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At its Nov. 15 meeting, the Maricopa County Board of Supervisors announced an agreement with the Town of Gilbert to provide more than $1.5 million to enhance homeownership opportunities through an innovative approach using community land trusts (CLTs). Acknowledged.

“Maricopa County Board of Supervisors, District 1 Vice Chairman Jack Sellers said, reputation. He continued, “This is an important step in breaking down barriers to homeownership and redefining what is possible for these families.”

The deal will result in three single-family homes being acquired and renovated to make them affordable to buyers. These newly renovated, energy-efficient homes will be sold at below-market prices to homebuyers at or below 120 percent of Area Median Income (AMI), which is 110,000 per year for a family of four. It will cost less than $2200.

“This decision marks another step toward improving housing affordability in Maricopa County,” said District 2 Supervisor Thomas Galvin. “Through our partnership with the Town of Gilbert, we are helping families who might otherwise be outside of market rate achieve their dreams of home ownership.” “

The CLT approach plays a vital role in ensuring the lasting affordability of these homes and increasing the supply of affordable housing and homeownership opportunities for generations to come.

To maintain the long-term affordability of these homes, buyers pay only for the home itself, and CLT retains title to the land. Developers lease land to homeowners through low-cost, long-term renewable leases, allowing families to build equity and experience the benefits of homeownership. If the homeowner decides to sell the home, the developer will buy it back for the original purchase price plus 25% of the increase, keeping the home affordable for the next buyer. while ensuring a fair return to homeowners.

This initiative reflects Maricopa County's unwavering commitment to addressing housing affordability challenges by increasing residents' access to safe and affordable housing. For more information on housing investments made in Maricopa County, please visit: Maricopa.gov/Housing.

Read more Phoenix area stories at Signals AZ.com.

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