COLUMBUS, Ohio — Owning a home may be many people's dreams, but it’s not easy for everyone because of the affordable housing crisis many Ohioans are facing.
The problem is only growing as big companies like Intel, Amazon and Microsoft continue to have a bigger presence in Ohio.
What You Need To Know
- The Central Ohio Community Land Trust, which is part of the Franklin County Land Bank, tries to help solve the affordable housing shortage in Central Ohio
- Income eligible buyers buy the homes they build at a price below market value
- Jasmine Wooten, who is a single mom of two, recently bought one of their homes for $200,000
The Central Ohio Community Land Trust, which is part of the Franklin County Land Bank, aims to solve that problem.
They build houses on properties owned by the Land Bank. Income eligible buyers then buy the home at a price below market value, while the Land Bank owns the ground itself.
“Because of the support by both the city and the county for the community land trust model, it guarantees that when the first homeowner sells a home, the second homebuyer will be able to buy it at a price still below market value for not only for the first homebuyer, but the next homebuyers who follow,” Hope Paxson, Vice President of Programs and Housing for the Franklin County Land Bank explained.
The work they do provides people like Jasmine Wooten a place to call home. She’s a single mom of two and recently bought a three-bedroom, 2 1/2 bath for $200,000.
“It’s still, you know, only been a couple months. I moved in on June 4, but it’s still a little surreal. Like it’s my home,” she said.
Partners with the Franklin County Land Bank said they hope by building more homes Like Wooten’s, the issue of affordable housing will diminish.