NNDF To Tackle Area Housing Shortage

NNDF TO ADDRESS REGIONAL HOUSING INVENTORY SHORTAGE
EARMARKS $1 MILLION IN SEED MONEY

The NNDF infuse the region with new capital for the purpose of adding at least 10 median priced homes in the Nespelem-Coulee Dam and Colville Reservation markets. For local contractors or
do-it-yourselfers NNDF will make available a Construction/Rehab
Loans. :

  • 6 months before first payment is due
  • 15 yr amortization w/2yr pay off
  • Flexibility on collateral

This tool will allow a person to obtain and rehab an existing property using the old property as security. It also allows the borrower to address the cashflow problem by providing the needed capital before the project is finished and goes on the market. Of course, all is dependent upon factors such as borrower credit.

The NNDF hopes that by empowering the entrepreneurial hands individuals we will see an uptick in the number of units available in
the local housing inventory.

Link to full Press Release

Two Pronged Attack-

We will not stop there,” says Ted Piccolo NNDF executive director, “we are also going to start building affordable NEW homes for people.”

A second prong of attack is that the NNDF will begin constructing new homes directed at the first-time entry-level home buyer. Many of these properties will be located on the Colville Indian Reservation with some emphasis toward solar power technology in order to offset the extraordinarily high-power prices in
that region.


Study showed need

A recent study by the Planning department with the Colville Confederated Tribes showed that the majority of the population earned between $25k and $75k with the largest group in that majority earning $35-$49.

Meanwhile a huge portion of that population is paying $1,000 per month in rent.

The cost of power on the Reservation is also a significant factor in that on the Reservation electricity costs .70 per KWH while just
across the Reservation boundary power rates are .044 per KWH.

This makes owning that first home much harder on the Reservation than off.

The NNDF is not going to sit back and watch anymore.

Be sure to follow along our journey and like us on Facebook: www.facebook.com/TheNNDF

Tel: (509) 633-9940
www.thenndf.org
Email: tedp@thenndf.org
The NNDF

The NNDF