Project

Green Homes for Sale

Novato, 2011

SALT/NFH acquired their first bank-owned (REO) property in January 2011. This is the first of 20+ homes SALT will acquire, rehab using energy efficient upgrades and re-sell to an income qualified working family.

SALT and Northbay Family Homes have announced the purchase of their first REO Home For the Workforce in Novato. Under this Program, NFH will purchase and renovate 20 bank-owned properties (REOs) in Marin and will extend the reach of the program into Sonoma County. The aim is to acquired distressed properties and then return them, fully upgraded, to qualified working families. With grant funding from the Marin Community Foundation, the San Francisco Foundation and the Federal Home Loan Bank, NFH will serve families that might not otherwise afford homeownership.

SALT/NFH acknowledges the support of the Wells Fargo for the EQ2 loan made available to it for acquisition of the REO homes. The EQ2 Loan is a low cost 5 year revolving loan which SALT expects to use and repay to WF upon completion of the 20 units in Marin.