Making Homeownership More Possible
“This opportunity allows me to have affordable monthly expenses and security, to stay in our community.” – One House at a Time Homeowner
About
One House at a Time makes it possible for local workers to own a home. The project buys a house and makes any necessary repairs and improvements before reselling the house with a down payment grant to qualified households. The project is currently paused until market conditions change. In the meantime, we are supporting the Local Deeds program to help local workers own a home.
September 2024 Update
In August One House at a Time sold its fourth home! Two local workers and their daughter now have a home, which has a Local Deeds restriction agreement so local workers will always live there.
Looking ahead, One House at a Time will settle all debts and pause the program until market forces are more hospitable.
The Challenge
Housing costs are high in Woodstock. People—from teachers, to bartenders to police officers—are leaving the area and taking jobs in locations where they can live within their means. This affects everyone as local businesses and organizations are unable to find employees locally or attract employees from outside the area who can find a place to live.
Many factors influence the rising price of homes in Woodstock, but all have the same effect—they make it just about impossible for anyone earning a typical local salary to purchase a home or, increasingly, to rent a home. A major hurdle for people looking to buy their first home involves accumulating sufficient funds for the down payment, for legal and closing costs, and for necessary repairs since many homes in the area are old and in poor repair. While accumulating all these funds may be out of a potential buyer’s reach, that same buyer may be able to afford a reasonable monthly mortgage payment.
The Solution
The One House at a Time project buys a house, makes any necessary repairs and energy efficiency improvements, and resells the house with a down payment grant to qualified households. This project is a one-at-a-time type of solution. It is not intended to be the only solution to Woodstock's housing needs, but to be one of many options for more affordable housing.
The approach makes home ownership more possible for local workers by reducing the mortgage amount and the likelihood of non-routine maintenance in the first few years. In exchange, homebuyers agree to put a Local Deeds restriction on their property to ensure a local worker always lives in the home.
The Impact
Since 2019, One House at a Time has purchased, refurbished and sold two single family homesand a two-unit duplex. The project has created four homes for nine people to become part of the community. You can read more about the program here.
Project Plans and Support
The project is currently paused until market conditions change. In the meantime, we are supporting the Local Deeds program to help local workers own a home.
Project Team Members
- Jill Davies
- Greg Olmstead