Gilbert partners with Maricopa County in affordable housing initiative
Nov 26, 2023, 10:00 AM | Updated: 5:19 pm
Town of Gilbert (courtesy of GilbertAZ.gov)
(courtesy of GilbertAZ.gov)
The Maricopa County Board of Supervisors approved an agreement with the town of Gilbert providing affordable housing.
The agreement will take an innovative approach, utilizing upwards of $1.5 million of a Community Land Trust to rehabilitate homes with the future top of mind through energy efficiency.
The CLT approach is key to long-term affordability because the developers are required to sell the home — and not the land, which will be retained by the trust — at below-market prices to buyers who earn at or less than 120 percent of the median income. For Gilbert, this is no more than $112,200 annually for a family of four.
RELATED STORIES
“This initiative is another way we’re creating new pathways for people to put roots down in Gilbert …” Vice chairman of the Maricopa County Board of Supervisors Jack Sellers said. “This is an important step in breaking down barriers to homeownership and redefining what’s possible for these families.”
The opportunity allows families to build equity and experience the benefits of home ownership. If the buyer does decide to sell eventually, developers repurchase at 125 percent of the original purchase price, ensuring a fair return for the selling owner and affordability for the next buyer.
“Through our partnership with the town of Gilbert,” Supervisor Thomas Galvin said. “We are helping families who may have been priced out of the market achieve the dream of home ownership.”
