Lovell Home Ownership
A Market Feasibility Study commissioned by the Town of Lovell for single-family homeownership in Big Horn County identified a need for affordable single family homeownership. The Lovell Homeownership Project is a planned development of twenty affordable single family homes. The building site is on land donated by the Town of Lovell for the development of affordable homeownership housing in their community.
The project was intended to serve 100% low to moderate-income households with incomes that did not exceed 80% of the Area Median Income by family size and consist of new homes constructed on undeveloped land. Infrastructure for twenty homes is complete. The first four homes were approximately 1,066 square feet of living area, with three bedrooms and two bathrooms. The homes have attached oversized single-car garages on lots that average over 6500 square feet.
The homes were affirmatively marketed through print media, a local Real Estate broker and other appropriate groups and organizations. Families purchasing their first home completed a homebuyers’ education course and were pre-qualified. As each home was completed, pre-qualified applicants closed on a permanent mortgage and moved into a home that they were able to purchase at an affordable price with a reduced interest rate.