OPAL’s three-year initiative to sustain the vitality of our Orcas community:
increase the number of affordable rentals
expand the availability of mortgage financing
broaden OPAL’s ability to help islanders keep a roof over their heads
Comprométase ahora: descargue el formulario en PDF
The island’s acute need for affordable housing is putting our economic viability at risk.
The lack of affordable housing on Orcas – especially rental housing – is directly affecting our local economy. Businesses can’t find staff to fill jobs because prospective employees can’t find places to live.
A survey of employers listed lack of housing as a primary barrier to hiring sufficient employees.* And the problem extends beyond our shops and restaurants. The school district, OPALCO and others need stable, affordable housing to recruit and retain qualified staff.
OPAL is proposing to help meet this need by building the first major rental development on Orcas in nearly 30 years.
Another critical piece to the housing puzzle is lack of financing. Bank rules for mortgage loans have tightened so that many previously creditworthy islanders can no longer qualify. One answer is to turn to private individuals for loans. It’s a model that OPAL is pursuing and shows great promise.
* J Robertson and Company, Olympia, WA, 2016
With your support:
45 new affordable rentals on North Beach Road
In 2015 OPAL identified 3.8 acres of suitable land north of town (on North Beach Road, across from Children’s House). After two years of community meetings, planning, designing, and fundraising, OPAL purchased the property in August 2017 with funds donated by supporters and a loan from the Washington State Housing Finance Commission.
When the remaining funding is in place and construction is complete, tenants will be people who likely fit one of the following descriptions:
- Individuos que ganan salarios por hora entre $8 y $30;
- Single parents or two-parent families with children and annual incomes between $18,000 and $48,000;
- Personas mayores o discapacitadas que necesitan una vivienda accesible;
- Individuos o familias que anteriormente no tenían hogar y pueden tener éxito como inquilinos, tal vez con algún apoyo de administración de casos.
Island Loan Fund to make financing more affordable
Over the past three years, OPAL completed the due diligence needed for creating a community-based nonprofit loan fund, and is ready to launch the fund in 2018. The fund will pool investment dollars from local residents and make loans to creditworthy islanders who are not being served by local banks. These loans may serve both OPAL and non-OPAL borrowers. (Islanders Bank and Washington Federal both support this initiative and have invested time and research dollars.)
To launch the fund, OPAL needs to cover start-up costs. The loan fund will be regulated by government agencies, so OPAL must set up policies, procedures and loan origination software to comply with laws on consumer lending and securities. OPAL will also work with legal counsel to issue the private offering. The plan for the pilot phase is to seek up to $1 million from individuals wishing to make a local investment, and then to loan that money out to borrowers who will use it to purchase a home.
Ongoing stewardship of the island’s permanently affordable homes
This three-year initiative includes day-to-day operations and ongoing stewardship of the 132 houses and apartments already in OPAL’s care. Cost: $150,000 a year while the rental project is being completed.
Lo que su apoyo a OPAL hace por la comunidad de Orcas:
Fomentas familias estables.
Con viviendas estables y asequibles, las familias prosperan. Las personas se vuelven más productivas, menos estresadas, más comprometidas en su vida laboral, comunitaria y familiar.
Apoyas a los negocios locales.
La vivienda asequible significa que los empleados tienen lugares para vivir y las empresas pueden contratar personal calificado. El trabajo de la isla se hace. Los cheques de pago se gastan localmente. Se pagan impuestos. Los negocios crecen. Además, OPAL gasta los dólares del proyecto a nivel local, lo que refuerza la economía de la isla.
Mejoras la calidad de vida.
La vivienda asequible ayuda a preservar la diversidad económica y demográfica y el carácter vibrante de Orcas, con jóvenes y viejos, jubilados y trabajadores, una variedad de ingresos y habilidades.
Creas valor que perdura.
Debido a que las casas y apartamentos OPAL siguen siendo permanentemente asequibles, el beneficio de su inversión en viviendas asequibles nunca se pierde, y el valor de los subsidios de los contribuyentes a través de subvenciones federales y estatales nunca se pierde. Su dinero beneficia a las generaciones venideras.
Comprométase ahora
Por favor descargar el formulario de compromiso en formato PDF y regrese a la oficina de OPAL. Nosotros, junto con toda la comunidad de Orcas, apreciamos su generosidad.
Find out more about our “Let’s do This!” initiative: download brochure and inserts.
Ahorrar
Español de México 
English