Several "New Homes" will be available in
2008.
The New Home Program’s purpose is to provide safe, decent, and
affordable housing opportunities for low- and moderate-income homebuyers.
The program targets households at 60 to 80 percent of area median income (2007
median income is $77,600).
Program Goals
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Remove and replace or substantially rehabilitate neglected,
substandard, and/or functionally obsolete residential properties throughout the City.
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Encourage neighborhood investment with new construction or
substantial rehabilitation.
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Sell homes to families that may not otherwise be able to buy
in Richfield. In 2006, the median sale price is approximately
$230,000. A "New Home" at a lesser cost is offered.
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Introduce homebuyers, particularly first-time homebuyers, to home ownership in Richfield.
-
Expand the mix of housing choices available in Richfield.
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Maintain and improve Richfield’s housing stock.
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Improve neighborhoods with desirable housing.
In most cases, the Housing and Redevelopment Authority purchases
the substandard property, demolishes the house, and sells the lot to a
non-profit developer
who builds a new house. One to two homes are built every year. The new house is then sold to a low- to moderate-income
buyer.
For more information, please call the Community Development Department at
612-861-9760.
