State awards Thistle & Nest $22.9 million to help build141 affordable Central Oregon homes over next three years

The State of Oregon’s Housing Stability Council awarded Thistle & Nest more than $22.9 million on Friday as part of their 2023 LIFT Homeownership funding allocation to subsidize dozens of new homes in Central Oregon over the next few years.

These funds will provide subsidy for a total of 141 homes in Central Oregon - 79 homes in Bend, 34 homes in Madras, and 28 homes in Prineville over the next three years, according to the organization.

The homes will be available to buyer households who qualify for a home loan, make less than 80% of the area median income, and meet Thistle & Nest’s program requirements.

Thistle & Nest uses a land trust model, which means that we own the land that the homes are built on and sell the dwelling to a qualified household. The buyer leases the land beneath the home for a modest monthly fee included in their affordability calculation. This lease includes a deed restriction on resale that allows for a fixed-rate return on the buyer’s investment.

The land trust model ensures that the home is sold as affordable in the future to subsequent buyers.

Thistle & Nest was founded by Amy Warren, managing member of Hive Development and founder of Kôr Community Land Trust, and Larry Kine, managing member of Kine & Kine Properties.

Thistle & Nest was formed to address the need for additional owner-occupied workforce housing. The founders are excited to be able to create the opportunity for both stable housing and equity building to qualified buyers.

Interested parties can learn more about the first steps toward a home purchase by visiting www.thistleandnest.org or by emailing info@thistleandnest.org.