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“To create quality housing for the low to moderate income residents of our Keys Community, who provide vital services,
and who cannot presently afford today’s costs for shelter. Marathon Car Insurance”
WHO WE ARE:
From a series of Affordable Housing Summits hosted by Department of Community Affairs (DCA) and the South Florida Regional Planning Council (SFRPC) in 1999, a number of recommendations were made to address the critical issue of affordable housing. One of the recommendations was to form a Land Trust. In 2000, Bill Daniels Jr. and Frank Greenman created and incorporated the Middle Keys Community Land Trust.
The Middle Keys Community Land Trust (MKCLT) is a grass roots, community based private, non-profit organization whose mission is to provide affordable housing homeownership and rental opportunities for the workforce in Monroe County.
The all-volunteer Board of Directors consists of broad cross section of affordable housing advocates representing the City of Marathon, Department of Community Affairs, local business, community activists, Monroe County and the Sheriff’s Department.
HOW IT WORKS:
The Trust will construct homes, but will retain ownership of the land. The homebuyer will purchase the home and will receive a 99-year renewable ground lease.
The resale price of the home will be determined by an indexed formula, which limits the resale price of the home, thereby keeping it affordable for future buyers. In exchange for the opportunity to own or rent a home they might not otherwise be able to afford, applicants agree to pass the opportunity along to others through the resale formula. The Land Trust model is a program to create shelter, not investment.
Since the land remains in the control of the Trust, only those qualifying under the affordable housing income limits will be allowed to purchase the home at a controlled cost, therefore the land will be used for affordable housing in perpetuity. By taking the cost of the land out of the equation, the homebuyer can purchase the home at a lower cost.
The homeowners or renters must be members of the Land Trust and must make a commitment to attend meetings and assist others to achieve the same opportunity for safe, decent shelter and stability. This creates a strong sense of community and commitment to help others.