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Council approves $2.24M property purchase to seed new land‑trust housing program
Summary
The council approved a resolution to buy a house at 1903 Banks Avenue for $2,240,000 using the affordable housing fund to launch a land‑trust program that will preserve long‑term single‑family affordability; the plan commission also advanced two $20,000 small‑business grants at the same meeting.
The plan commission recommended, and the council approved, a resolution authorizing purchase of property at 1903 Banks Avenue for $2,240,000 with funding from the city's affordable housing fund. Mayor Payne described the land‑trust concept as a means for the city to "maintain a stake in a single family home and allowing us to control its affordability," while preserving most equity for the homeowner so the house remains affordable in subsequent sales.
Payne said the land‑trust approach is intended to keep selected homes affordable over time while still allowing homeowners to "own most of the equity" and to reap modest gains when they sell. The resolution specifies that the purchase will use affordable housing fund money and that funds can be used only for the land‑trust program being created. The council approved the resolution by voice vote.
The plan commission presentation framed the purchase as the start of a broader affordable‑housing package initiated by a councilor and supported by planning staff and nonprofit partners. The council did not vote on additional policy details for the land trust at the meeting; staff and partners were identified as the next points of contact for implementation specifics.
