Six new affordable homes are being constructed in south Florida’s Deerfield Beach as part of an expanding program that intends to bring homeownership to low-income families. The lots were donated by the city to Fort Lauderdale-based South Florida Community Land Trust, who will keep ownership of the land, but cover construction costs. According to the Sun Sentinel, the median income in the area is $65,700, so to qualify for a home, a four-person household must earn $64,650 or less.
These six homes will bring the total of land trust rental and ownership homes to 69 in Broward County, including in Lighthouse Point, Wilton Manors, Hallandale Beach and Fort Lauderdale.
Land trusts across the state were created by local governments more than a decade ago to respond to housing affordability concerns. Sometimes, like in Lighthouse Point, the organization owns rental apartments where rents go for less than what the market rate would be, “promising to keep the property affordable forever,” she said.
The Deerfield Beach homes would sell for $200,000 or less, Bartle said. Owners are assured to get back the money they paid, plus a portion of the appreciation, when it’s time to sell. Still, the homes must be sold at an “affordable rate” determined at that time of sale.Read More