Working with community partners, lenders, builders, and others, we prepare families and individuals for homeownership; administer funding to create affordable homebuying opportunities; offer homeowners tools to be successful; and, ensure the permanent affordability of the homes in our portfolio. Proud Ground utilizes the Community Land Trust model of permanent affordability, an approach to affordable homeownership that is used in more than 200 communities around the country.
Proud Ground makes homeownership affordable through investing public funds in homes. Subsidy funds can come from the various municipalities in our service area-cities, counties, states. Some level of public funding is required to create an affordable homeownership opportunity.
Proud Ground serves the entire Portland Metropolitan Region of Clackamas, Clark, Multnomah, and Washington Counties.
In exchange for a reasonable purchase price (about $60,000 to $100,000 LESS than a market-rate home), homeowners agree to resale arrangements that provide a seller with a share of the homes equity while ensuring the home remains affordable for another moderate-income homebuyer.
This arrangement is guaranteed through a legal agreement between Proud Ground and the homeowner. Homebuyers review these legal agreements with an attorney independent of Proud Ground to understand all the details before buying a home.
▪ You own your house.
▪ You have a mortgage with a bank.
▪ You accumulate equity.
▪ You enjoy the tax benefits of homeownership.
▪ You pay property taxes, though they may be less.
▪ You are free to remodel and improve your home and yard.
▪ Your home can be inherited.
▪ The purchase price is much, much lower – usually about $60,000 to $100,000 less than a market-rate home.
▪ In exchange for an affordable purchase price, if you sell your home, you agree to sell at an affordable price to the next homeowner.
Proud Ground homeowners pay property taxes. However, given the unique agreement between Proud Ground and the homeowner, the property is often taxed at a reduced rate in Multnomah County.
As with all Oregon homeowners, the property taxes and the interest portion of the mortgage payment are tax deductible on state and federal income taxes.
▪ Represent Proud Ground homebuyers.
▪ Participate in Proud Ground’s Realtor referral program.
For more information, contact Tyler Koski at 503-493-0293 x11
From Wikipedia: “The first organization to be labeled with the term ‘community land trust’ in the U.S., called New Communities, Inc., was founded with the purpose of helping African-American farmers in the rural South to gain access to farmland and to work it with security.”
“Homeownership can be a very savvy financial move – but only if people buy homes they can actually afford.” Forbes, 2014