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Webster Groves land trust lists first home to preserve affordable ownership
Summary
The Webster Groves Community Land Trust announced its first house for resale under a ground-lease model to keep homes affordable, saying the local median price is about $475,000 and that the trust plans to acquire about two homes per year.
The Webster Groves Community Land Trust announced it will list its first resale-restricted home in early summer as part of a plan to keep ownership affordable in a market with a median price around $475,000. Board member Kathleen Bivvens told the Business District Commission the trust buys properties, retains ownership of the land and sells the house to the homeowner under a long-term ground lease to lower the purchase price.
Bivvens, who identified herself as a land trust board member and a 27-year Webster Groves resident, said the trust’s model preserves affordability by keeping the land in trust while allowing homeowners to…
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