Support Received from the City and North Cascades Bank
Information submitted by Chelan Valley Housing Trust
At their November 13th meeting, the Chelan City Council heard a request from Mayor Mike Cooney for $100,000 in funding to subsidize hook-up fees for homes to be built by the Chelan Valley Housing Trust.
In addition, the council will consider another $20,000 a year for five years to help defray administration costs for the new land trust. During a presentation from the group’s spokesperson Rachael Goldie, the council also heard that North Cascades Bank has made a commitment of $2,000,000 of construction loan credit for the community land trust’s projects.
“Having the City and North Cascades Bank on board is a huge step”, reported Ms. Goldie. “This puts us on track to build our first homes this coming year.”
The focus of the Chelan Valley Housing Trust is to supply affordable home ownership to residents of the Lake Chelan Valley with household incomes between $30,000 to $50,000. Its primary target is working people and seniors who cannot afford market rate housing and are not being served by government subsidized housing. Because the homes have built-in resale restrictions, they stay permanently affordable through future resales.
According Charlie Guilder, North Cascades Bank CEO and housing trust member, his bank has a vested interest. “We want our employees to be able to live in Lake Chelan, spend more time with their families and less time commuting,” says Guildner. With that higher quality of life, they’ll be better and more stable employees.”
“This is the right thing for the City to do,” said Mayor Mike Cooney, who has made affordable housing a priority of his term.
