The Community Land Trust Association of West Marin (CLAM) announced plans to turn a recently foreclosed Inverness home into the area’s first permanently affordable purchase property.
The group finalized its purchase of a single-family dwelling in First Valley and said it will now begin raising funds for a rehabilitation.
Under a housing model CLAM is pursuing, the nonprofit would retain ownership of the land while the house would be sold to a qualifying family, who would be able to build equity.
Thanks to a condition placed on the deed, the house would remain affordable in perpetuity—and any subsidy of the original selling price would carry forward.
“This is a new idea for this community, but not a new idea across the country,” executive director Kim Thomspon said.
Since 2001, CLAM has worked to bolster local housing for middle and low-income residents through affordable rentals and the facilitation of tenants-in-common home purchases.
It currently provides rental properties to four families and five individuals in Point Reyes Station and Inverness Park.
Ms. Thompson said the selling price of the Inverness home will be determined by government requirements, the requirements of any partner organization, the needs of community members and donations.