Project 3: Homeownership Pilot Project

Sunshine - Deer Isle, Maine

On the heels of the successful completion of the Thurlow’s Way rental homes on Cemetery Road in Stonington, and in response to continued expressions of the need for affordable homeownership on the island, Island Workforce Housing (IWH) is excited to announce the launch of an Affordable Homeownership pilot project.

“The pilot will explore a practical, sustainable model for creating permanently-affordable homeownership opportunities for members of the island’s workforce. We are finalizing the details of the project, including the purchase price and buyer eligibility requirements, and should have an application package available shortly after Labor Day.” Said Sam Harrington, Chair of IWH Board of Directors.

The three-bedroom, two-bath home has recently undergone significant improvements, including energy-efficiency upgrades, a heat pump, and rooftop solar. A lottery process will make the home available to qualified applicants, with eligibility requirements based on household income and assets, local residency or employment, and mortgage pre-approval.

“Thanks to the generosity of our supportive donors, it will be offered at a below-market rate to be affordable to moderate-income households,” said treasurer Peter Roth. “To preserve affordability for future households, IWH is developing an affordability covenant that will establish eligibility, a resale pricing formula, and other requirements to ensure that the home remains affordable to local workers over the long term.”

This initial offering will provide an opportunity for IWH to evaluate the potential for a broader, multi-year, multi-site effort. IWH is grateful for the technical guidance provided by Island Housing Trust and North Haven Sustainable Housing, as well as the continued support of its donors and community partners.

This page will be updated as additional information becomes available.