By Rose Law Group Reporter
The Maricopa County Board of Supervisors approved an agreement with the City of El Mirage to increase homeownership opportunities using a Community Land Trust (CLT).
“Maricopa County is creating pathways to ensure more residents have the opportunity to become homeowners,” said Maricopa County Chairman Jack Sellers, representing District 1. “We are breaking down barriers to allow more families to achieve the dream of owning a home which in turn builds family wealth.”
Through this partnership, El Mirage will provide $1 million in American Rescue Plan Act (ARPA) dollars to Maricopa County. The funds will be used to acquire and rehabilitate approximately five single-family homes. All homes will be sold to eligible homebuyers earning at or below 120 percent of the Area Median Income, which is no more than $112,200 per year for a family of four.
“I am proud of Maricopa County’s partnership with El Mirage to increase the supply of affordable housing in this community,” shared Supervisor Clint Hickman, District 4. “We are helping families secure a permanent and affordable place they can call home for years to come.”
The CLT approach plays a pivotal role in ensuring affordability of these homes to increase the supply of affordable housing and homeownership opportunities.
To maintain the long-term affordability of these homes, buyers only pay for the house itself, with the CLT retaining ownership of the land. The developer will lease the land to homeowners through a low-cost, long-term renewable lease, enabling families to build equity and experience the benefits of homeownership. In the event a homeowner decides to sell their house, the developer will purchase the home at the original purchase price plus 25 percent of the increased value of the house. This ensures a fair return for the homeowner while upholding the home’s affordability for the next income-qualified first-time buyer.
The developer will also provide homebuyer education, financial counseling, sources of down payment assistance, and assistance throughout the home buying process.
This initiative reflects Maricopa County’s commitment to increasing housing availability and facilitating access to safe and affordable housing for its residents. For a complete listing of Maricopa County’s investments in housing, visit Maricopa.gov/Housing.
