(Spirit Lake)– A major milestone for the Lakes Community Land Trust.
Jim Golden, the organization’s Executive Director, tells KUOO news the trust’s first home was sold to a Spirit Lake family of four that had spent the past eight years renting apartments.
Golden says it’s an exciting time for both the homebuyer and the land trust. He says it goes a long way in demonstrating the benefits of the land trust concept to local residents and communities.
The project was made possible with funding from the city of Spirit Lake, Dickinson county, the Iowa Housing Trust Fund and private donors.
To be eligible to purchase a land trust home, buyers must have incomes at or below 80 percent of the median area income. The Land Trust owns the land on which the home is located and gives a 99-year non-revocable lease to the home buyer.
The Land Trust also adds subsidies for necessary repair work and shares that cost with the homebuyer. The homebuyer obtains a normal 30 year mortgage and pays a $25 monthly ground lease fee to the trust.
Golden says the Land Trust currently has one other house available for sale in Spirit Lake and plans to build two more in Spirit Lake in the future. In addition, the organization is looking for opportunities in other communities in Dickinson county.
Those wanting more information can contact the Lakes Community Land Trust at 336-1068.
The Lakes Area Land Trust also operates a store in Spirit Lake that sells reused building materials. Proceeds from the store go to help support the trust.
