Department: Community Services
Department Head/Elected Official: Adrienne M. Holloway, Ph. D, Executive Director
Regular or Supplemental RCA: Regular RCA
Type of Request: Public Necessity
Project ID (if applicable): 21035MF20W01
Vendor/Entity Legal Name (if applicable): Any applicable landowner and/or property interest holder
MWDBE Participation (if applicable): Not applicable.
Request Summary (Agenda Caption):
title
Request for approval of certain projects, decreeing the projects to be a public necessity and convenience, directing the Harris County Real Property Division to acquire one (1) fee simple tract for the public project known as the Harris County Community Land Trust, for the purpose of affordable housing construction, UPIN 21035MF20W01, Precinct 2.
end
Background and Discussion:
There is an affordability crisis in Harris County. Almost 500,000 families are paying more than they can afford for their homes today. Based on 3x yearly income (TAMU multiplier), people making $42k/year (e.g., Sheriff, Health care worker) can afford approx. $126,000 in housing. Most recently built housing is in the $200-$400k range, and current median home price is $295,000. One solution: Community Land Trust!
Expected Impact:
The CLT provides sustainable long-term affordability to low-moderate income families (up to 80% Median Family Income) by placing the land into a trust; thus, a family owns their improvements and enters into a long-term ground lease. This program makes homeownership more affordable through the CLT by subsidizing the purchase price, making taxes more affordable, and keeping the property attainably priced for future homeowners in the event the home is sold.
Alternative Options:
Down payment assistance program is the current option outside of CLT.
Alignment with Goal(s):
_ Justice and Safety
_ Economic Opportunity
X Housing
_ Public Health
_ Transportation
_ Flooding
_ Environment
_ Governance and Customer Service
Prior Court Action (if any...
Click here for full text