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Nonprofit battles home affordability on Coast

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High Five
Tuesday, September 28, 2010

The Lincoln Community Land Trust is offering its first house on the Oregon Coast, a small step to combat the lack of affordable housing.

"In 20 years, home prices have doubled, but wages were up only 26 percent," Hall said. "The land trust is needed. There are so many people who want to live here. There is more demand for housing, even in this market, than good affordable housing available."

The Lincoln Community Land Trust formed about two years ago. Using money from Federal Neighborhood Stabilization Program, the nonprofit bought a house in foreclosure for $175,000, then invested an additional $67,000 in improvements. When it goes on the market, it will be with a listing price of about $140,000.  The house was appraised at $204,500 before improvements.

Read more at OregonLive.com.

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