First Time Homeownership Helps Family Stay in West Marin
“It is good to know that when we sell this home, we will pass the savings on to the next homebuyer and keep this home permanently affordable.” — Eric
In September 2014, CLAM provided Marin County with its first affordable home purchase utilizing the Community Land Trust Model with the sale of an affordably priced home to first-time homebuyers Eric and Sarah and their two children.
After renting in many West Marin locations, the family wanted to buy a home in West Marin. But even with two incomes as schoolteachers, Eric and Sarah found that West Marin home prices had escalated out of their range. Then they heard that CLAM had a home to sell as a Community Land Trust home. They understood that, if they qualified for a mortgage, they would own the home while CLAM retained ownership of the land and lease it to the homeowners for a nominal annual fee. This was not only CLAM’s first home ownership home and the family’s first home purchase, it was also the first Community Land Trust home to be sold in Marin County.