Home Trust applicants are people who live or work in San Juan County and cannot otherwise afford to purchase a market rate home. Applicants who income-qualify must live on San Juan Island  or work in San Juan County.

Affordable housing is one of the most important aspects of having an island economy that works for everyone, whether employer or employee, public or private sector, blue collar, white collar, or the service worker. Without such housing, most of us could not live here.

Homeownership creates stability for employers, families, and individuals which in turn contributes to community economic and social stabilty.

Homeownership creates security, a sense of community, pride of ownership, equity, and legacy.

Federal and State Government grant funding is available for construction of homes designated to be sold only to low-income earners – those earning 80% or less of Area Median Income (AMI).

San Juan County Home Fund grants are available for construction of homes designated to be sold to low- or moderate-income earners – those earning 115% or less of Area Median Income.

Private Donations. Over one third of each home’s subsidy comes from private donations and constitutes a significant portion of each house subsidy.

The Home Trust acquires land, develops homes, qualifies applicants, packages mortgages and provides homebuyer education classes.

In Salal, ownership of land is retained by the Home Trust, leased to homeowners through a 99-year renewable ground lease, the traditional CLT model, and incorporates deed restrictions for permanent affordability.

In Sun Rise, the buildings and land are owned in common by the residents and kept affordable over the long term by a using deed restriction, a Permanent Affordability Covenant.

At HolliWalk, ownership of land will be retained by the Home Trust, leased to homeowners through a 99-year. Deed restrictions for permanent affordability will be utilized.

A set resale formula is used to determine resale prices of homes.

Homes must be affordable to income eligible applicants. No more than 31% of monthly income can be spent on principal, interest, taxes, and insurance.

Federal, State, and County grants, and donor contributions are used for each home’s construction. These funds provide the home’s subsidy, make the house affordable to lower income homebuyers, and stay with the home in perpetuity. Bank and other loans provide the remainder of the cost of construction and are repaid with the homebuyer’s mortgage and down payments.

The subsidy is rolled over to each successive buyer by a restrictive resale formula.

At Salal and HolliWalk, homeowners purchase improvements (homes) on the land but not the land itself.

In Sun Rise, homeowners purchase the interior improvements of the home but not the building itself or the land on which it is built.

Home Trust neighborhoods (with the exception of Salal) contain a limited number of homes for moderate-income earners (those earning 115% AMI or less).

Yes. If you are the initial owner of a Home Trust home a minimum of 50 hours of “Sweat equity” is required.

Subsidies may be available to low-income homebuyers (generally those earning 65% AMI or below).

Homebuyers must earn sufficient income to make mortgage payments and Homeowner fees and have a credit history that qualifies them for available mortgages.

Homebuyer debt payments (including housing) can be no more than 41% of adjusted gross income

Homebuyers must live or work in San Juan County.

All homebuyers must complete a homebuyer education course, including education about living in a CLT.

Very low-income homebuyers may be eligible to obtain a low-interest mortgage available only to first time homebuyers.

They may also be eligible for down-payment assistance programs for first-time homebuyers.

Homeowners must be active participants in their neighborhood HOAs. Landscape their personal yard areas and share in the use and maintenance of common areas.

Pay a monthly fee to the Home Trust for maintenance reserves, ensuring long-term upkeep on the home and common areas.

Pay a low monthly administrative fee to the Home Trust.

Maintain their home in good condition.

Building equity and share in the increasing value of the home.

All family members benefit from the satisfaction and stability of living in and owning their own place of residence.

Having the help and support of your fellow community members.

Having resources available through the Home Trust Staff.

When a homeowner decides to sell, the Home Trust uses a formula to determine the resale value, and which formula applies depends on when the home was originally sold.

For homes sold before 2020, the resale value is the lower of two calculations: (1) the original purchase price plus 25% of the increase in market value, or (2) the original purchase price adjusted by the percentage increase in the Area Median Income (AMI) for San Juan County. For homes sold in 2020 or later, the home's value appreciates 1.5% per year, compounding annually. The Home Trust works with each buyer and seller to make sure they understand which formula will apply to them.

The home must also be in saleable condition, with all required repairs completed by the seller and confirmed by the Home Trust and the Home Inspector. The seller is entitled to all equity built during their ownership, minus any outstanding mortgage balance, closing costs, and the cost of repairs needed to bring the home up to the Home Trust's standards.

Home Trust homes are sold far below their market value for the simple reason that San Juan Island’s low- and moderate-income homebuyers can only rarely afford to purchase homes on the open market. Housing on San Juan Island is the least affordable in Washington state; the wages for low- and moderate-income islanders are also among the lowest in the state.

All Home Trust homes are endowed with a subsidy provided through private donations and government or private grants, giving the Home Trust the ability to sell newly constructed homes well below the cost of construction.