Thursday, April 21, 2005 | 9:34 a.m.
The Las Vegas City Council on Wednesday voted to pay up to $30,000 to a Vermont company to develop a program aimed at creating more affordable housing in the city.
The program, called a Community Land Trust, would essentially have the city subsidize home purchases in return for homebuyers being bound to sell the home below market value, city Neighborhood Services Director Orlando Sanchez said.
The council voted 7-0 to approve the contract with Burlington Associates, based in Burlington, Vt., which has established similar programs in other cities.
"The idea is to create a permanent stock of affordable housing," Michael Brown with Burlington Associates told the council.
Councilman Larry Brown said such a program is "critical" for the city, which has endured soaring housing costs in recent years.
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