At its Nov. 15 meeting, the Maricopa County Board of Supervisors approved an agreement with the Town of Gilbert to provide $450,000 to enhance homeownership opportunities through an innovative approach using a Community Land Trust (CLT).
Jack Sellers, Vice Chairman of the Maricopa County Board of Supervisors, District 1, stated, "This initiative is another way we’re creating new pathways for people to put roots down in Gilbert, an award-winning town recognized for its family-friendly reputation.” He went on to say, “This is an important step in breaking down barriers to homeownership and redefining what's possible for these families.”
Through this agreement, three single-family homes will be acquired and rehabilitated for income-qualified buyers to purchase. These newly rehabilitated, energy-efficient homes will be sold at below-market prices to homebuyers earning at or below 120 percent of the Area Median Income (AMI), which is no more than $112,200 per year for a family of four.
“This decision marks another step toward improving housing affordability in Maricopa County," shared Supervisor Thomas Galvin, District 2. "Through our partnership with the Town of Gilbert, we are helping families who may have been priced out of the market achieve the dream of home ownership."
The CLT approach plays a pivotal role in ensuring the enduring affordability of these homes to increase the supply of affordable housing and homeownership opportunities for generations to come.
To maintain the long-term affordability of these homes, buyers will only pay for the house itself, with the CLT retaining ownership of the land. The developer will lease the land to homeowners through a low-cost, long-term renewable lease, enabling families to build equity and experience the benefits of homeownership. In the event homeowners decide to sell their house, the developer will repurchase the home at the original purchase price plus 25% of the increased value, ensuring a fair return for the homeowner while upholding the home's affordability for the next buyer.
This initiative reflects Maricopa County's unwavering commitment to addressing housing affordability challenges by facilitating access to safe, affordable housing for its residents. For more information on housing investments made in Maricopa County, visit Maricopa.gov/Housing.
About Human Services
The Maricopa County Human Services Department (HSD) builds resiliency in the community and promotes the well-being of County residents experiencing adversity through a variety of programs and services to 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 rental, and utility assistance, and support for people experiencing homelessness. HSD is committed to delivering innovative, equitable, inclusive, and comprehensive services in a collaborative approach that preserves dignity, promotes respect, and facilitates social and economic mobility. Learn more about the financial, educational, and support resources available to Maricopa County residents at Maricopa.gov/HSD.