Kaniksu Land Trust welcomes families to permanent affordable homeownership project
Recognizing that housing and land conservation are deeply connected, Kaniksu Land Trust expanded its mission to include affordable homeownership.
May 16 is World Community Land Trust Day, a chance to showcase the impactful projects that community land trusts make possible and celebrate affordable housing, land justice and community empowerment.
Recognizing that housing and land conservation are deeply connected, Kaniksu Land Trust expanded its mission to include affordable homeownership. After years of listening, planning and building partnerships with LEAP Housing and Bonner Community Housing Agency, the land trust is preparing to welcome six families into The Village at River View — the first permanently affordable homeownership project in Priest River, Idaho.
Helping to make the homes possible was additional support from the Equinox, Avista and Sangham foundations, the Land Trust Alliance (through its Pacific Northwest Advancing Conservation Excellence program) and Evergreen Realty.
"These homes are for families in our community who have been priced out of the real estate market," Katie Cox, Kaniksu Land Trust executive director, recently told the Bonner County Daily Bee.
"We know that affordability is a challenge for many families in Bonner County," Cox added. "With the price of homes rising well beyond the average median income, home ownership has been unattainable for many in our community."
In a piece on the Kaniksu Land Trust website written about the project, realtor Jessica Turco spoke about the challenges facing Priest River locals.
“Being raised in Priest River, our roots run deep within this small community,” said Turco. “It's difficult to watch as family and friends, many of whom are my clients, are being priced out of our hometown. Despite earning a decent wage, they still struggle to afford their own homes."
The Daily Bee checked real estate databases Zillow.com and Rocket.com and found the average price of a home in Bonner County estimated at $618,000 and the median home list price at $681,200 — more than double what someone making the county’s median income should be comfortable paying.
The homeownership project will help families build equity and provide housing stability:
The homes — the first of what LEAP, land trust officials and their partners plan to build in Bonner County — are targeted to those living and working in the Priest River area…
LEAP and land trust officials said the homes are targeted at community residents who have been priced out of the region's tough real estate market. Designed for families of three or more whose income falls under the $76,000-per-year threshold, the homes give those dreaming of their own home a shot at moving out of the rental market.
With sky-high housing prices locking local residents out of the housing market, the key to a solution lay in a housing model known as a community land trust.
As the National Community Reinvestment Coalition explains, the community land trust model was born out of the Civil Rights Movement as a way “to secure long-term economic stability for Black communities facing systemic dispossession.” Today, community land trusts own and steward land, with property built on top rented out or sold at affordable prices.
According to Grounded Solutions, a network for community land trusts and an NCRC member:
The purchase price is more affordable because the homeowner is only buying the house, not the land. The homeowners lease the land from the community land trust in a long-term (often 99 years long), renewable lease. The homeowners agree to sell the home at a restricted price to keep it affordable in perpetuity, but they may be able to realize appreciation from improvements they make while they live in the house.
With the Village at River View a success, LEAP and Kaniksu Land Trust are looking to expand the program to nearby communities.
“Homeownership ought to be attainable for hard-working Idahoans who want a safe, stable, and affordable place to settle down and grow roots,” LEAP Housing CEO, Bart Cochran, explained in Kaniksu Land Trust’s project article. “As a North Idaho kid from Sandpoint, I’m excited to see our partnership with KLT result in homeownership opportunities that are synced to local wages, built for local people, and remain perpetually affordable for buyer after buyer in our community.”