| LCCLT Press Release
Contact: Paul Palumbo, Chairman
Lake Chelan Community Land Trust
palumbos@msn.com
For Immediate Release
Chelan, WA – The Lake Chelan Community Land Trust took a crucial step forward this week as they signed an offer on a 7.48 acre parcel of land owned by Leo and Polly Miller of Chelan.
The property, which is located along the eastern edge of the Chelan city limits, is valued at approximately $700,000. After a generous donation by the Millers, and existing fund raising commitments, the Land Trust will need to raise another $420,000 to complete the purchase. The acreage would eventually be developed into a neighborhood comprised of what the Land Trust board refers to as “permanently affordable homes”.
Paul Palumbo, Lake Chelan Community Land Trust Chairman, indicated that Community Land Trusts (CLT) are an innovative way to help solve the continued escalation of housing prices that prevent moderate income families from buying a home. “Although it’s a new concept in the Lake Chelan Valley, there are hundreds of CLT’s across the nation, including one in the Leavenworth area,” stated Palumbo.
Community Land Trusts are nonprofit organizations that combine community ownership of land with private ownership of homes. Removing the cost of the actual land substantially lowers the price of a home, and while the homeowner builds equity in their home and other improvements, resale value is limited by lease agreement terms that ensure the properties remain affordable in the future.
According to Palumbo, the Lake Chelan CLT will help balance the inequity between Chelan’s median home price ($286,000 in 2006) and median income ($36,551 also in 2006). Using the acronym “CHOICE” which stands for “Community Housing Options In Chelan for Everyone” as their motto, Palumbo anticipates they could receive as many as two hundred applications for the 25-30 homes planned in the initial development.
Contractor and LCCLT Board Member Mark Schramm agrees. “There’s no doubt about the demand for affordable, high quality homes in Chelan,” Schramm stated.
An aggressive fund-raising campaign is currently underway by the Land Trust Board. Tax deductible donations may be made to: Lake Chelan Community Land Trust, PO Box 1703, Chelan, WA 98816.
For additional information please visit: www.choicehousing.info .
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