DevNW, a nonprofit organization dedicated to fostering affordable housing solutions, is making significant strides in South Corvallis with the development of 11 new Community Land Trust (CLT) homes. Located behind the former New Holland Tractor site at 2625 SE 3rd St., Corvallis, Oregon 97333, this project aims to provide sustainable homeownership opportunities for moderate-income buyers.
Project Overview:
- Housing Details: The development comprises nine three-bedroom homes priced at $265,000 each and two two-bedroom homes priced at $235,000 each. These homes are designed with modern living in mind, offering a blend of style, comfort, and affordability.
- Community Land Trust Model: DevNW utilizes the CLT model, wherein the land is held in trust while the home is sold to the buyer with a 99-year lease on the land. This approach enhances affordability and ensures that the homes remain accessible to future buyers, preserving long-term affordability within the community.
- Income Eligibility: These homes are targeted at families earning at or below 80% of the area median income (AMI), providing an opportunity for moderate-income buyers, often first-time homeowners, to enter the housing market.
- Timeline: Construction began in March 2022, with the homes expected to be ready for purchase in 2024/2025.
Additional Developments:
Building upon this initiative, DevNW has secured funding for a second phase, Southtown II, which will introduce a 16-unit CLT townhome subdivision in South Corvallis. This expansion continues DevNW’s commitment to preserving affordability and addressing potential gentrification in the neighborhood.
How to Apply:
Prospective homeowners interested in these CLT homes are encouraged to connect with a homeownership counselor to develop a personalized plan. Detailed information and application procedures are available on DevNW’s official website.
Through these developments, DevNW is actively contributing to the growth of vibrant communities by empowering individuals and families with equitable access to homeownership opportunities.
Information for this article was sourced from the DevNW website and public project updates provided by the organization.