Home ownership has often been considered a benchmark for achieving the American Dream, but home prices have risen faster than wages — not to mention high interest rates, closing costs, and a down payment.
The Fort Worth Community Land Trust is working to change that, with a unique form of home ownership. Becky Bass, executive director of Fort Worth Community Land Trust, explained to NTX Now's Ron Corning how this unique model works.
These interview highlights have been edited for length and clarity. To listen to this conversation in its entirety, click the 'listen' button above.
What is the community land trust model?
Community land trust (CLT) homebuyers own the physical structure of the hose, but they don't own the surrounding land. Bass says the land is a community asset.
"We as the nonprofit are stewarding [the land] permanently and in doing so we're able to keep those homes affordable," she said. "Anyone who buys one of our homes has full use and enjoyment of that land, but we're going to be the keepers and stewards of it for the full community."
Through this program, homeowners still receive equity on their purchase, but the upfront cost is more affordable because the cost of the land is removed from the transaction.
Who is eligible?
Bass says they serve households making at or below 120% of the area median income in Fort Worth.
"Those are teachers, first responders, nurses, folks that are living and working in our community, but we still want to make it affordable for that family that maybe can't afford a home without that kind of intervention," she said.
Bass gave the example of an average household income of $88,000 could purchase a home that costs $135,000, and with down payment assistance programs, they are paying less than $1,000 for their monthly mortgage cost.
The Fort Worth CLT is hosting a Homebuyer's Fair Saturday, Aug. 29 from 10a.m. - 2p.m. Tickets online are free, but reserving a spot is recommended.
Miranda Suarez and Ron Corning are the hosts of KERA's NTX Now. Got a tip? Email Miranda at msuarez@kera.org or Ron at rcorning@kera.org.
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