Nonprofit Thistle & Nest building 160 affordable homes in region, now accepting applications
(Update: Adding video, comments from Thistle & Nest's board director)
'Land trust model' means buyer will own the home, but not the land
BEND, Ore. (KTVZ) -- Thistle & Nest, a Central Oregon-based nonprofit started back in March, has announced the launch of "an ambitious and impactful affordable housing initiative, aimed at addressing the pressing housing crisis in our local communities," with 160 homes to be made available for purchase in Bend, Madras and Prineville over the next two years.
"The building should be done early next year, and then we have to get all of the landscaping in," board Director Amy Warren told us Tuesday.
The Oregon Housing Stability Council earlier this year awarded Thistle & Nest more than $22.9 million to help fund its Central Oregon housing projects over the next three years.
"So, we have 30 funded from Oregon Housing and Community Services out at Murphy Crossing. And then, we have 20 funded in Prineville and 20 funded in Madras. In this community here, Woodhaven Estates, we have funding for 87," Warren explained on a visit to the southeast Bend community.
The 20 homes in Madras will be located on City View Drive, while the 20 in Prineville will be part of the Iron Horse community. In Bend, some of the 87 homes will be in the Stevens Road Tract neighborhood, recently brought into the Bend city limits on the southeast corner of the city.
"There will be a planned community over there, with schools, retail, housing. I think this side of town is really going to blossom," Warren said.
In October, the median price of a house in Bend was $735,000. The price of a house from Thistle & Nest will be from $195-$300K. The properties will have two bedrooms, 2 1/2 baths, a single-car garage and a fenced-in yard.
"Thistle and Nest, like most of the other homeownership providers in Central Oregon, uses the land trust model, which basically means that buyers will own their home, but not their land. The land is always owned by the trust," Warren said.
To be eligible to purchase one of Thistle's homes, buyers must make less than 80% of the area median income for their household size. Over the past 20 years, the AMI has increased by approximately 3% each year in Bend, or 60% overall.
Buyers are required to cover closing costs, and are strongly encouraged to have a down payment between $9,000-$13,000.
"So, when the home is sold, it's done with a shared equity resale formula," Warren told NewsChannel 21. "Some of the equity stays with the program, which ensures the home is affordable sale after sale, over and over again. And some of the equity is available to the buyer to move forward to whatever their next step in life is."
Homes will be available for purchase in Bend starting in early 2024, and in Madras and Prineville starting in 2025. The waitlist is open to households that have an approval letter from a lender and meet the program requirements.
Key features of the Affordable Housing Initiative include:
- Affordable Pricing: Thistle & Nest Nonprofit is working closely with local governments, Oregon Housing and Community Services, land owners, developers, and Kine & Kine Properties to offer homes at significantly reduced prices, making them accessible to a broader range of income levels.
- Financial Assistance: Thistle & Nest Nonprofit provides financial assistance and possible down payment support to eligible homebuyers, reducing the barriers to homeownership.
- Geographically Diverse Communities: Thistle & Nest is currently developing homeownership communities in Bend, Madras & Prineville – providing opportunity for hundreds of families to obtain the dream of homeownership. The nonprofit plans to acquire land for communities in Redmond and Sisters in the upcoming year!
- Sustainable and Energy-Efficient Homes: The homes offered through this initiative are designed to be energy-efficient, reducing utility costs and environmental impact, and to be built with quality, low-maintenance products.
- Homebuyer Purchase Support: Thistle & Nest is committed to comprehensive homebuyer education and support to ensure that new homeowners are well-prepared for the responsibilities of ownership. We act as a conduit between our buyers and their lender, and partner with NeighborImpact to help households obtain the required education.
Interested parties can learn more about the first steps toward a home purchase by visiting www.thistleandnest.org, or by emailing info@thistleandnest.org.
