Affordable Homes For Sale
NEW CONSTRUCTION HOME FOR SALE
PENNY LANE II - ICHIJO HOMES
This home is available to those who apply by 3:00 pm on November 10th and who meet the eligibility requirements for the program. See below for detailed instructions on the application process.
7976 170th Ave NE, Redmond 98052 – Ready for move-in January
Available Home
The affordable home is located at Penny Lane II in Redmond.
ARCH MUST RECEIVE YOUR INTEREST FORM, PRE-APPROVAL AND HOMEBUYER EDUCATION CERTIFICATE BY NOVEMBER 10th, 2025 IN ORDER TO BE CONSIDERED FOR THE PURCHASE OF THIS HOME.
RESALE COVENANT: All affordable homes are subject to requirements contained in a resale covenant, which is intended to ensure that homes are owner-occupied and remain affordable for future qualified buyers. A summary of the covenant provisions is attached.
New Application Summary Provisions Acknowledgement
***Open House***
Saturday, November 1st and Sunday November 2nd at 12:00pm-5:00pm
Address of home being shown:
7976 170th Ave NE, Redmond 98052
You may use any lender for your preapproval.
Application Process
Step 1 – Applicants will submit an Interest Form, Pre-Approval letter from a lender and Homebuyer Education Certificate: If you are interested in purchasing the affordable unit at Penny Lane II , please complete this online form no later than November 10th by 3pm. You will be required to attach your pre-approval letter and homebuyer education certificate to move forward with submitting your interest form. If you do not have a mortgage pre-approval letter, you must work with a lender to qualify for a standard 30-year mortgage loan. ARCH does NOT accept pre-qualification letters. If we do not have an interest form, pre-approval letter, and homebuyer education certificate from you by November 10th at 3 PM you will not be placed on the priority list.
Step 2 – ARCH Staff will apply objective scoring to assign points to each applicant and conduct a lottery: ARCH applies scoring criteria when multiple households are eligible to purchase a home but there are limited homes available. This model assigns points for various criteria such as living in King County and all areas of Bothell, household size, and approval for specific homeownership assistance programs.
The households with the highest number of points will be invited to a Zoom meeting where a lottery will be held to prioritize the order in which applicants are given the opportunity to purchase. The lottery helps ensure equitable access to affordable homeownership opportunities by randomly selecting applicants from a pool of top scoring candidates. Lottery will occur within a week of the deadline above.
For more information on the ARCH scoring criteria and homeownership assistants programs please visit our website https://www.archhousing.org/apply-to-homebuying-process.
Step 3 – Application Review: Once an applicant is selected though the lottery process, ARCH staff follow up and evaluate the applicants’ income, household size, first-time homebuyer status, and other criteria to determine their eligibility for purchase. Additionally, the applicant will need to submit proof of all points awarded in the tiebreaker. Application review may take up to 3 weeks from the application submission deadline. We appreciate your patience.
Step 4 – ARCH Staff will notify the applicant list: ARCH staff will provide an email informing all applicants when a buyer has been identified.
If you have any questions on the ARCH program or application process, please review our Homebuying FAQ or call ARCH at (425)-861-3677. For inquiries regarding overall property and specific questions about the home or the community, please reach out to: Amy Tovel at amy@ichijousa.com or 206-313-0996.
We are expecting high interest in this home so please be patient and we will return your calls at our earliest convenience.
To unsubscribe from this list, please email us at info@archhousing.org
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2 people $100,544
3 people $113,112
4 people $125,680
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2 people $113,112
3 people $127,251
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2 people $150,816
3 people $169,668
4 people $188,520
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HOA Dues: $407 / month
Income Limits: 3-person household $155,529
4-person household $172,810
5-person household $186,635
6-person household $200,460
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2 people $125,680
3 people $141,390
4 people $157,100
5 people $169,668
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Household Income Limits: 1 person $109,970
2 people $125,680
3 people $141,390
4 people $157,100
5 people $169,668
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Household Income Limits: 3 people $155,529
4 people $172,810
5 people $186,635
6 people $200,460
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3 people $155,529
4 people $172,810
5 people $186,635
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