Lane Powell Shareholder Mike Silvey was mentioned in a June 18 article in The Oregonian titled “Proud Ground Creating Proud Homeowners.” The article discussed a recently renovated Cedar Hills home that was sold well below market value through Proud Ground to a single mother of five. Silvey serves as chair of the board of directors of Proud Ground, a nonprofit community land trust that works to put home ownership within reach of working families and low- to moderate-income first-time home-buyers whose incomes do not qualify for mortgages on regularly priced homes. In the past 15 years, Proud Ground has sold 275 similarly underpriced houses in the Portland metro area.
The organization can afford to sell houses at lower rates because it retains ownership of the land, said Attorney Mike Silvey, a Proud Ground board member. In the program, the buyer purchases the house and leases the land for up to 99 years, paying discounted property taxes. That way, when the owners decide to sell the house it can go to another family on Proud Ground’s waiting list and remain an affordable housing option. The seller receives the down payment and their equity in the house, and 25 percent of the gain in value. The rest of the profit goes toward lowering the home’s purchase price for the next buyer.
For more information about Proud Ground, visit their website.
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