FOR IMMEDIATE RELEASE
Holly Bowman, The Housing Fund
THE HOUSING FUND DEVELOPS ANOTHER COMMUNITY LAND TRUST PROPERTY
NASHVILLE, Tenn. (June 10, 2022)– The Housing Fund continues to reinvest in the Nashville community through our Community Land Trust (CLT) program. The Housing Fund has added another home to our CLT portfolio, helping another Nashvillian achieve their dream of homeownership. The CLT program has continued to grow and provide more affordable housing opportunities for low- and moderate-income buyers.
The Barnes Housing Trust Fund donated 15 properties to The Housing Fund for the Community Land Trust. The Housing Fund owns the property and is responsible for developing single-family homes on the land. The homes are then sold at an affordable price to qualifying buyers who are at or below 80% of the area median income. The Housing Fund retains the title to the land and leases it to the new homeowner. This helps to ensure that the home and the land remain affordable once it is sold. The primary objective of the CLT program is to build permanent, affordable housing serving as the permanent place for a community’s land and serve as the permanent steward for any residential or commercial buildings that are located upon its land.
The Housing Fund has developed another CLT property in North Nashville, in addition to the first CLT home that was completed in February. The North Nashville area has a rich history and culture with important historic roots for the Black community. However, many residents have faced displacement, even those who have lived there for generations. Affordability has been a top issue for many families, and it has become increasingly difficult to stay in the area. Preserving the affordability of North Nashville is imperative to preserve the community, its history, and the well-being of those who live there.
Also, the owner of this CLT home represents the population The Housing Fund aims to target with this program. The new homeowner is a single mother of three children, entrepreneur, community advocate, and formerly incarcerated individual who worked tirelessly with The Housing Fund and other community organizations to become homebuyer ready. “If I can do it, anyone can,” says the new homeowner. She hopes that her story will encourage others to work toward their dream of homeownership, too.
The Housing Fund is in the process of developing more CLT properties, extending the opportunity of homeownership to those who may not have that option through traditional avenues. The Housing Fund will continue our efforts to revitalize neighborhoods in Nashville through the Community Land Trust program and provide the opportunity of homeownership to those who need it.
For more information about the Community Land Trust program, visit thehousingfund.org or contact Alisha Haddock, Vice President of Community Impact at 615-515-2206 or email [email protected]