This 81-year-old Californian sold her $1 million home for half its value so it could become affordable housing after she dies

Bobbi Loeb, 81, sold her home to Community Land Trusts of West Marin (CLAM), an organization whose mission is to ensure that Marin County remains affordable for low and middle-income residents.

Loeb moved into the home in Marin County, about 40 miles north of San Francisco, nearly 50 years ago. Due to its proximity to Silicon Valley, the property is now worth over $1 million. 

By selling the property to CLAM, Loeb is the first participant in the trust’s age-in-place initiative. Loeb will be able to stay in her home while the trust takes over the ever increasing cost of upkeep. At the time of her death, CLAM will have the opportunity to sell the property or turn it into affordable housing units.

The age-in-place initiative has strong community support, as long-time residents want to make sure essential workers and local business owners can remain in the community where they work. After all, the sense of community is what attracted residents, like Loeb, to Marin County in the first place.

For more information:

See Colin Lodewick, “This 81-year-old Californian sold her $1 million home for half its value so it could become affordable housing after she dies”, Yahoo Finance, May 11, 2022.

https://lawprofessors.typepad.com/trusts_estates_prof/2022/05/this-81-year-old-californian-sold-her-1-million-home-for-half-its-value-so-it-could-become-affordabl.html