Kôr operates under the Community Land Trust (CLT) model, which is active in many states, cities and towns across the US. Community Land Trusts are nationally recognized, community-based nonprofit organizations that work to provide perpetually affordable home ownership opportunities. A CLT develops and stewards affordable housing, community gardens, civic buildings, commercial spaces and other community assets on behalf of a community. The over-arching concept is community ownership of land, and individual ownership of the homes. The National Community Land Trust is a great resource for more information.
By following the CLT model, Kôr uses funding from grants and donations to acquire land and build homes for those who otherwise couldn’t afford the opportunity. These homes will be sold to Bend residents who meet our income requirements and qualify for a mortgage. We plan to offer 25% of our homes at market value to aid those at or near median income, and 75% of our homes to low-income and super low-income qualifiers.
Kôr houses will be affordable perpetually. This is done by ensuring that the resale price for a Kôr home grows at a fixed rate over the years to balance the equity earned by the seller with an affordable resale price for the new owners.
Community Land Trust has been a time-tested, successful model that has worked for over 50 years throughout the country. It has created affordable opportunities for people to live and thrive in the communities where they create their livelihood. It will now do so for the residents of Bend, offering affordable and sustainable housing for generations to come.
Kôr will make its homes attainable to the following income brackets