A new project to build eight affordable homes, called the Old Stage Road Rowhouses, will break ground at 6 p.m. Wednesday, July 18, in Salida. The project, being developed by the Chaffee Housing Trust, is in the Two Rivers development near CR 105 and Scott Street, just east of Oak Street and the U.S. 50 intersection.
The Chaffee Housing Trust is a local nonprofit created to develop home ownership and rental opportunities for lower income workers and residents who cannot afford market-rate housing. Following the brief shovel ceremony, there will be a reception at the Boathouse Cantina, 228 N. F St.
Chaffee Housing Trust builds homes using what has come to be called the “community land trust model,” designed to preserve affordability in perpetuity. Grants and donations invested in each home, including the Old Stage Road Rowhouses, will stay with that home as a community asset.
“The way this works is that homeowners build limited equity in their home and then this sets them up to move to a market-rate home when the time comes,” said Executive Director Read McCulloch. “Or, the home can be passed along to their heirs, with the same limit on equity. When it’s sold, the next buyer then purchases the home at a price that will be affordable to them. Think of Chaffee Housing Trust as a sort of steward, holding the affordability benefit for both the homeowner and for the community.”