40 lots

[Bill Carman]

We have 32 acres of land 50 miles south of Chicago, that is zoned for single family use.
Development Plans for 1/2 of it have already been drawn and approved and we can start sewer, water and streets at any time for the first 40 lots.
What can we do to make these homes available to families with lower median incomes without us losing money on the project?

[Nate-WI]

Why would you lose money? Just cause someone has bad credit? Do a rent to own. Lease option. Owner finance them yourselves taking out lenders and banks.

Nate-WI

[rmurray]

That works if he has 10 million in cash to build the project....Most devel;opers do not...

[Bill Carman]

The land cost is $500,000, and development costs are 650,000. for this first addition,[ 1/2 of the project.]
We were developing the land for 200k homes including the price of the 42K lot.
We do not know if the low income homes will support the cost of the lot.