Affordable Housing Partnership Brings Homeownership Within Reach

A unique partnership between Visalia-based nonprofit Self-Help Enterprises and developer Matthews Homes is making homeownership a reality for 52 low-income families in southwest Bakersfield. Through a sweat equity program, families will work at least 40 hours a week, with labor contributing towards down payments. This program is their only chance at homeownership for many, with the nonprofit having assisted roughly 5,400 Central Valley families since 1965. The partnership is also utilizing a density bonus to provide more affordable housing options, with market rate houses in the subdivision selling in the high-$200,000s to mid-$300,000s.

Key Takeaways:

• Self-Help Enterprises is partnering with Matthews Homes to provide affordable housing to 52 low-income families in southwest Bakersfield.
• Families will work at least 40 hours a week, with labor contributing towards down payments, a unique sweat equity program.
• The program is the first affordable housing project for Matthews Homes, which is utilizing a density bonus to increase the number of homes built on a 50-acre site.
• The bonus requires 20% of the project to be used for low-income housing, which is seen as a valuable tool for providing affordable housing.
• Families participating in the program may also qualify for a low-interest, secondary loan from the city to aid in homeownership.
• Self-Help has assisted approximately 5,400 Central Valley families, building 120-140 houses each year since 1965.

Statistics:

• 52 low-income families will participate in the sweat equity program
• Families will work at least 40 hours a week, contributing to down payments
• Market rate houses in the subdivision will sell in the high-$200,000s to mid-$300,000s
• The project includes 260 homes, with 20% set aside for low-income housing
• Self-Help has built 120-140 houses per year since 1965, assisting approximately 5,400 Central Valley families
• More than 1,000 people have shown interest in the program, with homeowners to be selected in the next 30-60 days

Sources:

• The Bakersfield Californian
• McClatchy-Tribune Business News
• The Permissions Group Inc.