JInrthtnb (Observer
Page A8
April 5. 2006
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Pay for the House but Not the Land
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Two north Portland homes bought through Portland Community Land Trust's buyer initiated programs. The Land Trust offers affordable housing by removing land costs from the housing equation.
‘Smart Growth' connects
families with homes
Many people dream of owning their own
home, but think it is out of reach in today’s
booming housing market.
Portland Community Land Trust is a non­
profit com m unity organization that puts
homeownership within reach by providing fi­
nancial assistance and removing the cost of
land from the housing equation.
PCLT is able to sell homes at 30 to 50
percent below market prices. In exchange for
buying a home at a price they can afford, land
trust homeowners pass the good deal to future
buyers through a shared appreciation agree­
ment. Families build assets while creating a
portfolio of homes that will be affordable into
the future.
A new opportunity called the Community
Land Trust Smart Growth program provides
grants of up to $60,000 to assist income quali­
fied buyers in purchasing homes in north and
northeast Portland near transit corridors, and
in Lents where light rail is planned for 2007.
The CLT Smart Growth program addresses
the need to keep homes affordable in neigh­
borhoods where public improvements and
neighborhood reinvestment are leading to a
sharp rise in home prices, and longtime resi­
dents are being priced out.
The program is a buyer-initiated program;
buyers are able to search the market for
homes that meet their fam ilies’ needs. At
closing, the buyer purchases the home, while
the land trust gran, purchases the land be­
neath the home and provides funding for
renovations. The grant includes up to $ 10,000
for home repairs, for first-time homebuyers
below 80 percent of the area median income.
Eligible buyers must be able to borrow be­
tween $ 100,000 and $ 150,000 with a partici­
pating lender in order to make the program
work.
The land trust offers free one-hour class
for those interested in learning more. To
RSVP or get more information, contact Kelly
at 503-493-0293, email kelly@ pclt.org, or
visit www.pclt.org.
Want your own room in your own home?
We sell donated new & used building materials
to help build more homes tor Habitat.
You c a n h e lp b y
• donating materials
• volunteering in the store
• purchasing from our store
66 SE Morrison • 503.283.6247
(under the Morrison Bridge)
H A B IT A T
ReStore
if f Habitat for Humanity
P orli*«)'Vaniouvfr Arc* Affiliates
w w w .p d xre sto re .o rg
If you've been caught in traffic on
1-5 near the Columbia River,
You're an expert.Talk with us.
We are working to relieve traffic congestion and improve safety in a
five-mile stretch of 1-5 that includes the Interstate Bridge. We need your
feedback on ideas being considered and which ones to move forward.
Come talk with us about driving, riding transit, walking, or biking between
Vancouver and Portland.
Bring the kids for a bridge-building activity and local storyteller Ed
Edmo. Drop by anytime between 4:30 and 7:30 p.m. to tour exhibits
and talk with Columbia River Crossing team members. Storytelling at
4:45 and 6 p.m. Project presentations at 5:30 and 6:30 p.m.
We look forward to seeing you.
ership, while
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Vancouver
Portland
D a te : Wednesday, April 12,2006
D a te : Thursday, April 13,2006
T im e : 4:30 - 7:30 p.m.
T im e : 4 3 0 -7 :3 0 p.m.
P la c e : Hudson's Bay High School
P la c e :
1206 E. Reserve Street
909 N. Hayden Island Drive
Red Lion Inn - Jantzen Beach
JumpStart is a tool to help first-time homebuyers increase
their buying power by temporarily lowering the payment on
their first mortgage. This enables you to purchase and renovate
a home today, that you might otherwise have to delay.
Columbia River
Call S03-823-3400 or e-mail nhp@pdc.us.
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Meeting facilities are wheelchair accessible. Russian, Spanish and Vietnamese
translators will be on hand. Individuals requiring reasonable accommodations
may request written material in alternative formats or sign language interpreters
by calling the project office at 866-396-2726 or by calling Washington State's TTY
telephone number, 800-833-6388.