F.A.Q.'s

F.A.Q.'s

Background Information


Who is developing and working on this project? 

The group working on this project is the Mountain Towns Housing Project and consists of local community members from several mountain towns.


Who is on the committee? 

The steering committee, fundraising committee, and family selection committee are made up of the following people:

Steering committee:


Jon Bliss                 Andover resident

Martha Dale          Londonderry resident

Patty Eisenhaur  Londonderry resident

Cynthia Gubb       Londonderry resident

Don Hazelton       Londonderry resident

Deb Hazelton       Londonderry resident

Laurie Krooss Londonderry resident

Joel Kuhlberg Londonderry resident

Bruce Whitney     Windham and Windsor Housing Trust, Brattleboro

 

Fundraising Committee Members:

Jon Bliss

Cynthia Gubb

Laurie Krooss

Skip Raymond      Windham resident

 

Family Selection Committee Members:

Martha Dale

Patty Eisenhaur

Deb Hazelton

Laurie Krooss


The House 


When will the home become available?
We expect to have the project completed by March 2024.


What will the house look like and what does it include?

Specifications:

Are there any zoning issues?
A permit for the single-family home construction has been issued by the town so it is in full compliance with the Londonderry zoning regulations. The permit for the septic has also been approved.

Why a single-family home?
We chose to build a single family home as our first project based on the fact that the land was donated, its location, and the feasibility of successful completion of this first project by a group of volunteers.


How much will it cost to build this house?
The estimated cost of the house is approximately $356,000 based on the square footage and the chosen design.  Adding the well, electric hookup and septic system brings the total estimated cost to $400,000.  Donated labor, discounted and/or donated materials would help bring this cost down.


How is $400,000 affordable?

It is not affordable, but with first-time home buyer programs through the WWHT and Vermont Housing and Conservation Board, grants available for down payment assistance, and other tools, the home will be more affordable to the family selected and will guarantee permanent affordability of the home.

 

What will be the price of the home?
The price for the home on Bob Perry Lane has been set at $199,000. The appraised value is $470,000 with the difference reflecting subsidies from the State and MTHP. MTHP has partnered with the Windham & Windsor Housing Trust (WWHT) to help with grants, reduced mortgage interest rates, along with a structure to ensure that this house remains affordable should the homeowner decide to sell the house. WWHT will maintain ownership of the land through a 100 year lease agreement with the homeowner.


How would a family of modest means be able to purchase this house? 

The Bob Perry Lane home is intended to be affordable for families who have a household income between 80% and 120% of area median income.  This is income (before taxes) between $74.250 and  $111,630 for a household of four.
 Potential buyers would be people who teach at our local schools, work at the bank or medical clinic, at the ski resorts, provide support services for second homeowners, drive the town’s snowplows, and many other jobs. The WWHT  would assist the homebuyers with down payment assistance from VHCB and an affordable mortgage from VHFA, USDA, or other mortgage programs that best works for them.

Family Selection

How do I apply to become a possible homeowner?

Contact us at mountaintownshousing@gmail.com and request an application. We also encourage prospective applicants to check out WWHT’s Homeownership Center and participate in a Homeownership Buyer’s workshop online. Check your
credit – do you have a lot of outstanding debt, if so, start remediating your credit now with the help of WWHT. Understand how much of a mortgage you can manage (monthly payment plus insurance and taxes). Again, WWHT can help you with this.

What income guidelines will be used?
Guidelines used are based on Windham & Windsor Housing Trust’s successful homeownership program as well as guidelines from Vermont Housing Conservation Board which may provide down payment assistance. The Bob Perry Lane home is intended to be affordable for families who have a household income between 80% and 120% of area median income.  This is income (before taxes) between $74,250 and  $111,630 for a household of four. 

How will you select the family?

The selection will be based on income eligibility of the family (annual income and number of household members), the ability of the family to make mortgage and insurance payments that fit their budget, a demonstrated commitment and involvement to the local community, a willingness to put sweat equity into the project, and an ability to maintain the property. 


What happens once the house is sold and occupied by the homeowners?

When the family takes ownership, they will own the house. The WWHT will own the land under the structure. The homeowners will pay a small monthly fee to WWHT to lease the land. The property will be part of the WWHT’s  shared equity program which ensures that the house will remain perpetually affordable. 


