City to launch "affordable forever" homes

Details: The city government is facilitating the creation of a Community Land Trust (CLT), an idea sometimes referenced as "affordable forever homes."

How it works: Houses in the network would be sold to low-income families at a discount but the land they sit on would be owned by the trust.

• Homeowners could only resell their properties at a restricted price to other low-income buyers — typically receiving their initial investment back plus a percentage of the property's increased equity.

Driving the news: The city manager's office notified City Council members this week that applications for CLT Advisory Committee members are now being accepted.

• The committee will help develop the program, which could launch by late next year.

Zoom in: CLTs already exist in hundreds of U.S. communities, according to Grounded Solutions Network.

• A Mid-Iowa Organizing Strategy (AMOS) has advocated locally for CLTs and will have at least one member on the advisory committee.

Of note: The trust will use public and philanthropic donations to buy properties across the city.

• Budgets for property acquisitions in the program haven't yet been established, city manager Scott Sanders tells Axios.