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Show Sales Start Apr. 28 In Tropic On County's First Affordable Housing Color Country Community Housing, Inc (CCCHI), a Nonprofit Non-profit Community Housing Development Organization (CHDO) that was initially funded fund-ed and sponsored by the Five County Association of Governments (FCAOG), and Tropic Town have been actively involved and supportive of the project. Representatives from CCCHI, ' USDA Rural Development, and other financial finan-cial agencies will be at the Tropic Town Hall on Apr. 28 from noon to 4 p.m. with information infor-mation on available lots, affordable afford-able housing programs, financing financ-ing options, and applications. The new housing proposes to give individuals or families who would like to remain in Tropic or relocate to Tropic a realistic opportunity to do so. Developers say that area businesses will benefit from the project because of the ability of their employees to find safe, affordable housing near their place of employment. Developers Develop-ers say that the subdivision will directly benefit 47 families as well by providing new affordable afford-able housing. Assuming a two-parent household with the Utah average aver-age of 2.6 children per home, approximately 216 people, they claim, will directly benefit from the development of the project upon completion of all its phases. phas-es. Families purchasing subsidized subsi-dized building lots as a part of this affordable housing project will be required to complete an H.U.D. -approved homeowners education course. Additionally, up to half of the lots will be reserved for first-time home buyers. Six CROWN Homes, sponsored by Utah Housing Corporation, using low-income housing tax credits, will provide ) a lease-to-own component in the project. The Bryce Meadows development devel-opment enjoys the support of the city of Tropic and Garfield County. Color Country Community Housing Incorporated Incorpora-ted (CCCHI) is the only certified certi-fied CHDO in the area, and it provides strong links to the local community and its politics, while also offering opportunities to its residents for affordable homeownership. Color Country operates several homeowner-ship homeowner-ship programs in Southwest Utah, and is working to bring those same opportunities closer to Tropic itself. Phase I of the Bryce Meadows community which is planned for a total of 21 houses will be a mixture of three- and four-bedroom, two-bath homes. Six of the homes are planned as CROWN, Lease-to Own units, with the remaining 15 lots in phase one as single family residences. resi-dences. CROWN is a lease-to-own housing program developed devel-oped by Utah Housing Corporation to bring home ownership own-ership within reach of very low-income low-income households while assisting assist-ing local governments in revitalizing revital-izing their neighborhoods. CROWN relies on public and private partnership investing in a community's future. The local government or Community Housing Development Organizations Organi-zations (CHDO) invests in land and infrastructure on deferred payment terms, the private tax credit investor provides a capital contribution to reduce the project proj-ect debt while the Utah Housing Corporation and Olene Walker Housing Loan Fund provides the permanent financing (and as needed, the construction financing). financ-ing). CCCHI says that investors will receive a favorable financial finan-cial return on their (See CCCHI on page 4A) CCCHI From Front Page investment commensurate with their risk while the community receives revitalization along with residents who are committing commit-ting to a long-term neighborhood neighbor-hood relationship. The CROWN project owner selects residents under the CROWN program guidelines, which emphasize the long-term commitment aspect of CROWN. Leases are for one-year renewable renew-able terms and require residents to assume most of the property maintenance responsibility just as a homeowner would. Upon termination of the tax credit minimum rental period of 15 years the resident family has the opportunity to purchase their CROWN home. The resident will be able to, in essence pay off "their" mortgage during the lease period! Details will be available on Apr. 28 in Tropic. Through partnerships with various entities, some critical funding sources have been secured. CCCHI has partnered with Rubys Inn, the Town of Tropic, the Five County Association of Governments, USDA's Rural Development, Federal Home Loan Bank of Seattle, Utah Housing Corporation, Corpor-ation, American Express Centurion Bank, Rural Community Assistance Corporation, Corpor-ation, Utah State Department of Community and Economic Development, The Olene Walker Housing Loan Fund, FannieMae, as well as other private pri-vate lending institutions to ensure the long-term success of the project. |