Columbia Community Leaders Discuss Affordable Housing

3 years 3 months 3 weeks ago December 05, 2013 Dec 5, 2013 Thursday, December 05 2013 Thursday, December 05, 2013 11:46:00 AM CST in News
By: Eric Stoyanov, KOMU 8 Reporter
loading

COLUMBIA - Columbia community leaders met Thursday morning with an official from Lawrence, Kansas Community Housing Trust (LCHT) to discuss the possibility of forming a community housing trust in Columbia.

Rebecca Buford, executive director of LCHT, discussed the trust's work to produce and sustain affordable housing in Lawrence to provide community leaders with a model for Columbia.

According to the executive summary for Affordable Housing Trust Programs, "A community housing trust is a private non-profit community organization that safeguards land in order to provide affordable housing opportunities. CHTs buy and hold land permanently; preventing market factors from causing prices to rise."

LCHT's program features a workshop for first time home-buyers and pre-qualification before going to a lender. In order to get a loan, the home-buyer must receive pre-approval from a participating lender, which requires stable income and payment history. A third feature is the home must remain owner occupied, and the resale formula for the house is based on initial buyer's sale price plus 25 percent of the market appreciation of the home while they lived here. The final feature of the trust program is owners pay a $25 lease fee per month and a $25 maintenance fee that can be used as an emergency maintenance fund.

Buford said the trust generally serves professionals with college degrees who don't have enough money for a home right away. She also said the foreclosure rate is 0.04 percent compared to four percent nationally.

In Buford's presentation she states, "The average sales price to the buyer of these 68 examples is $99,789 in a market where the average price of a home is $181,900."

Phil Steinhaus, the chief executive officer for Columbia Housing Authority, said he thinks the model is realistic for Columbia.

"I think there are a lot of similarities between Columbia and Lawrence. So some of the same factors that affect housing costs here in Columbia are the same things that happen in Lawrence," Steinhaus said. "The housing trust model allows the land to stay in trust and then the housing to be sold to income-eligible families who can resell the house later but without taking an increase in the equity out of the house so that it remains in the trust and it can be sold at an affordable price to another eligible family later."

Steinhaus said the biggest challenges are financing the provided subsidies and how to form a trust and manage the trust over time, but he believes the model is good for Columbia.

"I think their model works very well for Columbia. It does help preserve affordable housing for working families in our community and it ensures that housing will be well-maintained, will be owner-occupied, and will remain affordable for a long period of time," Steinhaus said.

Steinhaus said Thursday's meeting was just an informational meeting for community leaders so they can understand how the process works in Lawrence.

 

More News

Grid
List
COLUMBIA - The Family Access Center for Excellence, or FACE , is working to help more families in Boone County... More >>
4 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 9:55:00 PM CDT in News
COLUMBIA - The U.S. House voted to repeal a set of Obama-era consumer protection rules Tuesday. The move lets Internet... More >>
5 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 9:18:00 PM CDT in News
JEFFERSON CITY (AP) — Members of Missouri's House Budget Committee want to make records of elected officials' flights on the... More >>
5 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 8:52:00 PM CDT in News
JEFFERSON CITY - A bill looking to remove construction worker payment restrictions on contractors is moving along in the capitol... More >>
7 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 7:09:00 PM CDT in News
COLUMBIA - Crews responded to a vehicle fire on northbound Highway 63 in Columbia around 6:30 Tuesday evening, just south... More >>
7 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 7:09:00 PM CDT in News
KANSAS CITY (AP) — Federal prosecutors allege that two Kansas City men killed a man after kidnapping him and attempting... More >>
7 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 6:49:00 PM CDT in News
JEFFERSON CITY (AP) — A Missouri appeals court panel said utility regulators had no authority to grant conditional approval for... More >>
8 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 6:08:00 PM CDT in News
BUNCETON - A water leak that occurred around 5 p.m. on Tuesday forced the city to turn off the water... More >>
8 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 5:49:00 PM CDT in News
JEFFERSON CITY (AP) — A Missouri woman who used her neighbor's home to receive a fraudulent loan was convicted of... More >>
10 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 3:44:00 PM CDT in News
JEFFERSON CITY (AP) — The Missouri House gave initial approval to a bill that would overturn a St. Louis ordinance... More >>
10 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 3:33:00 PM CDT in News
JEFFERSON CITY – On April 4, Cole County voters will see two propositions on the ballot designed to improve Jefferson... More >>
10 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 3:28:00 PM CDT in News
COLUMBIA – The U.S. Fish and Wildlife Service placed native bumblebees on the endangered species list at the start of... More >>
11 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 3:06:00 PM CDT in News
ST. LOUIS (AP) — Police said an investigation found that a man apparently fatally shot the mother of his children... More >>
12 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 2:20:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri Gov. Eric Greitens says people should have the option of getting IDs that allow them... More >>
12 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 1:49:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri's Republican-led House has endorsed a bill to repeal the state's "prevailing wage" requirements for public... More >>
12 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 1:45:00 PM CDT in Continuous News
JEFFERSON CITY (AP) — Gov. Eric Greitens said he's still against expanding eligibility for Medicaid in Missouri following failed efforts... More >>
13 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 1:17:00 PM CDT in News
JEFFERSON CITY (AP) — A new Missouri law will change the standard for vetting expert witnesses in jury trials. ... More >>
13 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 1:06:00 PM CDT in News
JEFFERSON CITY - As Missouri legislators debate the merits of a state prescription drug monitoring program, five of the nation's... More >>
13 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 12:53:00 PM CDT in News
Columbia, MO
Broken Clouds 52°
3am 53°
4am 52°
5am 52°
6am 49°

Select a station to view its upcoming schedule:

Coming Up Next

2:07a
Today
3:00a
Mad Money
4:00a
Early Today
2:00a
Paid Program
2:30a
Paid Program
3:00a
Paid Program

Tonight's Schedule

7:00p
Blindspot
8:00p
Law & Order: Special Victims Unit
9:00p
Chicago P.D.
7:00p
Arrow
8:00p
The 100
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld