The Phoenix City Council approved giving the Newtown Community Development Corporation $5 million from the city’s share of the American Rescue Plan Act.
Vice Mayor Yassamin Ansari said Newtown will serve as the community land trust administrator, “And this land trust will be able to acquire properties, rehabilitate homes and then sell homes to first-time low-income homebuyers."
Homes will be sold below market value and owners lease the land from the trust. When houses are resold, the price is restricted so sellers can make a profit but remain affordable for other low-income and first-time buyers.
"I think opening the door for low-income residents to own a home is such a significant step toward building welath wihtin our most disinvested communities," Ansari said.
Newtown says it’s the largest community land trust in Arizona with more than 150 homes across Maricopa County.
