Community Land Trusts?
A young professional making $30,000 a year may be able to afford a home in Las Vegas, but perhaps not the land underneath it. A new report from the Lied Institute for Real Estate Studies suggests creating a community land trust would solve that problem.
The top three issues affecting housing affordability are the cost of land, Bureau of Land Management regulations and construction defect litigation, the Lied report said. The trust then would sell those homes to qualifying homebuyers at a reduced price. Community land trusts can be used to expand affordable and attainable housing.
The report defines affordable housing as a household earning 80 percent or less of the area’s median income that pays no more than 30 percent of its income for housing, including utilities.
Las Vegas is about 40,000 dwellings short in affordable housing. Discounting the land is just one of several subsidies required for affordable housing. The Lied Report concluded that lack of affordable housing affects everyone in the community.
To help you look after your home buying needs in Las Vegas, this information is brought to you by Las Vegas Real Estate.
