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

2 months 1 week 5 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
WASHINGTON (AP) — President Donald Trump's choice for the Supreme Court has given members of Congress a pile of material... More >>
13 hours ago Saturday, July 21 2018 Jul 21, 2018 Saturday, July 21, 2018 2:52:51 PM CDT July 21, 2018 in News
WASHINGTON (AP) — The maker of a permanent contraceptive implant subject to thousands of injury reports and repeated safety restrictions... More >>
13 hours ago Saturday, July 21 2018 Jul 21, 2018 Saturday, July 21, 2018 2:28:05 PM CDT July 21, 2018 in News
(CNN) -- The man accused of carrying out last month's deadly shooting at a Maryland newspaper has been indicted on... More >>
14 hours ago Saturday, July 21 2018 Jul 21, 2018 Saturday, July 21, 2018 1:42:30 PM CDT July 21, 2018 in News
COLUMBIA - The 2018 Show-Me State Games kick off Friday, bringing thousands of athletes, coaches and fans from around the... More >>
14 hours ago Saturday, July 21 2018 Jul 21, 2018 Saturday, July 21, 2018 1:15:00 PM CDT July 21, 2018 in News
ASHLAND – Seven locations throughout the state are open Saturday for parents to come and get their children I.D.’d, free... More >>
15 hours ago Saturday, July 21 2018 Jul 21, 2018 Saturday, July 21, 2018 12:58:00 PM CDT July 21, 2018 in News
(CNN) -- Gracelyn Mae Violet Griffin already had a "Little Nugget" onesie picked out for her before she arrived in... More >>
15 hours ago Saturday, July 21 2018 Jul 21, 2018 Saturday, July 21, 2018 12:35:28 PM CDT July 21, 2018 in News
JEFFERSON CITY (AP) — An organization backing one of three competing medical marijuana initiatives in Missouri has continued to bring... More >>
16 hours ago Saturday, July 21 2018 Jul 21, 2018 Saturday, July 21, 2018 11:26:00 AM CDT July 21, 2018 in News
COLUMBIA - A group of Columbia moms is starting Missouri Disability Empowerment, a new organization with big goals to help... More >>
21 hours ago Saturday, July 21 2018 Jul 21, 2018 Saturday, July 21, 2018 6:33:00 AM CDT July 21, 2018 in News
LAKE OF THE OZARKS - 64 years later, a different lake and nearly triple the death toll, the duck boat... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 9:12:00 PM CDT July 20, 2018 in News
(CNN) -- Russian intelligence operatives attempted to hack into the online accounts of staffers on three congressional campaigns in the... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 8:46:27 PM CDT July 20, 2018 in News
CHARLOTTE, N.C. (AP) — As Charlotte, North Carolina, celebrates being chosen Friday to host the 2020 Republican National Convention, an... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 8:05:32 PM CDT July 20, 2018 in News
(CNN) -- A cardiologist who treated former President George H.W. Bush was killed Friday morning in a bicycle-to-bicycle drive-by shooting... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 7:34:02 PM CDT July 20, 2018 in News
COLUMBIA - The Columbia Police Department will move into a new neighborhood over the next few weeks. In July,... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 6:41:00 PM CDT July 20, 2018 in News
CALLAWAY COUNTY - A Steedman man was sentenced to 12 years in prison after pleading guilty to charges of domestic... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 5:22:00 PM CDT July 20, 2018 in News
ST. JOSEPH (AP) — A Missouri man has pleaded guilty in the fatal beating of his 77-year-old grandmother while he... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 3:59:00 PM CDT July 20, 2018 in News
(CNN) -- The FBI is in possession of a recording between President Donald Trump and his former personal attorney Michael... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 3:38:16 PM CDT July 20, 2018 in Continuous News
JEFFERSON CITY – House Minority Leader Gail McCann Beatty will resign from the Missouri House of Representatives effective Sunday in... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 12:57:00 PM CDT July 20, 2018 in Top Stories
COLE COUNTY — The Cole County Sheriff’s Department responded to possible weapons violation on Thursday night. When the officers... More >>
1 day ago Friday, July 20 2018 Jul 20, 2018 Friday, July 20, 2018 11:47:00 AM CDT July 20, 2018 in Top Stories
Columbia, MO
Broken Clouds 69°
5am 69°
6am 68°
7am 68°
8am 71°