Monday, September 28, 2020
Following a hearing before the Portland Housing Committee in July, the Economic Development Committee voted in August to approve the Greater Portland Community Land Trust’s proposal to build 13 units of affordable housing on land that the City will donate to make the project possible. The project located at 21 Randal Street will have 8 three-bedroom units and 5 one-bedroom units in an attractive, energy efficient, three-level complex surrounded by landscaped terraces and an open space for the occupants’ use. The units will be sold a price that working families can afford. Already 19 families and individuals, some of whom are teachers and staff at Portland Schools, have shown an interest in buying a home. Buyers of these homes will lease the land upon which the project is built. In the lease with Greater Portland Community Land Trust, the homeowners agree that when they sell their home, it will be at a price that is affordable to another family of moderate means. The lease also allows the seller to recapture all the equity they have put into their home and to share in some of the increased value. This arrangement between Greater Portland Community Land Trust and homeowners will allow the units to remain affordable to working families long into the future.
The project at 21 Randal Street now moves forward, the next steps include, rezoning the parcel, hiring a General Contractor, selection of homeowners, bank financing and building construction, all culminating in occupancy, anticipated to be in 2021. If you are interested in purchasing one of these homes contact Ginny Schneider at email@example.com. If you are interested in this project’s new approach to creating affordable homes for ownership and helping solve the housing crisis in Portland, please make a donation on this web site’s donation page.