MINOT, North Dakota — A community land trust set up in Minot is selling the first of 30 planned homes, with preference being given to buyers who lost homes in the 2011 Souris River flood.
A community land trust enables people to buy homes at a more affordable price and build equity in them. Prices can be kept lower because the nonprofit land trust retains the land.
The concept was being explored before the flood and is now part of the recovery. The city is using a $2 million state grant to buy lots as they become available in formerly flooded areas and deed them to the land trust.
The first two-bedroom home went on the market this week for $143,000. Ten homes are planned in each of the next three years.