FOR IMMEDIATE RELEASE
Contact: Holly Bowman, The Housing Fund
FIRST COMMUNITY LAND TRUST PROPERTY COMPLETED IN NASHVILLE
NASHVILLE, Tenn. (Feb. 7, 2022)- The Housing Fund has completed the first Community Land Trust home in Nashville this month, joining other cities across the US in creating this unique affordable housing opportunity. The first Community Land Trust property, located in North Nashville, marks the first of 15 properties that will extend the opportunity of homeownership to low- and moderate-income community members in Nashville. The goal of The Housing Fund’s Community Land Trust is to create and sustain affordable housing for generations of families.
Through the Barnes Housing Trust Fund, the City of Nashville donated the 15 scattered site properties to The Housing Fund for the CLT. The Barnes Housing Trust Fund allows the city to invest in new and creative solutions to address the problem of affordable housing in Nashville. The Housing Fund is responsible for the developing single-family houses and providing stewardship over the units. The Housing Fund partnered with Be a Helping Hand Foundation to develop the home located at 1701 McKinney Avenue.
Once a property is developed, the homes are sold at an affordable price to qualifying buyers who are 80% or below area median income. However, the title of the underlying land remains in The Housing Fund’s name and the land is leased to the homeowner for the duration of their homeownership. This helps The Housing Fund ensure the homes remain affordable over time.
As Nashville continues to grow, so does the need for creative affordable housing solutions. One of the goals of the Community Land Trust program is to create homes that are sustainable and complement the community for many years to come. Alisha Haddock, Vice President and Director of Community Impact for The Housing Fund notes, “The Community Land Trust is a reason for our community to celebrate because it is one more affordable housing solution we can be proud of.”
Community Land Trusts have been forming across the country since 1969, helping to ensure affordable housing is created and maintained in communities that have faced challenges with obtaining safe and affordable places to live. As Nashville continues to grow, Community Land Trust program will help extend the opportunity of homeownership to certain members of our community, helping build generational wealth that may have otherwise been unavailable.