LOUISVILLE, Ky. — More people in Louisville will get a chance of home ownership, thanks to the creation of the city’s first community land trust.
Louisville Forward has entered into an agreement with a community development organization REBOUND to establish a community land trust in the Russell and Smoketown neighborhoods.
It will use up to $2.1 million in federal Community Development Block Grant funds.
The trust works by allowing REBOUND to keep control of the land but sell the homes that sit on it.
That means homes can be priced at below-market rates that are more affordable for low-income families.
“By providing meaningful opportunities for low income people to build equity through homeownership, while also allowing for community control and direct, grassroots participation in decision-making,” Cathy Kuhn, executive director of the Metropolitan Housing Coalition, said.
Christie McCravy, executive director of the Louisville Affordable Housing Trust Fund added, "Studies have shown that community land trusts are a proven wealth-building tool as well as a housing stabilizer for lower-income families when developed in emerging neighborhoods. We are excited to see this project come to fruition as well as how it will impact the residents that participate.”