Brunswick Housing Authority
In an effort to create homeownership opportunities, The Brunswick Housing Authority has formed a not-for-profit community land trust called Coastal Phoenix/Southeast Georgia Community Land Trust. SEGCLT was created out of a desire to beautify, enhance and provide affordable housing to residents of Glynn County. Great planning has gone into Coastal Phoenix to ensure housing that is affordable, comfortable and beautiful.
Due to rising land and housing costs, and a loss of affordable units, housing options are limited for those who live or work in Brunswick. Escalating land prices have also increased the number of teardowns, changing the character of many neighborhoods. By design, and by intent, the SEGCLT is committed to preserving affordability of housing one owner after another, one generation after another.
SEGCLT targets activities and resources toward charitable activities like providing affordable housing for low/moderate income families and redevelopment of blighted neighborhoods.
High cost of housing, income disparities, significant subsidy shortfalls, population growth, economic investment, disinvestment/absentee landlords, promoting gentrification/urban renewal and foreclosure prevention are just a few of the many reasons SEGCLT was created.
Through the Community Land Trust program, the homebuyer will own the buildings, structures, features and improvements. The homeowner has the opportunity for wealth accumulation through property ownership and shared appreciation agreement. The SEGCLT owns and leases the land to an eligible homebuyer for a per- iod of 99 years, renewable at leaseholder discretion, that is fully inheritable. Lenders finance the home purchase with a leasehold mortgage.
In other words, through the Land Trust the homebuyer is able to purchase a house without paying for the land it sits on, in order to make the house more affordable.
By holding land for the benefit of the community, SEGCLT counters increasing housing costs that are driven by rapidly appreciating land values. In addition, through the resale restrictions, SEGCLT maximizes the cost-effectiveness of the public and private investment used to make homes affordable to the first buyer, providing a fair return to the homeowner while ensuring continued affordability for succeeding buyers.
To request additional information about the Southeast Georgia Community Land Trust please contact Homeownership/Admissions Counselor Andre’ Murray at 912-265-1334 ext 108 or email homeownership@brunswickpha.org.
www.brunswickpha.org
Due to rising land and housing costs, and a loss of affordable units, housing options are limited for those who live or work in Brunswick. Escalating land prices have also increased the number of teardowns, changing the character of many neighborhoods. By design, and by intent, the SEGCLT is committed to preserving affordability of housing one owner after another, one generation after another.
SEGCLT targets activities and resources toward charitable activities like providing affordable housing for low/moderate income families and redevelopment of blighted neighborhoods.
High cost of housing, income disparities, significant subsidy shortfalls, population growth, economic investment, disinvestment/absentee landlords, promoting gentrification/urban renewal and foreclosure prevention are just a few of the many reasons SEGCLT was created.
Through the Community Land Trust program, the homebuyer will own the buildings, structures, features and improvements. The homeowner has the opportunity for wealth accumulation through property ownership and shared appreciation agreement. The SEGCLT owns and leases the land to an eligible homebuyer for a per- iod of 99 years, renewable at leaseholder discretion, that is fully inheritable. Lenders finance the home purchase with a leasehold mortgage.
In other words, through the Land Trust the homebuyer is able to purchase a house without paying for the land it sits on, in order to make the house more affordable.
By holding land for the benefit of the community, SEGCLT counters increasing housing costs that are driven by rapidly appreciating land values. In addition, through the resale restrictions, SEGCLT maximizes the cost-effectiveness of the public and private investment used to make homes affordable to the first buyer, providing a fair return to the homeowner while ensuring continued affordability for succeeding buyers.
To request additional information about the Southeast Georgia Community Land Trust please contact Homeownership/Admissions Counselor Andre’ Murray at 912-265-1334 ext 108 or email homeownership@brunswickpha.org.
www.brunswickpha.org
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