For the first time in more than a decade, Vancouver Housing Authority will directly help families become homeowners.
A subsidiary of the public agency, Vancouver Affordable Housing Nonprofit, is moving along with plans for an eight-unit townhouse development in central Vancouver. Saeed Hajarizadeh, deputy director of the housing authority and executive director of Vancouver Affordable Housing Nonprofit, said he’s been working since 2016 on the project originally envisioned for downtown Vancouver.
Since then the proposed project moved to another site on 51st Street, which was deemed too expensive to develop, and then to its final spot off Nicholson Road. The land was transferred from the Southwest Washington Community Land Trust to Vancouver Housing Authority. The plan is to keep the existing rental home on the property and subdivide the rest of the land into eight lots for two to three-bedroom townhouses.
Vancouver Affordable Housing Nonprofit aims to sell these homes to families who earn between 65 and 85 percent of area median income, which would be about $52,910 to $69,190, according to the U.S. Department of Housing and Urban Development’s 2018 income guidelines. The aim is to target renters who would not otherwise be able to get out of the rental market and become homeowners.
“Homeownership is difficult to obtain for lower-income working families,” Hajarizadeh said.
According to RMLS’ Market Action Report, the median sale price of a home was $355,000 in January, a cost that’s out of reach for many families.