At a ribbon cutting ceremony on Friday morning, the city of Gainesville, Bright Community Trust and other partners unveiled a newly-built three bedroom, two bathroom house that will remain affordable for at least the next 100 years.
Under what’s known as a community land trust, the Tampa-based nonprofit Bright Community Trust owns and leases the land the house is built on, while a first-time home buyer buys just the home, significantly reducing the cost.
The city contracted with Bright Community Trust back in 2022, and over the past few years has provided 10 vacant city-owned lots. Gainesville also partnered with organizations like Habitat for Humanity to build the houses.
The first home, built at 818 SW 2nd Ave. in the Porters Community, is listed for around $265,000, but will sell for over $100,000 less than market price, according to Bright Community Trust President Frank Wells.
“This is also a great opportunity for families that otherwise are always going to be renters to buy a home, build up some equity,” Wells said. “And that kind of opportunity to build up some household wealth can be really transformative to families.”
The project was initially funded through the American Rescue Plan, although Wells said his organization and the city are already working on finding more funding to continue building affordable single-family homes for purchase, as well as rentals.
Gainesville Mayor Harvey Ward said this will be a home for lower income families to experience homeownership.
“This is workforce housing. This is for teachers and bus drivers and firefighters and cops,” Ward said. “It's an opportunity for people who otherwise are shut out of being able to buy a home, to be able to buy a home and contribute to the neighborhood and to the larger community.”
The home they unveiled Friday is already on the market, but it can only be sold to buyers who fall under certain annual income limits: $76,250 for a family of four and $53,400 for single people.
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