A project by the Lummi Island Land Trust (LILT) who created the land Trust the Cedrus Cooperative is located on.
The Cedrus Cooperative – is an oasis of homes nestled in the woods. The NINE homeowners of Cedrus Cooperative live in close proximity on a 5-acre land trust on Lummi island. Fantastic walkable location to The Islander store, K-6 school, Ferry, Library, Post Office and Beach Store Cafe.
Home ownership at Cedrus includes a storage space inside the shared barn and two outdoor parking spaces. The Cedrus Cooperative Land Trust strives to minimize impact on the land and offers permanently affordable homes to the Whatcom County communities. Cedrus bridges the gap between the island’s high property values and the modest incomes of many who live and work here – people who are vital to our quality of life and our community’s well-being.
The homes are leaseholds, meaning you purchase the home but the neighborhood maintains ownership of the land, much like a condo development. The neighborhood provides a 99 year lease to each homeowner for the land under their home, and included in that lease is a resale formula that dictates the price at which home can be sold in the future. So in exchange for buying a below-market home, you agree to sell the home at a below market price in the future. The lease also states that the home must be owner-occupied. You cannot move away and keep your Cedrus home for summer vacations.
One of the Nine Homes in the Cooperative:
Updated: 2021/10/19 @ 1:15 pm Gayle Lurenz