New funding keeps the homeownership dream alive for Avondale families

(Shutterstock Photo/sculpies)

By Good Info News Wire Team

April 24, 2024

In a unanimous decision, the Maricopa County Board of Supervisors approved an additional $796,326 on March 27 to boost homeownership opportunities in Avondale. The funding, which is to be channeled through a Community Land Trust (CLT), brings the total investment in the Avondale project to over $3 million.

According to Supervisor Clint Hickman of District 4, the increased living expenses and financial responsibilities have made homeownership seem unachievable for some families. He expressed pride in the Board’s commitment to finance affordable housing projects to keep the dream of homeownership alive and eliminate obstacles for aspiring homeowners in the West Valley.

New Funding Keeps The Homeownership Dream Alive For Avondale Families

Photo courtesy of City of Avondale, AZ via Facebook.

The initiative will see the construction of six single-family homes for income-qualified buyers. The homes will be built to be sustainable and energy-efficient, keeping operating costs as low as possible. As Supervisor Steve Gallardo of District 5 noted, the project represents a significant step towards building multi-generational wealth for lower-income families.

Three houses will feature three bedrooms, two bathrooms, and 1,225 square feet of living space, and will be available to homebuyers earning at or below 80 percent of the Area Median Income (AMI), which equates to $74,800 per year for a family of four. The other three two-story homes will have three bedrooms, two and a half bathrooms, and 1,440 square feet of living space, suitable for households earning up to 120 percent of the AMI, capped at $112,200 per year for a family of four.

The use of the CLT model ensures the affordability of these homes and increases the supply of affordable housing and homeownership opportunities for generations. The CLT will hold a 99-year renewable ground lease which mandates that the homes remain owner-occupied and can only be sold to income-qualified homebuyers.

The extra funding, which comes from the U.S. Department of Housing and Urban Development’s HOME Partnerships Program Community Housing Development Organization (CHDO), increases the total amount invested to $3.1 million. This initiative reflects Maricopa County’s commitment to tackling housing affordability issues by providing access to safe, affordable housing for its residents. For further information on housing investments made in Maricopa County, visit Maricopa.gov/Housing.

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This article first appeared on Good Info News Wire and is republished here under a Creative Commons license.New funding keeps the homeownership dream alive for Avondale familiesNew funding keeps the homeownership dream alive for Avondale families

This story was generated in part by AI and edited by The Copper Courier staff.

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