Central Oregon Trust for Affordable Housing Builds and Donates First House in Bend; NorthWest Crossing is site of first COTAH Home

The Central Oregon Trust for Affordable Housing (COTAH) announced today that their first land trust home, located in NorthWest Crossing in Bend, has been completed. A Bend family will purchase the 1,388 square foot home at cost.

The first house built for the Trust was made possible by several local developers, builders and suppliers. West Bend Property Company LLC donated the lot and the contractor, Craftsman Homes, and their team of 32 subcontractors donated time and materials for the home.

The Central Oregon Trust for Affordable Housing is administered by the Central Oregon Partnership (CO Partnership), a non–profit organization dedicated to reducing poverty and improving the quality of life for Central Oregonians. The trust was developed by CO Partnership with legal services donated by Bryant, Lovlien and Jarvis law firm, and with the support of Central Oregon Community Action Agency Network (COCAAN), Washington Mutual bank and West Bend Property Company LLC.

"This event celebrates the creativity and generosity of Tennant Development and Brooks Resources, partners in West Bend Property Company," said Nancy Knoble, executive director of Central Oregon Partnership. "Mike Tennant and Mike Hollern had a vision for the kind of community they wanted to create at NorthWest Crossing – one that values neighborliness and inclusiveness."

Knoble continued, "Further, they understand the growing issue of housing for working families in Bend and the need for homes that are affordable and that will stay affordable for these families. This day marks the first step in realizing their vision. What is awesome is the number of suppliers and subcontractors who have stepped up and donated time and (margin on) materials to make this home happen."

The Trust assists families by separating the ownership of the home from the ownership of the land, thus making the home more affordable for low and moderate-income families.  In essence, the land under the home is placed in Trust and is leased to the homeowner. This significantly reduces the purchase price of the home and the shared appreciation mortgage ensures that the home remains affordable for other low-income families when sold. Home ownership is part of the "American Dream." This home serves as a bridge to that dream for a family today and for many families to follow.

An appreciation reception to honor those who contributed to the project is being held today at the NorthWest Crossing Information Center.

Central Oregon Trust for Affordable Housing (COTAH), based in Redmond, Oregon, is a public/private partnership, based on a unique trust model. The trust is administered by Central Oregon Partnership (copartnership.org) and was created to engage local citizens in addressing the need for affordable housing in Central Oregon, to break the cycle of long-term poverty, and to serve as a stepping stone to full independent home ownership for area families. COTAH plans to build one to two new houses a year in Central Oregon over the next ten years.