A public outreach meeting regarding permanently affordable homes and land trust development in Cottage Grove will be held on June 5 from 5:30 to 7 p.m. in the Community Center, 700 E. Gibbs Ave. in Cottage Grove. The public is invited to attend.
The Neighborhood Economic Development Corporation (NEDCO) is exploring the development of two new affordable housing developments, one in Cottage Grove and one in Florence. The homes would be cottage cluster Community Land Trust developments. Community Land Trusts make owning a home more affordable by separating the land and the house. Homeowners acquire full ownership of the home without having to pay the cost of the land.
Unlike renting, this allows moderate-income community members to build equity and begin creating long-term financial stability. The land would be held in trust by NEDCO and the cottage homes would constructed and sold as permanently affordable homes.
The funding application for this development is out right now so NEDCO is working to get a sense of the interest in homeownership opportunities in both locations. The funding requires that the homes be sold to families at or below 80 percent AMI and NEDCO would like to work with potential homebuyers to get them ready for homeownership.
Any community member interested in participating in the program should take the survey at https://www.surveymonkey.com/r/NEDCOCLT. The quick and simple survey will help NEDCO get a sense of the type of units to develop (1 to 3 bedrooms). Anyone interested in learning more about the project or staying informed can also take the survey.
For more information, go to cottagegrove.org or call 541-942-550.
