Huntsville could be looking at some more options to create attainable housing. Now that plans are in motion to build a mix of affordable and regular housing on the donated land at Sabrina Park Drive, Mayor Scott Aitchison says another option has presented itself.
It’s called a community land trust, and he says it’s a not-for-profit co-operative, where houses on the land can be sold but not the land itself.
Aitchison says a community land trust would generally have a mix of rental units and units that are for sale. He also says the land trust owner would hold the mortgage, because banks generally don’t want to loan mortgages on property the borrower doesn’t own.
He says the benefit is that it becomes a self-growing trust, which can continue to develop more units for rent or sale down the line.
The Champlain Housing Trust in Burlington, VT was created in 1984, and now has over 550 homes and 2,000Â apartments.
Aitchison says it’s all about creating attainable housing, and to lift up the entire neighbourhood. He says that’s the current plan for Sabrina Park Drive as well, as a developer has now been chosen and council will vote to officially approve the company at the next meeting.
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