The Mad River Valley Housing Coalition (MRVHC) recently launched an Affordable Land Initiative in an effort to create affordable workforce housing in The Valley.
The MRVHC will attempt to acquire parcels of land for free or at well below market rates and resell the parcels to qualified individuals or affordable housing developers, who will be responsible to build the home.
The intent of the initiative, according to the MRVHC, is “to help facilitate affordable home ownership for first time homeowners who live or work in the Mad River Valley by greatly minimizing the cost of buying land.”
The current available property is a flat, wooded 1.5-acre lot on the east side of German Flats Road in Fayston. There is an approved, permitted septic design for a three-bedroom house. The MRVHC will sell the property, worth $60,000 or more, for $5,000.
Five thousand dollars is the amount needed to recoup the costs incurred for subdivision, permit and septic expenses.
Individuals or families interested in acquiring one of the Affordable Land Initiative parcels will need to submit an application for consideration. Applications are available at the Mad River Valley Planning District office or by visiting www.mrvpd.org.
Applicants may be required to attend the Homebuyer Education Workshop provided by the Central Vermont Community Land Trust. The final successful applicant will be approved by a majority of the board of the MRVHC.
The project will only consider applicants who would be first-time homeowners, except people who lost homes as a result of Tropical Storm Irene. In addition, applicants should already live or work in the Mad River Valley.
Applicants’ household income should be no more than 100 percent of the county median income, and preferably no more than 80 percent of the county median income.
Currently, the Washington County median income is $49,700 for a one-person household, $56,800 for a two-person household, $63,900 for a three-person household, and $70,900 for a four-person household.
MRVHC was created in 1989 to support a variety of housing options within the Mad River watershed through education, information, advocacy and endorsement; to serve as a source for developers, individuals, municipalities and nonprofits; and to create and administer possible funding resources for revolving or subsidy loan programs.
The MRVHC is a registered 501(c)(3) organization that serves the towns of Fayston, Warren, Waitsfield, Moretown and Duxbury. The coalition meets the second Tuesday of the month at 7:30 a.m. at the General Wait House in Waitsfield.
For additional information or to view the Affordable Land Initiative application and requirements, visit www.mrvpd.org.