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ROOSEVELT PLANS HOUSING PROJECT

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After successfully completing four new homes as part of the CROWN (Credit-Own) Housing Project to ease the need for quality low-income housing, the Roosevelt City Council will proceed with plans to build four more.

City leaders recently toured potential sites for construction of the three bedroom, 1,200 square feet houses. The sites are scattered throughout the city.In their current fiscal year budget elected officials included funding for the purchase of three lots for the homes. A fourth lot will be donated to the city by Snow Construction.

Roosevelt was one of the first cities across the nation to participate in the CROWN program developed by the Utah Housing Finance Agency and the federal government. The program includes deferred sale of city-owned land, federal income-tax shelters to investors and a non-traditional mortgage loan made by the state housing finance agency.

The program solves two serious problems for Roosevelt by converting abandoned, overgrown city lots into viable community assets while developing permanently affordable, quality housing for low-income residents.

The homes cost approximately $64,000 to construct. They are completely landscaped, and have a fenced yard and storage shed.

A citizen's committee selects an eligible low-income family to rent the home for 15 years at $300 a month, approximately half the market rate. Rent remains unchanged during the 15 year period. At the end of the 15 years the family can purchase the home at a substantial savings.

Property taxes, insurance and a maintenance fee are all built into the rent payments.

Because the city recoups the cost of its initial land investment at a moderate interest rate at the end of the 15-year period, there is not cost to the city.

The first CROWN home in Roosevelt was formally dedicated last October.