I am pleased to see the coverage in The Record-Courier, the Nevada Appeal and the Douglas Times promoting affordable and workforce housing. The Sierra Nevada Community Land Trust, a non-profit corporation, supports the county's efforts to address the need for workforce housing. We, however, would like to see consideration given to the community land trust model that allows for permanently affordable homes.
How does a community land trust work?
In short, the trust is currently working with private funding sources as well as government agencies to subsidize the cost of a home to a low to moderate income buyer who earn less than 80 percent of the median household income for our area (currently $57,750 for a family of four in Douglas County). The subsidy will remove all or most of the cost of the land from the purchase price of the home. Provisions have been made with local financial institutions for financing the home and the owner would receive a 99-year lease for the land from SNCLT. At the time they choose to sell their home, either the homeowner or SNCLT will offer it to another qualified buyer. The original owner will receive a predetermined share of the appreciation and SNCLT will retain the remaining equity.
This remainder will be used to further subsidize the home and keep it, once again, affordable for the next buyer.
This model isn't dependent on rapid growth or new home construction although it does work well if a developer wishes to donate a portion of his lots to the land trust to fulfill requirements placed on him by the county for workforce housing.
We can then build a home on the site similar to the other homes in the subdivision at a reduced cost to the buyer.
This will avoid the need to establish pockets of "low cost homes" in our community. SNCLT, with the aid of private contributors and support from government agencies such as the Western Nevada Home Consortium, Rural Community Assistance Corporation, USDA and Nevada Rural Housing Authority can purchase existing homes in our community, refurbish them and sell them to a qualified buyer.
The community land trust model helps low to moderate income people own a home in the community where they work.
They can establish roots and will have the ability to become involved in the community. By living closer to their place of employment, parents can more readily fulfill the supervisory, educational and spiritual needs of their children.
We urge our county officials and residents to support our community land trust. For those of you interested in learning more about Sierra Nevada Community Land Trust please visit our Web site at: www.snclt.org. There you can also find the eligibility requirements and an application for those who may be interested in owning their own home.
There will be a workforce housing buyer's seminar at 7 p.m. Nov. 11 at the CVIC Hall in Minden. Please check our Web site or call 783-6255 for information.
n Gary Williams is the president of the board of directors of the Sierra Nevada Community Land Trust and a Minden resident.
