Restricted Resale Homeownership
With home costs continuing to rise while incomes lag behind, homeownership is fast becoming an impossible dream. The average home sale price in Pierce County is well above $500,000 leaving first-time home buyers priced out of the market, and very little options for moderate to low income families.
Tacoma/Pierce County Habitat for Humanity aims to change that with a new homeownership model: restricted resale.
This new model provides permanent affordability, preserving the homeowners’ initial investment while also providing future generations continued access to affordable homes.
- The homeowner buys only the house—not the land—making the purchase price more affordable.
- The land is leased by the homeowners, from Habitat, in a long-term, renewable and inheritable lease (often a 99-year term).
- In doing so, homeowners agree to sell the home at a restricted price to an income-qualified buyer, ensuring its ongoing affordability.
Lower sale price + resale restriction = Lower price at resale = Permanent affordability
To learn more about our homeownership program, please click here.
Posted in: Announcement