| Our
first development is the Kali Subdivision in Santa Rosa, CA. The
homes were built by HLTSC’s partners: Habitat for Humanity
of Sonoma County and The Housing Company. Of the ten homes, Habitat
for Humanity is the builder of six homes, and The Housing Company
is the builder of four homes that house people who currently work
in the community but cannot afford to own a home in the same community.
The land is held permanently by the land trust so that it will always
benefit the community.
HLTSC will continue working with a
range of partners both for profit and non profit, to create for
sale housing for people earning 25% to 120% of Sonoma County’s
Area Median Income. It is our goal to provide much needed community
housing and to ensure homes remain affordable in perpetuity.
When homes are resold,
the lease ensures that the new owners will also be residents - not
absentee owners.
Upon resale,
the home price will be determined by what the family can afford,
regardless of the housing market. The home made affordable to a
family in 2003 will be affordable to a family in 2013 as the increase
in home price will be based on the percentage increase in the median
household income, as determined by the Department of Housing and
Urban Development (HUD) or Standard Metropolitan Statistical Area.
Such increase will be measured by comparing the median income on
the date of the sale to the first owner family to the median household
income on the date of the resale to the subsequent owner family
of equivalent area median income level. The price of the home is
as affordable to the subsequent owners for decades as it is to the
first owner in the same income level. This aspect is unique to the
Land Trust model and what sets it aside from other models that start
off by offering affordable housing but are unable to continue to
do so after the first sale; tying future resale prices to the percentage
increase in the median area income over time has a great impact
every time the home is sold, it ensures the home remains affordable
in perpetuity.
|