Sandra Stipe's Housing Summit Presentation
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Saratoga Community Housing CLT presentation made at the Island County Housing Summit by CLT Executive Director, Sandra Stipe.
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Sandra Stipe's Housing Summit Presentation
- 1. Saratoga Community Housing encourages you to… Become a part of the Solution
- 3. The answer is: All of the above
- 4. The Problem: Skyrocketing real estate prices have created a shortage of affordable homes in Island County
- 5. A Solution: Using the traditional Community Land Trust model, Saratoga Community Housing acquires land to provide long term affordable housing for lower to moderate income Island County residents.
- 11. How do CLT homes remain affordable over time? Our current resale formula provides a fixed rate appreciation factor of: 1.5% for the first 10 years 2.0% for the next 10 years 2.5% for each year thereafter EXAMPLE: Cost to construct the house (land and house) $230,000 - Grants/subsidies (land, donated labor/materials) 130,000 Homebuyers Initial Purchase Price $100,000 Resale Price after 10 years: Purchase Price $100,000 + Appreciation based on formula 16,054 Resale Price $116,054 Resale Price after 20 years: Purchase Price $100,000 + Appreciation based on formula 41,469 Resale Price $141,469