sfcltBy Cliff Dunn, EyesOnNews.com, Lauderdale Lakes (June 28, 2013) – As the South Florida real estate market begins to rebound, many first time home buyers will find themselves facing tougher financial obstacles in their quest for home-ownership.
The South Florida Community Land Trust, along with the National CLT Network, Florida CLT Institute, the South Florida CLT Network and other CLT’s hosted a forum for lenders to learn about the benefits of community land trusts.
Shared equity home-ownership programs, and in particular, community land trusts, have proven themselves as a way for families who aspire to the American Dream to safely and affordably enter into home-ownership.
“Community land trusts are particularly suited to families who cannot afford the costs of a conventional real estate transaction,” said Mandy Spangler Bartle, Executive Director, South Florida Community Land Trust.
Jaimie Ross, founder and director, Florida Community Land Trust Institute, Joseph Gray, JEG Urban Planning Associates; Michael Brown, Burlington Associates; Melora Hiller, National CLT Network; and Marcia Barry-Smith, MBS Consulting Services, discussed the benefits of CLT lending, Community Reinvestment Act (CRA) obligations, community development needs and provide examples of successful programs.
“As home prices begin, again, to escalate, it is imperative that we find a viable way to control price inflation and equity stripping that occur when homes are ‘flipped’. This time around, we need to set mechanisms in place to ensure that future buyers have a stock of affordable homes to choose from,” said Marcia Barry-Smith, MBS Consulting Services.