At its Nov. 15 meeting, the Maricopa County Board of Supervisors approved an agreement with the Town of Gilbert. $450,000 Expanding homeownership opportunities through an innovative approach using community land trusts (CLTs).
“This initiative creates a new pathway for people to put down roots in Gilbert, an award-winning city known as a family-friendly city,” said Jack Sellers, vice chair of the Maricopa County Board of Supervisors, District 1. That's one way.” 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 is another step toward improving housing affordability in Maricopa County,” said District 2 Superintendent Thomas Galvin. “Through our partnership with the Town of Gilbert, we are helping families realize their dreams of home ownership that may have been outside of market value.” “
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, visit Maricopa.gov/Housing.
About human services
The Maricopa County Human Services Department (HSD) promotes the well-being of county residents in the face of adversity through a variety of programs and services that build community resiliency and help people and families thrive. These opportunities include early childhood education, housing, homeownership, independent living services for seniors and adults with disabilities, career development for job seekers with barriers to employment, crisis rentals, utility assistance, and people experiencing homelessness. This includes support for people. HSD is committed to providing innovative, equitable, inclusive, and comprehensive services in a collaborative approach that upholds dignity, promotes respect, and promotes social and economic mobility. To learn more about financial, educational and support resources available to Maricopa County residents, visit Maricopa.gov/HSD.
