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featured innovator

Ashley Allen

Houston Community Land Trust

Houston, Texas

Houston CLT Homebuyer Choice Program

Summary

The Houston CLT’s Homebuyer Choice Program utilizes the community land trust model and a subsidy of up to 150K to make homeownership affordable for buyers under 80% AMI.

Description

HCLT’s Homebuyer Choice Program (HCP) directly results in an increase in Black homeownership. HCP fills the financial gap between what is truly affordable for buyers and the market rate price by providing a subsidy between 100K-150K to go towards buying down the principal and closing costs. The homes are then kept permanently affordable to stabilize long-term housing costs allowing residents to comfortably remain in their home post-purchase and/or make it affordable for a future buyer if the current owner decides to move or buy in the traditional housing market. Currently 81% of HCLT homeowners are Black. The HCP contributes to the social fabric of communities by enabling residents who are facing displacement due to rising housing costs to have a chance at remaining in their community. HCP creates a wealth building tool for many that would begin to address the wealth gap that leaves too many Black people with negative net worth. HCP allows for entry into the housing market to allow for building wealth through homeownership but also by creating lower housing costs resulting in more disposable income to invest, pay off debt, or save.

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