An initiative is being launched in central Iowa to bring down the cost of home ownership by creating a community land trust with the help of the nonprofit group HOME Inc.
The trust will build and acquire homes in the Des Moines area which low-income families will buy, though the trust will still own the land.
HOME Inc executive director Carrie Woerdeman says the trust can help buyers pay less for homes, and in exchange, they’ll be required to keep the price low when they eventually sell.
Woerdeman says, “You’re purchasing the home at a severely, significantly discounted price that is affordable to you, in exchange, you agree in a shared equity model.”
Polk County, Des Moines and West Des Moines are putting in $125,000 to start the trust. Polk County Board of Supervisors chair Matt McCoy says the trust can explore affordable housing solutions that the county can’t on its own.
“That excites me because so much of what we do is so constrained and regulated,” McCoy says, “and this would be a different method of delivering those services in an unregulated environment.”
The trust will take care of any critical maintenance needs, while helping homeowners plan their finances before and after they buy a home.
Once fully up and running, the project will be Iowa’s only active community land trust.
