Affordable Residential Rebirth

There is the perception that many “new urban” style developments are expensive. The truth is the cost of buying a home in a new urban style development varies. Some are pricey others are created to be affordable. You really do need to look around and I promise I’ll have the list of new urban style communities out by September!

For now, take a look at a recent New York Times profile of the rebirth of a community in downtown Tacoma Washington. This “new urban” style community consists of afford ably priced newly constructed homes. Take a look at the pictures featured in the story - the homes are very attractive.

“Phase 1 consists of 90 market-rate houses, 40 below-market-rate houses for sale to buyers with incomes less than 60 percent of $49,584, the city’s median, and about 300 subsidized rental units — town houses and apartments in multifamily buildings.

When the 188-acre development is completed in 2009, it will have about 250 market-rate houses, 100 below-market-rate houses and 815 subsidized rentals. Financing for the project includes a $35 million federal Hope VI grant, $9 million from the Washington State Housing Trust Fund and about $60 million in private funds generated from the sale of low-income tax credits.”

Full story.

Tags: Your Home, affordable homes, new urbanism, new urbanist homes