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Chaffee Housing Trust tells Lake County commissioners its land‑trust model preserves affordable homeownership
Summary
Chaffee Housing Trust executives described a community land trust and shared-appreciation resale model to Lake County commissioners, outlined a pipeline of 30 homes and modular-manufactured replacements, and said local contributions and a $50,000 match would help secure state CHDO funding and operating stability.
Reid McCullough, executive director of Chaffee Housing Trust, and Christie Galarza, the trust—s program and operations manager, told the Lake County Board of County Commissioners that the organization holds land in perpetuity and uses a 99-year ground lease to keep homes affordable while allowing sellers to realize a limited share of market appreciation.
McCullough said the trust—s model is designed to keep local employees anchored in their communities. “Jobs need a place to sleep at night,” he said, summarizing the trust—s goal of preserving workforce housing and enabling buyers to build some equity and multigenerational wealth.
The trust described how its resale formula works: sellers receive 25% of market-based appreciation measured appraisal-to-appraisal; principal paid down through mortgage payments remains the seller—s. The land trust retains the remaining appreciation within the home so the next buyer pays an entry…
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