Floral Hill Terrace Subdivision <br />Neighborhood meeng <br />Time: 5:30 pm <br />Place: Northwest Youth Corps <br /> 2621 Augusta Street <br /> Eugene <br /> <br />Caveat: The scribe was taking notes as quickly as possible. If some of the facts were misunderstood or <br />misconstrued, especially prices, there is no inaccuracy that was intended. This is also not meant as a transcript <br />but to capture the quesons that were asked and ans wers that were supplied. <br /> <br />The meeng started with introducons by Nora Cronin, Execuve Director of Real Estate Development. Also <br />present from the development team were Luke Lonstron, Senior Project Manager of Real estate Development <br />DevNW, Nir Pearlson Architect and Principal of Aligned Architecture, and Carol Schirmer, Landscape Architect <br />and Principal of Schirmer Consulng, LLC. <br /> <br />Nora introduced the project. The first bit of informaon is a transcript of a recording to the best of t he laptops <br />ability to ‘hear’ in a crowded room with less that opmum acouscs. The remainder is a summary of ques ons <br />and answer. <br /> <br />DevNW has been to 3 neighborhood meengs presenng t he project. DevNW is a nonprofit organizaon with <br />offices in Corvallis, Salem, Springfield and Oregon City and we developed affordable rental and affordable home <br />ownership opportunies all throughout the Willame;e Valley. We also do a number of other programs to help <br />people with financial counseling classes for first me home buyers. We do lending through our lending arm <br />Community LendingWorks and we also recently, about 2 1/2 years ago, stood up an affiliate nonprofit <br />neighborhood building corporaon which is our in-ho use general contractor and they will be the contractor on <br />these home projects. <br /> <br />I've also been asked to give a li;le bit of informaon about what a community Land Trust is because th at's what <br />we're planning on for this project. I'm going to explain that and then Luke is going to walk you through the <br />details of the project and then Carol will kind of walk you through some of the land use process. <br /> <br />Who has heard about a Community Land Trust or knows what it is? Ok, so just a few of you. So we have been <br />developing affordable home ownership for a li;le while but recently in the last six to seven years we've been <br />doing it through a Community Land Trust and what that is is that a nonprofit will own the land in perpetuity <br />restricng it to the affordable in perpetuity. We will hold the ownership of the land and then we will sell the <br />home to a home buyer so we legally separate the land from the built structure. People who buy these homes get <br />a tradional mortgage, so as the homeowner they jus t don't own the land they get a 99 year ground lease that <br />resets/renews every me the property or the home is sold or passed down as an inheritance. This allows us to <br />keep this these homes to be affordable not just the first me but forever so it's a one me investment. We get <br />some state subsidy, some city funding to do it. It's a one me investment and that it will always be a ffordable to <br />people living in this community because of that ground lease that has that income restricon. <br /> <br />Q: What do you mean by affordability. Cost per sf <br />A: I have never done that math on a per sf basis. It is more of an affordability to someone’s income level. <br />Affordable to 80 % of area median income. Housing payment, which includes principal, interest, insurance, <br />ground lease fee = affordable to someone in 80% of area medium income. <br />Q: What is 80% of the media