The completion of the first affordable home through a partnership between the City of Gainesville and Bright Community Trust was celebrated Friday morning.
Located at 818 SW Second St., the 1,400 sq. ft. three-bedroom/two-bathroom home with a single-car garage is on the eastern edge of downtown Gainesville’s historic Porters Quarters district, just one block from Depot Park, the Cade Museum, Rosa Parks RTS Downtown Station, and other amenities.
Providing quality, affordable housing in great Florida neighborhoods near essential amenities like parks, schools, arts and entertainment districts, grocery stores, jobs and more is a key priority of Bright Community Trust’s vision, said Frank Wells, the nonprofit’s president and chief impact officer.
“We are very excited to have a great, affordable home in a great neighborhood,” Wells said during the grand opening, which was attended by more than two dozen government officials, project partners and others.
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Serious discussions about building affordable housing through a partnership between the city of Gainesville and a community land trust began about six years ago, Gainesville Mayor Harvey Ward said, adding that he and others began pushing the issue about a decade ago.
“Hundreds of people in the community have been talking about the value of community land trusts for years,” Ward said.
Six years ago, the idea of using community land trusts to address affordable housing needs in Alachua County and Gainesville became popular. In fact, former Gainesville City Councilwoman Gigi Simmons sponsored a forum featuring presentations by Pamela Davis, executive director of the Gainesville Housing Authority, and Camille Reynolds, executive director of the Hannibal Square Community Land Trust in Winter Park, one of Florida’s most successful community land trusts.
One of the main benefits of CLTs, officials say, is that it takes land out of the homeownership equation, allowing homebuyers to get more home for their money.
Community land trusts are part of the city’s comprehensive housing strategy to create affordable housing through new construction. According to a press release from the city of Gainesville, Bright Community Trust retains ownership of the properties while income-eligible homeowners purchase the homes with a long-term lease on the land.
When a person purchases a home through a community land trust, they pay substantially less than the home’s market value. To qualify, homebuyers must earn no more than 80 percent of the area median income, as defined by the U.S. Department of Housing and Urban Development and adjusted for family size. In Gainesville, that means a family of four whose annual income does not exceed $76,250 qualifies; the income limit for a single applicant is $53,400, according to the press release.
The list price of the home unveiled Friday is $264,000, but it will most likely sell for around $170,000, Wells said.
A “wild, wild estimate” is that the monthly mortgage, home insurance and property taxes would be about $1,500, Wells said.
The home was built by Alachua Habitat for Humanity, and the city and Bright Community Trust have reached an agreement to build nine more homes on vacant lots previously owned by the city that were transferred to Bright Community Trust, the release said.
The homes built through this partnership will help families transform their lives for generations, Ward said, adding that the city will help buyers with down payment assistance.
“Everyone here recognizes what a big deal this is,” Ward said.
