Columbia purchases two plots of land for 12 units of affordable housing

2 years 3 weeks 6 days ago Wednesday, May 09 2018 May 9, 2018 Wednesday, May 09, 2018 2:51:00 PM CDT May 09, 2018 in News
By: Wesley Weglarek, KOMU 8 Reporter
loading

COLUMBIA -  As families move into four new homes at the Lynn Street Cottages, the Columbia Community Land Trust is already starting its next project.

Columbia City Council finalized the purchase of two plots of land on Eighth Street and Business Loop 70 Monday night. City officials say they plan to build 12 new units of affordable housing on the new property.

The City Council bought the plots for $125,500 total, and the two plots are next to a third the city already owns. The city planned to only build four homes on the lot currently owned, but decided to triple those plans.

City Council Member Mike Trapp said the owner of the house only has to pay for the house itself.

"Taking away the cost of the land, then that subsidy would allow someone stuck in a rental allow to build equity, and then to share some of the rising value," said Trapp.

Trapp said 25 percent of the rise in value of the house overtime goes to the homeowner, and 75 percent goes to the land trust.

According to Trapp, 91 percent of people who sell a land trust home, buy a home through the regular market.

The only fee a buyer would pay for the land is a $30 per month ground lease fee that goes to the land trust to repair things like roofs and furnaces.

"It will stabilize the the neighborhood with homeowners that are invested in the neighborhood," said Randall Cole, Housing Programs Supervisor with the Columbia Community Land Trust. "Also, it will increase the property tax base.  Many of the properties owned by LLCs, or landlords that tend to invest less into the properties decrease the value of the tax assessments on the properties."

There is no current estimate of what the houses will cost, however the Lynn Street Cottages were priced around $100,000. 

More News

Grid
List
COLUMBIA - Ty Gramley, of Columbia, was sentenced to 5 years in prison after pleading guilty to possession of child... More >>
31 minutes ago Friday, June 05 2020 Jun 5, 2020 Friday, June 05, 2020 6:13:05 PM CDT June 05, 2020 in News
COLUMBIA — A new law in Missouri expands absentee voting excuses and allows mail-in voting until December 2020 due to... More >>
4 hours ago Friday, June 05 2020 Jun 5, 2020 Friday, June 05, 2020 2:11:00 PM CDT June 05, 2020 in News
COLUMBIA — As state and commercial testing is more available for the Missourians, the number of confirmed cases is rising.... More >>
4 hours ago Friday, June 05 2020 Jun 5, 2020 Friday, June 05, 2020 2:00:00 PM CDT June 05, 2020 in News
COLUMBIA - A Maries County woman was sentenced to 14 years in prison for a deadly fire Friday, but could... More >>
4 hours ago Friday, June 05 2020 Jun 5, 2020 Friday, June 05, 2020 1:44:28 PM CDT June 05, 2020 in News
COLUMBIA - This week KOMU 8 will air a longform discussion among local law enforcement leaders, a community activist and... More >>
7 hours ago Friday, June 05 2020 Jun 5, 2020 Friday, June 05, 2020 11:09:00 AM CDT June 05, 2020 in News
As COVID-19 continues to spread, KOMU 8 will continue to update you about the impacts in the community. You... More >>
8 hours ago Friday, June 05 2020 Jun 5, 2020 Friday, June 05, 2020 10:43:00 AM CDT June 05, 2020 in News
COLUMBIA - Columbia's Lunch in the Park program is back to serve children 18 or younger free, nutritious meals during... More >>
8 hours ago Friday, June 05 2020 Jun 5, 2020 Friday, June 05, 2020 9:55:00 AM CDT June 05, 2020 in News
COLUMBIA- Medical professionals stood silently on the University of Missouri campus to fight racism Thursday evening. The group stood,... More >>
9 hours ago Friday, June 05 2020 Jun 5, 2020 Friday, June 05, 2020 9:38:00 AM CDT June 05, 2020 in News
COLUMBIA – The U.S. Bureau of Labor Statistics released its May jobs report Friday morning, and national unemployment declined to... More >>
14 hours ago Friday, June 05 2020 Jun 5, 2020 Friday, June 05, 2020 4:33:00 AM CDT June 05, 2020 in News
POPLAR BLUFF, Mo. (AP) — Authorities say a 9-year-old boy has drowned while swimming in a river in... More >>
19 hours ago Thursday, June 04 2020 Jun 4, 2020 Thursday, June 04, 2020 11:29:00 PM CDT June 04, 2020 in News
KANSAS CITY — Kansas City Mayor Quinton Lucas says the city is making sweeping changes in police procedures... More >>
20 hours ago Thursday, June 04 2020 Jun 4, 2020 Thursday, June 04, 2020 9:52:00 PM CDT June 04, 2020 in News
COLUMBIA - Boone County reported a second death from COVID-19 Wednesday. The first death in the county was... More >>
1 day ago Thursday, June 04 2020 Jun 4, 2020 Thursday, June 04, 2020 5:10:42 PM CDT June 04, 2020 in News
JEFFERSON CITY- As local leaders pick up the pieces and chart a path forward to deal with the widespread financial... More >>
1 day ago Thursday, June 04 2020 Jun 4, 2020 Thursday, June 04, 2020 4:58:00 PM CDT June 04, 2020 in News
JEFFERSON CITY- 300 members of the Missouri National Guard were deployed to Washington, D.C. on Thursday to help local authorities... More >>
1 day ago Thursday, June 04 2020 Jun 4, 2020 Thursday, June 04, 2020 4:41:00 PM CDT June 04, 2020 in News
COLUMBIA – While people are marching and chanting across the world to fight against racism, University of Missouri’s Black students... More >>
1 day ago Thursday, June 04 2020 Jun 4, 2020 Thursday, June 04, 2020 4:34:00 PM CDT June 04, 2020 in News
COLUMBIA - The oncology clinic at MU Women's and Children's hospital won't close after all, several sources told KOMU 8... More >>
1 day ago Thursday, June 04 2020 Jun 4, 2020 Thursday, June 04, 2020 4:08:00 PM CDT June 04, 2020 in News
COLUMBIA - A former classroom aide at Oakland Middle School was sentenced for fourth-degree assault Thursday after pleading guilty to... More >>
1 day ago Thursday, June 04 2020 Jun 4, 2020 Thursday, June 04, 2020 3:27:00 PM CDT June 04, 2020 in News
COLUMBIA - A petition to remove the Thomas Jefferson statue from the University of Missouri quad is gaining momentum with... More >>
1 day ago Thursday, June 04 2020 Jun 4, 2020 Thursday, June 04, 2020 2:25:00 PM CDT June 04, 2020 in News
Columbia, MO
Broken Clouds 86°
7pm 90°
8pm 87°
9pm 83°
10pm 80°