Springfield Community Land Trust Affordable Housing Program Kickoff
(Springfield, MO) – Springfield Community Land Trust, the City of Springfield, and Community Partnership of the Ozarks officially kicked off a new affordable housing program Thursday. The program allows qualified buyers to purchase homes at rates much lower than most pay in rent. While buyers own the home, the land beneath their home belongs to the Springfield Community Land Trust and the homeowner holds rights to the land by paying a small fee through a leasehold agreement.
Homes within the Springfield Community Land Trust are typically remodeled or new construction homes that are energy efficient and equipped with new appliances and other amenities that make owning the home more affordable over its lifetime.
When homeowners sell their homes, the resale price is based on a formula designed to provide a fair and reasonable rate of return on the investment. Homeowners regain their initial investment plus a fair share of the appreciation of their homes, while at the same time keeping the home’s price within reach for future income qualified buyers.
Mary and Tom Cunningham were among the first to purchase a home through the Springfield Community Land Trust program. “You gave us the opportunity to have a real home, not just a place that we call home. We now have a home for family events such as Thanksgiving, Christmas and even birthdays parties. This opportunity is wonderful. The process was easy. If you commit and do the work, this will improve your life.”
Springfield Community Land Trust also prides itself on preparing buyers for the responsibility of being a homeowner by offering maintenance and repair workshops, coordinating member meetings, arranging loans, providing credit counseling and more.
“For a first time home buyer, it made the buying process less intimidating and overwhelming. I felt I was supported every step of the way through the SCLT that no question was too insignificant to ask or be answered. To be able to have a quality home in an established neighborhood in Springfield is just what I was looking for…the SCLT helped to make my dream into a reality,” said Springfield Community Land Trust’s first buyer Patricia Deck.
To qualify for a home within the Springfield Community Land Trust you simply need to be income qualified, have a down payment of $1095, and a credit score of 640. More information about income qualifications along with an online application is available at the Springfield Community Trust website, www.springfieldclt.org.
View photo gallery from the kickoff event.