Justin Roche, executive director of Homes for Islanders, a nonprofit organization, announced Homes for Islanders has entered into a contract to purchase land on Malcom Street.

Once developed there will be 20 lots for very low to low income individuals and families on San Juan Island. The constructed homes will be equivalent to those currently in construction across from the elementary school just off Grover Street. Applicants who qualify for the loans will own the land without any resale restriction. House construction will begin in early 2016.

Upon successful completion of the program, monthly loan payments will be based upon the applicant’s income level and are often less than their current monthly rent. Those who qualify and are accepted into the program will pay no money down, no out of pocket closing costs and make no mortgage payments during construction.

The only costs for qualified applicants will be to pay for their credit report. Although much of the technical work is subcontracted out, the applicant saves thousands of dollars by working on the construction of the homes in their building group. To determine your eligibility call 370-5944 or visit www.homesforilslanders.org.