Lottery to determine owners of South End Village homes
summit daily news
FRISCO ” Two yet-to-be built, market-value, single-family homes in Frisco’s newest affordable housing development are up for grabs this week.
The two-bedroom homes, to be sold for $325,000 each, will be part of the future South End Village, a 10-unit attainable housing project to be constructed this summer across from Frisco Elementary School.
A lottery at town hall Friday will decide the future occupants of the two 1,152-square-foot units, since demand has already outpaced the supply.
“It’s very rare around here to be able to buy a brand-new place for this price,” said prospective buyer and Frisco resident Tony Cammarata. “And it’s a beautiful piece of land the town has donated.”
The development’s eight other units are duplexes to be sold below market value for $185,000 and $199,500 to locals making 80 percent or 100 percent (or less) of area median income (AMI), respectively. AMI for a couple in Summit County is $62,700.
The town of Frisco provided the land, valued at $1.1 million, upon which the development will sit. The market-rate sales of the two single-family homes will help pay for the cost of building the affordable duplexes.
The list of applicants for the two homes was four deep as of Monday. Interested buyers must submit an application and a letter from a lender pre-qualifying them for a $325,000 loan by Thursday to Summit Housing Authority.
“We have to select people who will qualify for a loan from a lender with no contingencies,” developer Rob Dick said. “We need a firm deal, because it’s these sales that fuel the rest of this deal. They’re paying the 100 grand (for the land), and that is subsidizing the other units.”
Frisco town manager Michael Penny will draw the two winners from a hat at 1 p.m. Friday.
Locals who live and work within a one-mile radius of Frisco have until June 6 to submit applications for the duplexes. After June 6, all Summit County workers may apply, if any units are still available.
Dick hopes construction of all units to be complete in the fall.
Julie Sutor can be reached at (970) 668-3998, ext. 203, or firstname.lastname@example.org.
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