OPAL Buys Land From Lahari

OPAL Community Land Trust has purchased six buildable lots in Deer Harbor on Orcas from Lahari Hospice and Respite Care. The lots will soon be the location of six permanently affordable homes. Construction is commencing immediately.

The transaction between OPAL and Lahari was a win-win transaction for the two non-profit organizations. Lahari owned land that it had received by donation. The board of directors of Lahari offered the land for sale to OPAL at a price below full market value because they believe in the work that OPAL is doing to provide permanently affordable homeownership for islanders. At the same time, the sale of the land provided Lahari Hospice and Respite with the beginning of a much needed endowment that will maintain the organization’s operations and building.

OPAL has been able to purchase the land and proceed with construction thanks to a grant award from the Washington State Housing Trust fund and generous donations from islanders. A small gap remains in the total funds needed for the project and OPAL will continue to fundraise through the fall to secure the remaining funds.

The prospective homeowners on OPAL’s waiting list are delighted. Twelve individuals and families have pre-qualified and earned a place on the waiting list for homeownership. Six of those folks will purchase the homes in Deer Harbor. These are the first homes offered by OPAL in Deer Harbor.

OPAL Community Land Trust homeowners purchase homes on land owned by OPAL. The homeowner does not pay for the land. In exchange for the reduced price, each homeowner agrees, through a lease, to sell the house at a price determined by a resale formula. The resale formula provides some equity gain for the seller, while still keeping the home affordable for the subsequent buyer.

Comment on this story.

COMMENTING RULES: We encourage an open exchange of ideas in our online community, but we ask you to follow our guidelines for respecting community standards. In a nutshell, don't say anything you wouldn't want your mother to read.