Greensboro could get more affordable housing through proposed community land trusts

GREENSBORO, N.C. (WGHP) — We’re getting a better idea of where and when more affordable housing could be coming to Greensboro.

The city is moving forward with plans to create community land trusts. It’s where the city and community create a non-profit, which will buy and sell homes to low-income families.

There are eight neighborhoods at the focus. City leaders have identified them as areas needing affordable housing and having potential for growth.

They aren’t the only options. Leaders are developing the community land trust so it will be able to work citywide.

Greensboro leaders are working with Grounded Solutions Network, which is a non-profit specializing in affordable housing opportunities.

By the end of April, city leaders hope to have the community land trust program design finished.

After that, it could take eight to 12 months to get the CLT up and running. Leaders are already discussing development strategies.

“Being able to literally build a home from the ground up is important in terms of development strategy,” said Jason Webb with Grounded Solutions Network. “The other one is that the city and other partners may get donations of homes that may need a little bit of rehab.”

For Greensboro’s CLT, homeownership is going to be the main goal.

Leaders are looking to target people who are at 80% of the area median income or less. They would pay a ground lease of $30 per month, and the resale formula will be a fixed rate of 2% per year.

“This is how we’re able to keep the home permanently affordable and affordable for the next family who may need it once the original family is ready to sell,” Webb said.

Once the CLT is operational, next steps would include creating a board of directors to run the CLT and fostering partnerships with developers and other organizations that can help people with repairs, money management and other skills needed for homeownership.

There are more opportunities for community members to get involved in this process.

The city is creating a survey link where people will be able to share feedback. We’ll be sure to share it once it’s available.

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