Reno has quickly become one of the most desirable locations in the country and we can see that reflected in the demand of the housing market.
Reno was named the 21st least affordable city among the 100 biggest metro areas in the country, according the RealtyHop’s April 2021 Housing Affordability Index which was published on March 29. The median price of $444,000 for a home in Reno-Sparks means that a homeowner in the area would need to spend 41.20% of their annual income in order to own a home. This has put a strain on the population of Reno as citizens struggle to find affordable housing and rental properties.
A Reno-based non-profit, the Community Foundation of Northern Nevada (CFNN) is working to change that, even for just one property at a time. In 2018, CFFN created the Community Housing Land Trust (CHLT) in an effort to provide affordable homes to people earning less than the area’s median income (currently $79,600 for a family of four).
After two years of efforts, the CHLT has sold its first home. The “City Cottage” was a 1,000 square foot, two-bedroom, one-bath residence sold to a local couple of $225,000 in January this year. This was the first single-family home ever sold by a community land trust in the state of Nevada.
The City Cottage buyers will own the home and lease the land from the CHLT. To qualify for a home through the CHLT, buyers must earn less than 80% of the area median income while earning enough so their housing expenses total no more than 35% of their monthly income. If and when the owners decide to sell, the property will be sold back to another income-qualified family.
In October 2020, the city of Reno donated property to the land trust — 2.5 acres of land in North Reno’s Golden Valley for 10 homes to be built and sold through the CHLT. The 1,400-square-foot, four-bedroom, three-bath homes will be sold to buyers earning slightly less than 80% of the area median income. The prices of the homes are expected to be $100,000 less than comparable homes in the market, according to the land trust.
Click here to read more about what CCFN is doing to create affordable housing in Northern Nevada.
Realtor® Sierra Nevada Properties
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