest Ground Lease program.
• Helping Hand Housing provided support and reduced-rent housing to the homebuyer while she got her feet beneath her.

The HomeQuest Ground Lease Program was developed about two years ago and assists families in home ownership by separating the ownership of the home from the ownership of the land, making the home more affordable for workforce families. The land under the home is placed in the HomeQuest program and is leased to the homeowner. The owner is able to amass shared equity in the home itself, receiving a portion of the home’s appreciation (determined by current market value), and can then eventually buy a home outside the program. The shared appreciation keeps the home at an affordable price for the next selected buyer.

Two years ago, NorthWest Crossing was also the site of a Bend, Oregon HomeQuest Ground Lease home, and another one is planned for the future. Projects like these enrich our community and truly show that Central Oregon is a place where individuals and businesses band together for the greater good.