A new Homebuyers Choice Program was introduced at the August Homes For All Coalition meeting. The coalition is a “member organization” of the Kheprw Institute. The program is designed to help people buy homes through a community land trust.
What happened?
Kheprw Institute’s Alvin Sangsuwangul led the buyers’ information session. He said the trust is a tool that enables community control of land and housing, which makes housing permanently affordable.
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Kheprw Institute’s Terra McFarland said a community land trust (CLT) is an independent nonprofit organization where a resident owns the home and the trust owns the land.
McFarland said prospective owners usually receive a generous subsidy allowing them to purchase the home and they agree to follow the guidelines set by the CLT, which is also the land owner. They also must agree to the 2% fixed rate resale formula.
She said, “The resale formula is what sets the community land trust apart from other forms of affordable housing development. The CLT ensures that the homes they fill up are affordable, not only to the first applicant but others as well.”
Takeaway
To participate in the free program, applicants must complete a multi-step process which includes understanding the CLT model, becoming a CLT member, completing a screening form and attending a Ground Lease orientation. More information is available at the land trust website.
To be considered in the next round of funding, applicants must complete the process by September 30, 2024. A lottery will determine who will receive funding in the next round.
What’s next?
The next Homes For All Coalition meeting is 6 p.m., September 12 on Zoom.
This brief is adapted from notes taken by Documenters Alicia Reuter and Whitney Wilson, who covered the August Homes For All Coalition meeting. Read more about what happened.
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