NASHVILLE, Tenn. (WTVF) — For some people buying a home is a dream come true, but in Nashville, many are being priced out of that dream.
“It was really birthed from looking for creative solutions to provide homeownership opportunities to people who wouldn’t otherwise have them,” said Alisha Haddock, vice president and director of Community Impact for The Housing Fund.
That’s why The Housing Fund founded a Community Land Trust program. As part of the program, the first of 15 homes were just completed in north Nashville.
Through the program, homes are sold at an affordable price to qualifying buyers, but the land remains in The Housing Fund’s name and is leased to the homeowner. When the homeowner decides to move on they must follow a resale formula set forth by The Housing Fund.
“So it is designed to stay affordable within the community so the next person who needs an opportunity to purchase a home, they’re able to do it at an affordable cost,” said Haddock.
The homes will cost less than $300,000.
“When we say affordable, affordability isn’t just for low-income people — that’s not who’s struggling to get into that — it’s your neighbor and my neighbor,” said Carla Jarrell, community development officer for Pinnacle Financial Partners.
It’s an attempt at creating affordable housing and keeping it affordable.
"Because in Nashville we’ve got a lot of affordable housing on the ground but when it changes hands, it may not remain affordable and that’s really crucial here, that’s what the land trust is all about," Jarrell said.
Qualifying buyers must not make more than 80% of the area's median income. This first completed home is already under contract, but The Housing Fund is taking applications for four others homes currently under construction.
