Bend, Oregon – April 7, 2008 – NorthWest Crossing, an award-winning Central Oregon neighborhood, today announced that Housing Works has purchased a cottage for its housing program in Bend. The construction of the home was made possible through a partnership of several local companies. West Bend Property Company, the developer of NorthWest Crossing, donated the homesite. Craftsman Homes and their team of subcontractors and suppliers donated time and materials for the home.
“Creating partnerships like this, that benefit the economic and social security of our region, is what we strive for everyday,” said Cyndy Cook, executive director of Housing Works. “Having a beautifully crafted new home to offer through our program, in a community like NorthWest Crossing illustrates the feasibility of this program in any neighborhood. We are so pleased that local businesses banded together to make this possible.”
When development began NorthWest Crossing several years ago, West Bend Property Company created specific goals for a mixed socio-economic neighborhood. Through active partnership with a number of non-profit organizations associated with affordable housing, the ground lease model was formed.
The ground lease assists families in home ownership by separating the ownership of the home from the ownership of the land, thus making the home more affordable for workforce families. The land under the home is placed in Housing Works' HomeQuest Ground Lease Program and is leased to the homeowner. The owner is able to amass shared equity in the home itself, receiving a portion of the home's appreciation (determined by current market value), and can then eventually buy a home outside the program. The shared appreciation keeps the home at an affordable price for the next selected buyer.
Cook continued, “Through this innovative ground lease model, we hope to inspire other developers and builders to partner with us in providing workforce housing.”
Housing Works has purchased the NorthWest Crossing cottage to meet its goals of providing quality housing that is affordable to all citizens. The organization's ultimate goal is to facilitate the stability, self sufficiency, self-respect, and pride of families and individuals – by fostering dignity through affordable housing. They have been working toward this mission in Central Oregon for more than 30 years.
Craftsman Homes, which completed another home under this model in 2003, offered to build the cottage for West Bend Property Company. The company donated its expertise, planning and profit, along with managing reductions from subcontractors and vendors – many of which provided materials and/or labor at substantial savings. Craftsman Homes was excited and honored to work with a quality team of trade professionals who, through their cumulative efforts, were able to provide an affordable home to a deserving Central Oregon family.
NorthWest Crossing is a mixed-use community on Bend's west side which was selected as the 2006 Most Successful Development in Oregon by BUILDERnews magazine and was also a 2006 featured project by the Urban Land Institute. West Bend Property Company LLC, a partnership of Brooks Resources Corporation and Tennant Family Limited Partnership, is developing the community. Both companies, based in Bend, have solid histories of commitment to thoughtful, quality real estate developments in Central Oregon. Their goal of creating a livable and sustainable community at NorthWest Crossing is rooted in their understanding and respect for the true essence of Bend and the Central Oregon lifestyle. To find out more, visit the NorthWest Crossing real estate website.
