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New development priced for households making $75,000 or less

(AP Photo/John Bazemore, File)

TACOMA, Wash. (AP) — A Tacoma neighborhood under development aims to stay affordable by limiting buyers to households that make $75,000 or less.

The News Tribune reports co-founders Bill Rehe and Michael Pressnall are planning 50 to 70 two- and three-bedroom cottages in the residential development called The Preserve.

A 950-square-foot (88-square-meter) home will cost between $230,000 and $240,000 while a 1,250-square-foot (116-square-meter) house will be between $250,000 and $265,000.

The owner-occupied homes will have a homeowners association lease hold to lock down the purchase terms in an effort keep the homes affordable.

The developers bought land from Tacoma Public Schools, and they plan preserve 22 acres (8 hectares) of wetlands at the site.

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