When did the SCCHC become an organization?

In 2007, Story County Housing, Inc. and the Story County Community Land Trust merged to form our current organization, the Story County Community Housing Corporation (SCCHC).

Since 1968, our mission to provide affordable housing has been alive in Ames. Story County Housing, Inc. formed at that time and one of the SCCHC’s board members, Carl Bern, was on that board !!  Our other parent organization, the Story County Community Land Trust (SCCLT), was formed in 1998 to provide home ownership opportunities for the low-income. 

Along with Habitat for Humanity, they created a duplex on Wilson Avenue in 1998 which provides homeownership for two families. They built their first CLT house on Hoover Avenue in 2002.  They also worked with Habitat for Humanity to provide two more homes  for low-income families at the same location.  In January 2005 and in July 2006, two more families became CLT homeowners through a Buyer-Initiated Program, in which qualified buyers worked with the CLT to purchase an existing home.  One of these families moved on to the traditional housing market.

In 2010, the SCCHC worked with the DMACC Building Trades class to construct a home on 12th street in Ames with an active solar array ! This was a new experience for the DMACC classes and gave them experience with this new technology.  The family saves about 20% in electricity costs each year!

Over the years, our boards have focused on upgrading and creating additional rental units for low-income individuals and families.  A triplex at 414 S. 4th was built in 2004, replacing an older house, purchased many years previously by the SCHI.  A six-plex at 1018 Lincolnway was purchased and completely renovated in 2007 with a grant from the Iowa Department of Economic Development.  Placements of special populations from Mainstream Living and the County’s program are the focus of these units. 

A 4-plex at the corner of S. Kellogg and S. Third was completed in 2015 replacing an older duplex.  The DMACC Building Trades Classes provided labor for this project also which included a handicapped-accessible unit. More such units are desperately needed in the affordable housing rental market.

Although the need for much more affordable housing remains, many families and individuals have been housed which has made a tremendous difference in their lives.  The kindness and generosity of many in our community makes our work possible. Thank you!  We will continue to work with The Bridge Home (formerly the Emergency Residence Project), Habitat for Humanity, Youth and Shelter Services (YSS), AMOS and other non-profits to encourage city policies which promote affordable housing and we encourage you to do the same.

How does Community Land Trust (CLT) home ownership work?

The concept of a CLT is a very old, and tried and true model for promoting affordable home ownership. The model shares the expenses of home ownership among the buyer of the home and the holder of the ground under it. The CLT “candidate” buys the home with a conventional mortgage and the CLT buys the lot, which we then lease to you for a 99-year term.

A recent article on CLT’s can be found here.

When you are ready to sell, a resale formula is used to set the sales price so that you retain the equity you’ve accumulated through your payments to the principal of your mortgage loan, plus a portion of the market appreciation that has accrued over your ownership. This resale formula provides the money you need for a downpayment on your next home, and allows us to hold the sales price at an affordable level for future buyers.

If a family decides to sell their CLT home, they will retain the equity accumulated through payments to the principal of their mortgage loan, plus will receive 30% of the appreciated value of the house portion.  Nationally, CLTs have a few resale formula methods…our organization uses an appraisal method.  An initial appraisal is done at the time of sale of the home to the family, and another appraisal is done at the time they sell.  They receive 30% of the difference in those appraisals. To determine the resale price, we add that 30% amount to the price the family purchased their home for.
Currently, six families own CLT homes through our organization in Ames.

2) Who is eligible to apply?

Eligible applicants include any household whose income is generally less than 80% of County median income as periodically determined by HUD. (Our 1 page pre-application helps us determine this.) Also, we can only assist with home purchases under the following conditions:

  • the home must be located in Story County
  • the home must be in a city where there are public utilities
  • the home must not be in a flood plain and
  • the home must generally be in good and safe condition.

(SCCHC staff will undertake an inspection of potential homes identified by a candidate.) You should also have access to some funds for a down payment. You need not currently be a Story County resident.

3) How is the SCCHC funded?

The SCCHC constantly markets our services and mission to Story County groups with the intention of education and a membership base. From these memberships and other donations we operate an office in Ames and invest in affordable housing lots. The Corporation also applies for and seeks funding from applicable foundations, charities, and other philanthropy to promote our cause. (Let us know if you would like us to speak at your gathering or event.)

4) Who pays my property taxes and insurance?

As the candidate / improvements buyer, you do. Your mortgager will create escrows for both of these annual occupancy costs and add them to the principle and interest portion of your monthly loan payment. It is noted that your property taxes reflect the full assessed value of improvements and land as determined annually by the Story County assessor. You are typically free to shop the area market for an insurance agent and policy which suits your needs and mortgager’s requirements. The mortgager then assures the policy is paid from the escrow funds as the premiums are due. The SCCHC does maintain a blanket liability policy on all its lots and holdings for your protection.

5) How can I become a supporting member of the SCCHC?

Thank you for asking! As a non-profit local corporation we rely extensively upon the support of members. Membership is obtained by a minimal annual contribution to the Corporation, in fiscal support or an equivalent in talents, time or other service. Individuals and companies are welcome to support our mission through membership. Please contact us for the current suggested contribution levels to become a member.

For suggestions on how to get involved, please contact Ted Huiatt at director.housing@gmail.com.