Housing Opportunity Units

While this community will have Housing Opportunity Units, it will be a luxury, amenity-filled community that offers an active lifestyle to all who choose to join this community. Of the 350 condominium homes in this community, 105 units will be set aside as Housing Opportunity Units. The Housing Opportunity Unit homes will be sold at "state set" sales limits based on the state median income, current interest rates, the number of bedrooms, family size and household income. The remainder of the 245 homes will be sold at market rates.

All Housing Opportunity Unit homes will be sold based on either 80% or 60% of the state median income. The Housing Opportunity Unit homes will tentatively range in sales price as follows compared to a market rate unit:
                                              60% of the                   80% of the
                                         Median Income            Median Income            Market Rates
1 Bedroom home            $ 85,236                      $130,721                   $180-200,000

2 Bedroom home $107,385 $161,770 $240-280,000

3 Bedroom home $127,557 $190,446 $320-340,000

Maximum income $ 36,450 $ 67,392 >$ 67,392

The 105 Housing Opportunity Unit homes at Indian Ridge will be available to active adults with household incomes ranging from $36,450 to $67,392 which is a typical income for retirees or semi-retirees. These figures are based on the current state medium household income of $81,000; an interest rate of 6.5% and 1.5 persons per bedroom – all variables when determining Income Levels for the Housing Opportunity Unit homes.