ARIZONA NEWS

Gilbert partners with Maricopa County in affordable housing initiative

Nov 26, 2023, 10:00 AM | Updated: 5:19 pm

Gilbert, Arizona...

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.

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.”

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

Stock image of a backyard pool. A 3-year-old child died July 17, 2024, after a drowning incident in...

KTAR.com

3-year-old child dead after being pulled from Chandler backyard pool

A 3-year-old child died Wednesday night after a drowning incident at a Chandler residence, authorities said.

2 hours ago

Arizonans are grateful to be in Milwaukee for what they call a "bucket list" and "once-in-a-lifetim...

Danny Shapiro

Arizonans grateful to be in Milwaukee for ‘bucket list’ Republican National Convention

Arizonans are grateful to be in Milwaukee for what they call a "bucket list" and "once-in-a-lifetime" Republican National Convention.

4 hours ago

With her image magnified on the video screen behind her, Kari Lake speaks during the Republican Nat...

Kevin Stone

Kari Lake says her ‘great name ID’ is helpful for fundraising in Arizona US Senate race

Arizona Republican Kari Lake said the fact that she's become so well known has been a boon to her U.S. Senate fundraising efforts.

4 hours ago

Follow @KTAR923...

KTAR.com

BOGO camping promotion to be offered at Maricopa County’s regional parks

Starting in mid-September, Maricopa County will bring back its "Buy One, Get One" camping promotion.

4 hours ago

Hole 15 at TPC Scottsdale (Stadium Course)...

Payne Moses

Scottsdale rated among best US cities for recreation, recent study shows

Scottsdale was rated the sixth-best city in WalletHub's "Best & Worst Cities for Recreation (2024)" study released Monday.

4 hours ago

Human trafficking sting in Scottsdale leads to 42 arrests...

KTAR.com

42 people arrested during human trafficking operation in Scottsdale

Forty-two people were arrested during a two-day operation targeting human trafficking in Scottsdale, according to authorities.

11 hours ago

Sponsored Articles

...

Midwestern University

Midwestern University Clinic visits boost student training & community health

Going to a Midwestern University Clinic can help make you feel good in more ways than one.

...

Collins Comfort Masters

Here’s how to be worry-free when your A/C goes out in the middle of summer

PHOENIX -- As Arizona approaches another hot summer, Phoenix residents are likely to spend more time indoors.

...

COLLINS COMFORT MASTERS

Here are 5 things Arizona residents need to know about their HVAC system

It's warming back up in the Valley, which means it's time to think about your air conditioning system's preparedness for summer.

Gilbert partners with Maricopa County in affordable housing initiative