The first components of the system are targeted for development by Fall 2001, with completion by September 2003, when the grant period is completed. The first annual membership meeting of the newly formed Portland Community Land Trust was held October 25. PDC has played a key role in the development of this new non-profit agency. This new organization opens new doors to families who are otherwise priced out of the housing market. The PCLT operates by buying and permanently holding land in trust.
Families purchase the home and lease the land from the trust.
By taking the price of the land out of the purchase price, a PCLT home remains permanently affordable. When a family is ready to sell and move, they receive a percentage of the equity gained on improvements to the house as well as the original purchase price. The PCLT is a community-based organization that is supported by its members. The residents who live at the Oak form a very special community and they have been very pleased with the building improvements. In 1998 the city purchased the building under the city's Housing Preservation Ordinance to ensure preservation of the units as affordable housing.