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Creating affordable homes for families: CHT has acquired an approximately 18-acre parcel at 400 N. McCall Road in Englewood, Florida from the County to develop a high-quality, permanently affordable workforce housing community. The development will include a minimum of 39 housing units, all of which will remain affordable in perpetuity for households earning up to 100% of the Area Median Income (AMI).
CHT also sells a limited number of existing Land Trust homes, scattered throughout the County as they become available. These homes have been part of the Land Trust for nearly 2 decades and are sold to income-eligible families who agree to continue to share in the appreciation of their homes whenever they decide to move. They pay it forward so that the benefits that they've realized will be available for other families.
Community Support
By integrating both rental and homeownership opportunities, “mixed-tenure” communities and scattered-site housing foster economic diversity, promote social stability, and enhance the overall quality of life for Sarasota County residents. CHT's model addresses a range of housing needs across different life stages and income levels, while helping prevent economic segregation, reduce concentrated poverty, and encourage long-term community stewardship and maintenance.
Housing Can Be Affordable
In addition to offering grants and financial guidance to help families repair credit and afford and maintain their homes long-term, CHT uses a unique model to support the affordable housing needs of the workforce in Sarasota County.
CHT creates permanently affordable housing through its use of a Shared Appreciation Mortgage and/or a Land Trust. To reduce the purchase price of a property without reducing the quality of the home or neighborhood, CHT can own the land while the home buyer purchases only the house. CHT can also subsidize the purchase of a home in exchange for sharing the increase in value in the future - once the homeowner decides to sell.
How do we keep homes forever affordable? What's the process to buy a CHT home?
The first step is determining whether you meet the income requirements. Please review the maximum total household income allowed for your household size based upon Sarasota County's current Area Median Income at the link below. Most of our homes are available for buyers with household income of up to 120% of AMI, but some are restricted to 80% of AMI (based upon the original funding source).
If you are income-eligible, the next consideration is financing. Generally, applicants should have a credit score of approximately 640 or higher and manageable debt levels so they can qualify for a mortgage. We cover most closing costs, and participants typically need about $3,000 total to enter the program, including the down payment.
The Community Housing Trust of Sarasota County (CHT) preserves the long-term affordability of these homes. To do this, CHT records a 0% interest second mortgage on the property to cover the difference between the home’s market value and the affordable purchase price paid by the buyer. Homeowners make no monthly payments on this second mortgage, and it cannot be paid off. Instead, it remains with the property and is passed along to the next income-qualified buyer—whether the home is sold in six months, six years, or sixty years.
When homeowners decide to sell, they also agree to share in the home’s appreciation. The homeowner receives 25% of the appreciation, while 75% is retained by CHT and reinvested as subsidy assistance for the next buyer. If the home decreases in value, CHT absorbs the full loss.
This program creates substantial savings compared with a traditional home purchase. Buyers typically save $15,000 to $40,000 in upfront down payment costs, approximately $15,000 in real estate commissions, avoid the added cost of private mortgage insurance (PMI), and significantly reduce their monthly mortgage payment. Our goal is to make homeownership both affordable and sustainable, giving homeowners room in their budget to save for the future and for eventual home maintenance. We also ensure that major repairs are completed before purchase so buyers are not faced with immediate repair costs.
Homes purchased through the program must be owner-occupied for at least 10 months each year.
FAQs
Who qualifies?
Low to moderate income individuals and families are eligible.
How to apply?
You can apply through our website or contact our office for guidance.
What programs exist?
We offer homebuyer assistance, rental programs, and partnerships to expand affordable housing.
Yes, income limits vary by program and household size.
Are there income limits?
Is counseling provided?
Yes, we offer homebuyer education and financial counseling.