Dreaming of owning a home? Nonprofit will cut cost in half for a lucky Tri-Cities family
A Northwest nonprofit lender is opening up applications for a potentially life changing offer for one lucky Benton City family dreaming of becoming homeowners.
First Story, an Oregon-based nonprofit founded in partnership with Hayden Homes, will be building an 11,48-square foot 3-bedroom, 2-bath home in their Benton City River North community, according to a news release from the organization.
The home then will be sold to a qualifying family with a zero down, zero interest mortgage.
The homes retail for about $350,000 in the Tri-Cities and $330,000 in River North, according to real estate listings.
With 30-year mortgage interest rates currently around 6.6%, that’s a massive difference in the cost of payments, taking an estimated $2,100 monthly payment and cutting it to around $900.
In other words, the deal would cut the price of home ownership in half for the family that is selected.
Mortgage rates reached a 20-year high in 2023, at a time when the cost of homes was also skyrocketing due to short supply. That resulted in the fewest homes built or sold in the area in the past five years.
“We deeply believe in the value of providing affordable homeownership for community members,” Executive Director Claire Duncan said. “Our work is about giving families the chance to grow into a new chapter that will positively impact the trajectory of the rest of their lives.”
Duncan said that more than 80% of First Story homeowners are the first in their family to ever own a home.
This will be First Story’s 117th home in the Northwest and their first in Benton City. It will be move-in ready with all the appliances installed.
Applications are open now for applicants with a household size of two to five people with a gross annual income from $59,000 to $79,000.
Potential buyers must live or work in the greater Tri-Cities area, be a U.S. citizen of permanent resident, a first-time home buyers and have no negative accounts or items in collections.
First Story and Hayden Homes will host a wall-raising event with the new homeowners this summer and a dedication in the fall.
Anyone interested in applying should email info@firststory.org.
