Affordable Homeownership Redefined!   

That's the motto of the Homeownership Center Northwest. (HCNW)

The Homeownership Center is a non-profit housing development corporation building new and refurbishing existing homes in the Tacoma, Lakewood and Parkland communities and throughout Pierce County. Its mission is to use homeownership as a tool for neighborhood revitalization, equity building and create affordable and sustainable homeownership opportunities. Since it's inception in late 1993, the Center has developed and sold over 200 homes. According to Tina La Bouvé, marketing coordinator for the Center, "this is an exceptional opportunity. A $1,000 downpayment can get buyers into a home of their own.  This is one of the best deals around for first-time buyers with modest incomes." 

HCNW is breaking ground at 9006 Washington Blvd SW, featuring distinctive townhomes offering many amenities including appliances (refrigerator, range, hood, dishwasher) and window treatments. The homes also feature a fresh "Farmhouse" style interior and exterior design with nicely landscaped front and back yards and off-street parking.

The Homeownership Center helps first time buyers obtain mortgage loans for their new homes. "We know that going to the bank for a mortgage loan can be intimidating," La Bouvé said. "That's why we stay with our buyers from start to finish. We partner with local lenders, and the City of Lakewood Community Development Department to coach buyers through the home buying process and the down payment assistance. We work through any credit issues, assist clients in providing lender documentation, and provide homebuyer education to help our clients to become well prepared borrowers and successful homeowners." 

To be eligible to participate in the program buyers must:

1. Be a first-time homebuyer or have not owned a home in the past three years.

2. Commit to residing in the home as long as they own it.

3. Have an annual household income below 80% of the county median income according to the Department of Housing and Urban Development (HUD).
The annual income limits for 2019 are as follows: 1 person = $44,950; 2 persons = $51,350; 3 persons = $57,750; 4 persons = $64,150; 5 persons = $69,300; 6 persons = $74,450; 7 persons = $79,500 and 8 persons = $84,700.

4. Attend a program orientation and a WSHFC certified homebuyer education class.

5. Be able to qualify for a conventional first mortgage loan through an HCT-approved lender and maintain eligibility until closure of the transaction.

Program highlights include:

• $1,000 Down payment.

• Paid Closing Costs (except homeowner's insurance and lender's application fee & credit report).

• Interest Free, No Payment Second Mortgages (available on an as needed basis, up to $60,000. This loan is typically repaid when home is sold; buyer obtains a cash-out refinance or if there is a change in ownership.)

• Residency requirements of a minimum of 5 years and homes cannot become rentals. Homeowners must certify residency annually.

• CAN NOT be used with other assistance programs, i.e. City of Lakewood DPA,

• Real estate agent commissions cannot be paid.

Eligible buyers are encouraged to contact Tina La Bouvé at (253) 627-6560 and to visit our website at www.hcthomes.org.  A program orientation is held on most Monday evenings at 6:00 p.m. at the Homeownership Center office located at 1424 South J Street, just a few blocks north from St. Joseph's Hospital.  The orientation lasts about two hours.  Registration is suggested for the orientation, but walk-ins are welcome.  Childcare is not available at this time.