The Tallahassee Lenders Consortium broke ground Wednesday on the first of 35 homes the agency plans to build as part of its community land trust program. The program will build homes on vacant city property in residential areas. Future homeowners won’t own the land, ultimately saving them from buying it and making the cost of their home more affordable.
Commissioner Curtis Richardson explains.
"We’re taking the cost of the land out of the equation. So, let’s say this lot was $10,000 a figure off the top of my head," said Richardson. "That cost is taken out of the equation because that homeowner will have a lease, a 99-year lease on the property made through the Lenders Consortium."
Officials held a groundbreaking ceremony Wednesday at the site of their first project on Eddie Road in Northeast Tallahassee. The group plans to build 35 homes by 2024. Organizers are hoping to get 9 of those homes started this year. The city of Tallahassee has donated $500,000 to help pay for the construction.
