Off Portage Road, between Stanley Avenue and Woodbine Avenue, is a large lot where two newly-built houses stand. It’s the site of Stanwood Crossings, a new community where the homes are for sale — but the land is owned by the Portage Community Land Trust.
The concept is known as a ground lease, which is a model in which a land trust rents out the land beneath a home to the homeowners for a low price. According to government-backed mortgage company Fannie Mae, ground leases are a common way for community land trusts to maintain long-term affordability of properties in an area.
City of Portage chief development officer Pete Dame said that’s exactly the goal of Stanwood Crossings. Because of the land trust, buyers don’t have to factor the land into the purchase of the home…