Community Resources Manager Camille Dixon on financial assistance for buyers in the Oakland Community Land Trust pipeline
Excavation is underway at Frazier North Residences, four new-construction, energy-efficient single-family houses on Frazier Street, as part of the Oakland Community Land Trust (CLT). Two of these homes will be reserved for households with special needs, such as those recovering from addiction or abuse, and one for a household experiencing homelessness.
At the same time, buyers in our pipeline are gearing up for homeownership—for these and other homes coming to the market in the CLT. This requires a kind of financial excavation, says Community Resources Manager Camille Dixon, who works with individuals in preparation for purchasing a home.
“The first thing we do is an initial meeting where we determine a budget, set SMART goals, obtain their personal documentation—taxes, income, bank statements, bills, all those things the bank is going to want when they purchase a home.”
Through the Oakland CLT, Frazier North Residences will remain affordable to 80% AMI buyers permanently.
For prospective buyers, the focus is on “attacking credit, raising the score, and erasing things that are affecting it,” says Dixon.
Financial assistance can be crucial for buyers in our pipeline, some of whom are well below the area median income (AMI).
“That’s huge,” says Dixon. “It’s hard for someone who earns less than 50% AMI to qualify for a mortgage.”
The CLT model is also a motivating factor for prospective buyers, who get to know the community and homes throughout the process.
“We listen to the dreams and expectations of the buyer,” says Dixon. “What type of home do you want? Is your family growing or is it just you? Do you want to stay put or are you looking for a starter home? We want the home to fit their needs.”
To learn more about permanently affordable homes in Oakland, visit our Community Land Trust page.