Gainesville unveils affordable home built under community land trust

At a ribbon-cutting ceremony Friday morning, the City of Gainesville, Bright Community Trust and other partners unveiled a newly built three-bedroom, two-bathroom home that will remain affordable for at least the next 100 years.

Under what’s known as a community land trust, Tampa-based nonprofit Bright Community Trust owns and leases the land on which the home is built, while a first-time buyer purchases only the home, significantly reducing costs.

The city signed a contract with Bright Community Trust in 2022 and has made 10 vacant city-owned lots available over the past few years. Gainesville also worked with organizations such as Habitat for Humanity to build the homes.

The first home built at 818 SW 2nd Ave. in the Porters Community is for sale for around $265,000, but is selling for over $100,000 below market price, according to Frank Wells, president of Bright Community Trust.

“This is also a great opportunity for families who would otherwise always be renting to buy a home and build some equity,” Wells said. “And this kind of opportunity to build some household wealth can be really transformative for families.”

The project was initially funded through the American Rescue Plan, but Wells said his organization and the city are already working to find additional funding to continue building affordable single-family homes for purchase and rental.

Gainesville Mayor Harvey Ward said this will be a home for lower-income families that will enable them to own their own home.

“This is working class housing. It’s for teachers, bus drivers, firefighters and police officers,” Ward said. “It’s an opportunity for people who otherwise can’t afford a home to buy a home and contribute to the neighborhood and the larger community.”

The house they unveiled on Friday is already for sale, but can only be sold to buyers with annual incomes below certain limits: $76,250 for a family of four and $53,400 for single people.

Copyright 2024 WUFT 89.1