5408 Tracy Ave. – Sold!

Description

Renovation of single family home for affordable homeownership.

• Sold at below market rate, making it attainable for households earning $40k – $80k
• Focus on investing in ‘once in a generation’ upgrades — including electrical, plumbing, roof and structural repairs; new HVAC and weatherization substantially reduces utility costs
• Layout improvements: added full bath, upstairs laundry, expanded kitchen area
• Deed restriction maintains affordability for future buyers

Household Support:

• The future homeowner takes part in a customized homeownership preparation and budgeting program as they transition from renting to owning
  • Households benefit from a breadth of financial and ownership logistics support
  • Relationship continues after purchase to help weather life crises that may impact their ability to manage mortgage payments

Partners:

• Below-market transfer from Rockhurst University
• Rockhurst University volunteers
• American Institute of Architect supplied as-is drawings
• 10-year tax abatement via EDC