Harris County approves $15M to buy 100 homes for affordable housing program
aims to make home ownership attainable for county residents earning less than 80 percent of the Houston area's median income who otherwise would struggle to buy a house. Under the four-year-old program, the buyer purchases and owns the house, while the land it sits on is owned by the trust, dramatically reducing the buyer’s purchase price.
Making a purchase with the land trust can take $100,000 off the list price, since the home buyer is paying only for the cost of the structure. It also stabilizes tax bills, since owners do not pay taxes on the land, which is the portion of the taxable value that is most likely to climb over time. Each property in the land trust program has a 99-year renewable ground lease, guaranteeing the housing will remain affordable long term. If the homeowner decides to sell the house, the land trust will buy the house back or find another income-eligible buyer to purchase the home.The Harris County Community Land Trust can acquire single-family and multi-family properties. They can be located anywhere in the county, but the program focuses on areas outside the city of Houston.
"By investing in single-family home acquisitions, we will create equitable housing outcomes for residents by moving privately owned housing into our Harris County Community Land Trust to avoid speculation, promote shared ownership and create permanently affordable housing," Precinct 1 Commissioner Rodney Ellis said in a statement."This preserves affordable homes and creates wealth-building opportunities through home ownership.
In 2021, the countywide median sales price of a home was $285,000, about twice the price the county’s median renter could afford to purchase, according to the Kinder Institute for Urban Research's 2022
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