The Community Foundation of Western Nevada is considering building housing on 68 to 93 lots in Churchill County and will offer community conversations on the proposed project on Jan. 23 at the Fallon Convention Center.
Before planning begins, community conversations will ask interested residents, “Would you buy a house with the Community Housing Land Trust model?” Churchill County approached the Community Foundation to consider a workforce housing project in Fallon under the Community Foundation Housing Land Trust (CHLT).
Under the Community Housing Land Trust model, the CHLT will own the land given by Churchill County to provide residents making 80% (or less) of the area median income the opportunity to build equity through home ownership. For example, a family of four must have an annual income of no more than $55,750. Qualified families will pay no more than 30% of their monthly income on mortgage for the house.
Because the homeowner only then pays a small monthly land lease ($50 -$100) to the CHLT the price of the land is removed from the price of the home, which makes it more affordable. The Homeowner agrees that they will sell their home to income qualified buyers at the CHLT rate, which will be based on the area median income at the time of resale. This is how the home stays affordable forever.
Discussions will look at the benefits and drawbacks of purchasing and selling a home through the CHLT, income qualifications, the purchase process, price ranges and floor plan preferences and options. Resources will be available for people to learn more about community land trusts.
The discussion is set for three groups: Seniors (55 years and older) from 2-3 p.m.; Navy families from 5-6 p.m.; and the general population from 7-8 p.m.
Register by calling the Community Foundation of Western Nevada at 775-333-5499 by Jan. 17.
Established in 1998 as a public charity, the Community Foundation of Western Nevada has distributed more than $125 million in grants and scholarships. The Community Foundation serves as a community leader, permanent charitable resource, and a philanthropic adviser in charitable giving. The Community Housing Land Trust is an LLC under the umbrella of the Community Foundation, established in 2018 to provide affordable and workforce housing to Northern Nevada. Learn more at nevadafund.org.