Austin, TX addresses the impacts of gentrification on home ownership with Community Land Trust
Austin, TX Community Land Gentrification Home Ownership
The Austin Community Land Trust (ACLT) offers 24 units at below-market prices to eligible buyers. Applicants earning 65% of the local median family income and living in gentrified census tracts entered into a lottery for purchasing opportunities. The pilot reduces the overall costs of home ownership by selling homes but leasing land at minimal costs for 99 years. City officials designed the ACLT pilot to expand affordable housing access in a tight housing market.
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Report: Austin's program to sell homes to residents impacted by gentrification off to slow start | kvue.com
The City first announced the pilot program back in April. A new report shows that of the two dozen homes, not one has been sold.
Land trust program targets applicants impacted by displacement - Austin MonitorAustin Monitor
Residents in City Council districts 1 and 6 will have the first chance to purchase one of a cluster of single-family homes the city is making available at affordable prices through the Austin Community Land Trust. In a memo released…
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