Columbia Community Leaders Discuss Affordable Housing

3 years 1 month 2 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
Embed Code Copied

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
KANSAS CITY, Mo. (AP) — Authorities said officers shot and killed one man and wounded another after a police chase... More >>
26 minutes ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 2:55:48 PM CST in News
COLUMBIA - Columbia Parks and Recreation wants public input on restoration of t he MKT Trail area closed due to... More >>
1 hour ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 2:18:00 PM CST in News
KANSAS CITY, Mo. (AP) - A federal judge has ruled that a Missouri steel-erection company's workplace safety violations caused the... More >>
1 hour ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 1:54:00 PM CST in News
JEFFERSON CITY (AP) — School administrations would be restricted from censoring student journalists under a bill discussed in a Missouri... More >>
1 hour ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 1:51:00 PM CST in News
JEFFERSON CITY - A Senate committee will consider legislation Wednesday to create a prescription drug monitoring program, which would reduce... More >>
1 hour ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 1:45:00 PM CST in Top Stories
PLATTE CITY (AP) — A medical examiner has ruled that the death of a Missouri woman inside a law enforcement... More >>
3 hours ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 11:57:00 AM CST in News
ST. LOUIS (AP) — A federal judge has ruled that Ameren Missouri's coal-fired power plant near St. Louis violates the... More >>
4 hours ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 11:14:00 AM CST in News
JEFFERSON CITY (AP) — Missouri Chief Justice Patricia Breckenridge is calling for a review of the way courts hold people... More >>
4 hours ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 11:10:00 AM CST in News
JEFFERSON CITY - Rep. Mike Moon, R-Ash Grove, proposed legislation Tuesday that would completely ban abortions in Missouri. According... More >>
4 hours ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 11:02:00 AM CST in News
ST. LOUIS (AP) — A court testimony reveals that a drug debt to a St. Louis entrepreneur and his associates... More >>
5 hours ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 10:21:00 AM CST in News
CLAYTON (AP) — A St. Louis County man who hit himself in the head with frying pans has died after... More >>
5 hours ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 9:45:00 AM CST in News
KANSAS CITY (AP) — Authorities say officers shot and killed one man and wounded another after a police chase in... More >>
6 hours ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 9:22:00 AM CST in News
ST. LOUIS (AP) — All seven members of a St. Louis family are hospitalized in critical condition after a house... More >>
6 hours ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 9:20:00 AM CST in News
KANSAS CITY (AP) — Relatives searching for a missing woman have found the decomposed body of man in a Kansas... More >>
6 hours ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 9:19:00 AM CST in News
KANSAS CITY (AP) — Authorities say a 24-year-old Kansas City man has pleaded guilty in the shooting death of his... More >>
6 hours ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 9:16:00 AM CST in News
CLAYTON (AP) — A man has been sentenced to five years of probation for his drunken role in a suburban... More >>
6 hours ago January 24, 2017 Jan 24, 2017 Tuesday, January 24 2017 Tuesday, January 24, 2017 9:12:00 AM CST in News
COLUMBIA - The Columbia Police Department said it arrested two armed robbery suspects Monday. Detectives said they arrested 26-year-old... More >>
16 hours ago January 23, 2017 Jan 23, 2017 Monday, January 23 2017 Monday, January 23, 2017 10:40:00 PM CST in News
COLUMBIA - The Columbia Police Department has made an arrest in connection to a shooting in north Columbia Monday evening,... More >>
18 hours ago January 23, 2017 Jan 23, 2017 Monday, January 23 2017 Monday, January 23, 2017 8:47:00 PM CST in News
Columbia, MO
Broken Clouds 50°
4pm 49°
5pm 49°
6pm 48°
7pm 47°

Select a station to view its upcoming schedule:

Coming Up Next

3:00p
Dr. Phil
4:00p
Jeopardy!
4:30p
Jeopardy!
3:00p
The Robert Irvine Show
4:00p
Cops Reloaded
4:30p
The Cleveland Show

Tonight's Schedule

7:00p
The Wall
8:00p
This Is Us
9:00p
Chicago Fire
7:00p
The Flash
8:00p
DC's Legends of Tomorrow
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld