Affordable home unveiled in west Charlotte as push continues for more options
The three-bedroom home was donated in 2019 and moved to the current lot on Tuckaseegee Road.
CHARLOTTE, N.C. (WBTV) - As the topic of affordable housing in Charlotte continues, there is a local organization creating opportunities for families in need.
The West Side Community Land Trust unveiled its first affordable home Friday. The three-bedroom home was donated in 2019 and moved to the current lot on Tuckaseegee Road.
“This is a major milestone for us and a major accomplishment,” said Charis Blackmon, executive director of the land trust.
The home, also called the “Tuck House,” is part of an effort by the land trust to provide low-income families a chance at homeownership.
The land trust is a non-profit organization created by residents.
“To purchase a land trust home we’re looking for individuals that earn between 60 and 80 percent of area median income. A little context for that, for a family of four that would be a total household income of $50,000 which would allow them to be able to afford a house at the $170,000 price point,” Blackmon said.
A report released by the county last year found inventory of permanent, affordable housing in Charlotte-Mecklenburg has decreased, while the need for permanent, affordable housing has increased.
“The goal for us is to create staying power for residents facing displacement due to all of the gentrification that is occurring in this community and similar communities across our city,” she said.
Under this model, families can build equity. There is also a set-rate on the amount of appreciation. According to the land trust, ownership of the land will be retained by the land trust and leased to the owner via a 99-year renewable ground lease.
Per the lease agreement, the homeowner will have a ceiling and floor on the amount of appreciation they can receive in addition to their principal equity that they will retain upon the sale of the property.
“Through the land trust model, we maintain ownership of the land, so that’s part of the natural subsidy,” Blackmon said.
The land trust says this type of agreement will allow the home to remain affordable even if the home is sold.
Blackmon says the goal is to have a total of 50 homes by 2023.
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