Homebuyers Overview

Many local governments have local programs that result in a portion of new homes in market rate developments being sold at restricted prices. These homes are commonly referred to as ARCH homeownership homes. These are mostly condominiums, but include some duplexes and single family homes. This section includes a listing of ARCH homeownership homes for sale, a mailing list application for priority notification of homes for sale, information about long term affordability restrictions (the ‘Resale Covenant’) and other resources for persons looking to buy a home. View Affordable Homes for Sale

If you have further questions, please contact ARCH at info@archhousing.org

REQUIREMENT

To be added to the mailing list, you must complete a homebuyer education class that is endorsed by the Washington State Housing Finance Commission.   Upon class completion, please mail/fax the class certificate to ARCH to be placed on the ARCH mailing list.  You can get a complete schedule of home buying classes here: http://www.wshfc.org/buyers/scheduleBYDATE.htm or by calling 1 (800) 767-4663.

Homeowner Provisions

  • Homes must be owner-occupied

  • Future resale prices are set by a formula based on the original sales price plus index appreciation. The appreciation index for each development is fixed. Currently, all homes are re-priced based on one of three indexes; CPI (Consumer Price Index-housing), REI Seattle/Everett Real Estate Report (Mean Sales of Eastside Cities), or the average of REI and HUD Seattle/King County Median Income.

  • First priority for future buyers are households with incomes at or below appropriate income guidelines.

  • When an owner wishes to sell, the city has a first right of refusal to buy the unit or to assign that right to a qualified buyer. After the initial period, certain cities may no longer have a first right of refusal and buyer does not have to meet the household income and size guidelines. However, the maximum sales price remains unchanged, and the city retains the right to approve the sale. An assumption by the prospective buyer must be executed and recorded at the time of purchase.

  • If a lender assumes a mortgage due to default, the resale control agreement is waived.

  • Future resale prices may be increased if significant home improvements have been made. Deferred maintenance may also cause future sale price to be reduced.

  • Interested buyers are highly encouraged to read the entire Resale Control Agreement prior to acquiring a home under this program.

Interested?  Fill out an application to be on our mailing list and receive information regarding available units.