The Sonoma County Land Trust plans to build an additional 25 homes for low- and middle-income families. Sonoma County recently ranked the fourth least-affordable county in the state for teachers. Just 5% of homes are within reach, based on average salary and median home price. This makes the Housing Land Trust’s impending expansion is even more important.
Each home sold by the Land Trust is priced to be purchased by people who make up to 100 percent of the county’s median income level — currently about $82,600 for a family of four.
As median income levels in Sonoma County increase, so too is the resale value of a Land Trust home allowed to increase, allowing the family who purchased it to gain equity in its investment. For example, if a family makes 80 percent of the median household income in Sonoma County — currently about $82,000 — it could qualify for a $250,000 home.
If the median income increases, the cost of the home would increase at a steady rate to match it, but that home would still be sold to families making 80 percent of the county’s median income. So far, 67 families have lived in those 52 homes, with six new homes coming up for sale in 2017.
In the meantime, the Sonoma County Office of Education is encouraging teachers to get involved with the Sonoma County Land Trust, especially those new to the county.
Sonoma County Office of Education is hosting a presentation for new teachers in January 10, 2017 about the housing available through the Housing Land Trust. Please contact the Sonoma County Office of Education at (707) 524-2600 for more information. http://www.scoe.org/