Clam Homes

Giacomini Road Home: Clam’s Second Ownership

In Spring 2017 CLAM acquired a 3-bedroom, 2-bath home at 31 Giacomini Road, within short walking distance to everything that Point Reyes Station has to offer, including West Marin School. CLAM will sell the home affordably later this year—our second homeownership property.

When it was built in 2005, this home was one of seven homes intended to be sold affordably as part of the Ecumenical Association for Housing’s Point Reyes Affordable Homes development. Due to unexpected turns in funding, however, the Association had to sell the seven homes at market rate in order to complete the funding for the remaining 22 rental homes.

With CLAM’s purchase of 31 Giacomini Road, we have brought back one of the seven homes to its original intent – affordable home ownership.

Home ownership through a Community Land Trust (CLT) means that the CLT continues to own the land while selling the home to a qualifying buyer. Without the cost of the land, the house can be sold more affordably – even as the CLT homeowner has all the joys and responsibilities as every other homeowner in terms of insurance, maintenance, repairs, and making the home truly their own. When buying a home through CLAM, the future owners agree to resell it at an affordable price, through CLAM. They will be able to make a modest profit on the sale of the home while also ensuring that the home remains affordable for another family (and many more families to come).

CLAM is now raising funds to cover the costs of owning the land so that we can sell this home affordably. The bulk of the funds (totaling $425,000) will come from public and private institutional grants. However, we must raise $100,000 from the community. The good news: we are 75% of the way toward that goal! A generous local donor has provided $50,000 as a matching grant, asking that the community match it dollar for dollar. We are halfway to meeting that match, with $25,000 donated to date.

 

You can help:


Your contribution of any amount will ensure that this home remains affordable in the community for the first and all future homebuyers!

Click here to donate today.