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Thistle & Nest requests $750,000 to expand homeownership resales at Woodhaven Estates
Summary
Thistle & Nest asked for $750,000 to support construction and down‑payment assistance that would enable more resale home purchases at Woodhaven Estates, highlighting a waiting list of 91 qualified households and the land‑trust model they use.
Thistle & Nest representatives presented their request for $750,000 to expand resales and down‑payment assistance at Woodhaven Estates. The presenters described a portfolio operating with a community land trust model and said the funds would be used to lower effective prices for buyers, enabling the nonprofit to reach single‑person households and very low AMI outliers who otherwise could not buy.
The presenters said Woodhaven currently has 38 homes with a waitlist of 91 loan‑qualified households; 49 of the prospective buyers make less than 60% AMI. They described resale experiences that included veteran households and one buyer previously experiencing homelessness who successfully purchased through stacked assistance. “We asked for 750,000 but we can take less. It just impacts the number of households we can serve,” a presenter said.
Committee members asked about contingency and margin assumptions, construction delivery models and loan terms; Thistle & Nest said their model makes use of deferred developer and GC fees and that they operate with a lean margin and 5% contingency.
The committee did not take funding action; staff will include the application in July’s deliberations and asked applicants to provide pro forma detail where requested.
