New Partnership Formed to Further Help Low-Income Homebuyers

Columbia leaders have formed a new partnership to help make homeownership a reality for low-to moderate income homebuyers in Columbia. The new partnership is formed by Columbia Community Land Trust and the City of Columbia Community Development Department , which plan to further their services by providing down payment assistance. Veterans United will assist by providing free financial education.

This program will help people that have otherwise been turned away from being able to buy a home due to low credit scores. We spoke to the Housing Program’s Supervisor Randy Coles, “Each year, we have turned away a handful of households, just because there’s barriers in credit score requirements,” he said. The partnership will help these specific households by giving them the education needed to strengthen their credit portfolios to help put them on the path of homeownership.

Jerry Dowell, President of the Columbia Community Land Trust, explains how crucial it is to have homeownership in neighborhoods “I think the best way to change neighborhoods and make them productive again is to have homeownership in those neighborhoods.”

The Columbia Community Land Trust was started by the city of Columbia as a way to respond to the lack of affordable housing opportunities and the much needed protection of public and private investments in affordable housing. The organization is a nonprofit with the mission of “creating stewarding permanently affordable housing.” We also learned from Dowell that they hope, “to have 7 houses at least by the middle of the year and we hope to have several more in the near future.”

Many of the CCLT home features include “net-zero energy design with solar panels, additional insulation, Universal Design features, garages and durable exterior construction materials.” Many of these homes will sell for up to $50,000 below market value, which is important because it allows for high-quality housing options for families that would normally not have the opportunity to buy a house. During the time of resale, homeowners keep only 25 percent of appreciation, in order to ensure that the homes remain affordable for future families.

For more information on the Homeownership Assistance Program, please click the link. You can also contact the City of Columbia Housing Programs Supervisor Randy Cole at (573) 874-6321. Citizens interested in applying for the program can contact Housing Specialist Gary Anspach at (573) 874-7288.