Community Land Trust Seeking Applications To Own Affordable Home
Submitted by admin on Mon, 09/26/2011 - 4:35pm
The Carson City Board of Supervisors recently awarded a residential lot in Carson City to the Sierra Nevada Community Land Trust (SNCLT).
This property is adjacent to Mills Park and will be the site of a brand new affordable home for one lucky eligible family. In order to make this possible, the SNCLT uses grants and donations, combined with $100,000 in HOME funds from The Western Nevada Home Consortium, to subsidize homes for those households making between $30,000 and $60,000 per year. Monthly payments will be approximately $728 (Principal, Interest, Taxes and Insurance) for a three bedroom, two bath, two car garage home. All interested families are encouraged to apply for this opportunity to own an affordable home.
“We are very excited about the land award and give heartfelt thanks to Carson City for this opportunity. It continues our commitment to give back to our community by making workforce housing affordable for those who work and serve in our community,” said Gary Williams, the President of the Land Trust. “We are looking forward to working with all those individuals in our community who need assistance in realizing homeownership.”
Sierra Nevada Community Land Trust is a nonprofit organization that seeks to provide permanent, long-term affordable housing for low-to-moderate income employed persons. Through the use of a 99-year renewable ground lease, the homebuyer purchases only the home and SNCLT maintains ownership of the land in perpetuity. When homebuyers sell their homes, they do so under the Ground Lease clause that requires them to sell only to other incomequalified individuals and with a limit on the appreciated value of the home. CLTs are designed to balance the interests of individuals and the interests of the community at large. Individuals want security, equity and a lasting legacy for their heirs. The community at large benefits from the stability brought about by owner occupied homes.
“The community land trust model will enable a home buyer the opportunity to purchase a house at a price 20-30% less than the current market value, by subsidizing the purchase price in order for the applicant to qualify for a mortgage. In return for the subsidy, the Land Trust will retain ownership of the land and, with the provisions of the resale agreement, will keep the home affordable for future qualified buyers,” commented Anje de Knijf, the Executive Director of the SNCLT.
To find out more about the Sierra Nevada Community Land Trust and to apply for a subsidized home, please visit www.SNCLT.org or contact Anje de Knijf, Executive Director, at 775-721-5229.
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