The Low Income Housing Institute recently broke ground on a new affordable townhouse condominium development called Copper Lantern Homes located in Kenmore at 7026 N.E. 182nd Street.
The development will contain 33 two-, three- and four-bedroom homes and is aimed towards first-time homebuyers earning up to 80% of the county’s median income. Prices are expected to range from $161,920 to $240,000, and the completion date is slated for early 2009.
Sources: Kenmore Blog & DJC
June 26th, 2008 at 10:50 am
I AM INTERESTED CAN I GET ON A WAITING LIST??
June 30th, 2008 at 3:43 pm
Hi Lydia,
I’d suggest contacting LIHI for more info — click for website and contact info
October 24th, 2008 at 3:33 pm
Go to the Copper Lantern Homes website:
http://www.copperlanternhomes.com and register online.
July 23rd, 2009 at 10:15 am
Zero down is tempting, but look at the paperwork for what’s required to buy in and, more importantly if you want to sell, the hoops you’d have to jump through to sell!!!
For the cost per square foot, you can get a better deal just down the road at two or three other condos in the area!
November 8th, 2009 at 4:46 pm
To address “Mamasauras” comment:
LIHI, all of the supporting local cities and affordable housing advocates, want to keep Copper Lantern Homes an affordable housing community. This is why LIHI and our supporters are desiring to keep Copper Lantern’s affordability within the average person’s income, without the homeowner making major compromises based on their income.
The Affordability Covenant gives qualified homebuyers the ability to purchase a home at a below-market sales price and may receive a fair return on their investment. When a home is resold at Copper Lantern, the maximum resale price is calculated using a resale formula. The maximum resale price can give the owner a fair return on equity from the sale of the home, while also allowing another qualified homebuyer to purchase the home at an affordable sales price.
Please feel free to contact me. I’m the Community Sales Manager of Copper Lantern Homes.
March 15th, 2010 at 3:47 pm
We recently raised the income guidelines to 100% of King County’s Area Median Income (AMI). By doing so, we received 3 offers last week. 1 is set to close on March 22nd and 2 will close in April.
We have the sales summary on our website.
We’re moving to sell the 1 and 2 bedroom homes in April.
The community of Copper Lantern Homes remains to be 10 to 15% less than all comparable new construction in a 10 mile square radius. Yes, you may find cheaper condos down the street but those are conversions. Our homes are brand new construction built with “NW building materials” e.g. cement plank siding, Trex(R) decks, green carpets and appliances.
Here are the new guidelines:
1-person: $59,000
2 people: $67,400
3 people: $75,850
4 people: $84,300
5 people: $91,000
6 people: $97,800