Who is Windham and Windsor Housing Trust?
WWHT was organized and incorporated by a group of interested citizens in August of 1987 in response to increasing threats to the region’s supply of affordable housing. More than 30 years later, the Trust has successfully created a full spectrum of renter- and owner-occupied housing opportunities that serve the residents of Windham and Windsor Counties who are least served by the prevailing market.


Will I be able to make improvements or additions to the house?

Authorized improvements can be made to the house and any value of these improvements will be retained by the owner on the sale of the property.

 Are there any restrictions on the future sale of the house?
The home is intended to remain affordable in perpetuity. As a grant was received to reduce the purchase price of the home, a restriction will be put into place requiring the home be sold, and eventually resold, to buyers meeting similar income qualifications (80% to 120% of median income). This will be in the form of a deed restriction. 


How does it remain perpetually affordable?

The original grant stays with the home upon resale, recycling the subsidy to the next buyer. In addition, the homeowner`s equity on the sale of the property will be capped at 25% of appreciated value, plus the value of the principal paid down and the value of any authorized capital improvements made by the homeowner. Subsequent purchasers are able to benefit from the limited appreciation and purchase the home for less than market value. (See VHCB’s Website for more information). 


Future Projects

How will this model work for future projects?
Once the home is built and sold to the buyer, any proceeds after costs will be available for future projects.  Donations, donated materials and labor all help to reduce construction costs and will be recognized on the sale of the property and will be applied to future projects.  

Howdid you determine the selling price of the house?

The selling price was determined based on the appraisal of the property, the amount invested in the project by the Mountain Towns Housing Project, and the amount of grant assistance for the down payment. 


Why not take on a larger vision of multifamily housing?

This is a complex question without an easy answer. Planning and developing a multi unit housing complex is currently beyond the scope of our group, which is committed to building on the extraordinary gift of land from two local Vermonters. We are a small group with limited resources and can only tackle one project at this time. 

Multifamily housing in the mountain towns is not going to happen anytime soon unless it's taken on by a nonprofit affordable housing developer or private developer. One of the major reasons it hasn’t happened is that our small rural communities have limited infrastructure in place, such as public transportation, town sewer and water, social services, etc. Our small towns would not score high enough for some of the funding sources these developers use. Even a smaller (8 - 10) multifamily project would cost millions of dollars, require investors for the partnership, tax credits, funding from multiple sources, and so much more. That, in fact, is the focus of nonprofit housing developers such as Windham and Windsor Housing Trust. It’s why we’re partnering with them to get the ball rolling in the mountain towns with one small project, then we can hopefully begin to build a range of housing options in the future.

It takes 3 – 4 years (sometimes longer if a neighbor to the proposed development doesn’t like the idea) from the initial concept of a project, to design, permitting, secure bank loans, secure funding from various state and federal agencies, fundraise from donors, and finally begin construction, before a family, couple, or individual can benefit from the housing. 

In the future, so much more is possible, with the full support of diverse community partners.


Financial Support & Volunteer Opportunities


What kind of help does the project need?

The Bob Perry Lane Project is in need of gifts and grants to cover the cost of construction materials, installing the septic field, drilling the well, and other expenses. At the same time, we are seeking product donations from various suppliers, in addition to discounted services needed at the site. 

We will also be looking for volunteers who can help finish the interior of the house once the shell is delivered to the site. This includes electricians, plumbers, people with knowledge of sheetrocking, painting, and other specific skills. 

How can I get involved?

To volunteer, please share your contact information on our Website or send an email to mountaintownshousing@gmail.com. 


To make a gift:

Please make your check payable to the Mountain Towns Housing Project and mail it to: 

Mountain Towns Housing Project

PO Box 538

Londonderry, VT 05148


If you prefer to give online, you can visit the website of the Second Congregational Church at: https://www.2ndcongregationalchurchvt.org/giving.html then select the “Perry Lane Project”. 


You can also donate to this project through the Community Fund for Londonderry; make your check payable to the Community Fund for Londonderry, note that it is for the “Perry Lane Project”, and mail it to PO Box 399, Londonderry, VT 05148.