Clam Homes

Giacomini Road Home: Clam’s Second Ownership

 

CLAM is thrilled to sell a second affordable ownership home. Interested buyers please attend CLAM’s Homebuyer Workshops, Open Houses, and complete a Homebuyer Education Course online or with Fair Housing Advocates of Northern California (dates to be announced soon).

The application period is November 17, 2017 through January 5, 2018.

 

Homebuyer Education Resources
A HUD-certified homebuyer education course will be required to purchase.

Buyer Qualifications

Household income range (before taxes) for eligible buyers:

  • Ability to qualify for a mortgage of approximately $365,000 (mortgage, taxes, and insurance would equal no more than 35% of buyer’s earnings as determined by lender)
  • Good credit (at least 640)
  • Consistent income history
  • Approximately $10,000 for closing costs
  • $5,000 for down payment (additional down payment assistance may be available)
  • Household is 3 to 6 full time residents (Pregnant women count as 2)
  • “First-time Homebuyer” (applicants have not owned a residence in the past three years)
  • Understands and agree to honor the ground lease requirements & the resale formula
  • Complete and obtain a Certificate of Completion of a HUD-certified Homebuyer Education course prior to mortgage approval
  • Non-US citizen applicants must demonstrate legal residency and a Social Security Number.

 

In Spring 2017 CLAM acquired a 3-bedroom, 2-bath home at 31 Giacomini Road, within short walking distance to everything that Point Reyes Station has to offer, including West Marin School. CLAM will sell the home affordably later this year—our second homeownership property.

When it was built in 2005, this home was one of seven homes intended to be sold affordably as part of the Ecumenical Association for Housing’s Point Reyes Affordable Homes development. Due to unexpected turns in funding, however, the Association had to sell the seven homes at market rate in order to complete the funding for the remaining 22 rental homes.

With CLAM’s purchase of 31 Giacomini Road, we have brought back one of the seven homes to its original intent – affordable home ownership.

Home ownership through a Community Land Trust (CLT) means that the CLT continues to own the land while selling the home to a qualifying buyer. Without the cost of the land, the house can be sold more affordably – even as the CLT homeowner has all the joys and responsibilities as every other homeowner in terms of insurance, maintenance, repairs, and making the home truly their own. When buying a home through CLAM, the future owners agree to resell it at an affordable price, through CLAM. They will be able to make a modest profit on the sale of the home while also ensuring that the home remains affordable for another family (and many more families to come).

CLAM is now raising funds to cover the costs of owning the land so that we can sell this home affordably. Out of a fundraising goal of $457,000, a total of $175,000 has been raised as of August 25th. We expect an additional $200,000 to come from public and private grants. We’re asking members of the West Marin community to help us reach our goal by the end of the year. A generous local donor has provided $50,000 as a matching gift, asking that the community match it dollar for dollar.

You can help:


Your contribution of any amount will ensure that this home remains affordable in the community for the first and all future homebuyers!

Click here to donate today.