pima county (az) community land trust homes for sale

PIMA COUNTY COMMUNITY LAND TRUST

Homes for Sale


Manager for the Land Trust is: Ron Whitman Frances Flynn ThorsenSocialebb Strategies and Solutions

WHAT IS A COMMUNITY LAND TRUST?A CLT is a community based organization whose mission includes permanent stewardship of

land for the community benefit and

perpetual preservation of the

affordability of housing on the land.

CLT makes it possible for limited- income households to own homes on landleased fromCLT through long-term, inheritable ground leases.

The lessee leases the landbut owns and holds the deed to

the home.

City of Tucson & Pima County• Purchase

Pima County Community Land Trust• Rehab• Market

Qualified Buyers• Rent to Own• Purchase

CITY OF TUCSON (COT) NEIGHBORHOOD STABILIZATION PROGRAM

.

•COT has purchased and rehabilitated 53 homes in targeted neighborhoods with high foreclosure rates, 37 of these homes will be conveyed to the Land Trust to sell.

•Pima County has purchased and rehabilitated 11 homes, that will be transferred to the Land Trust.

NSP 1

•COT shall purchase an additional 20 to 22 homes to be rehabilitated and transferred to the Land Trust for sale.

NSP 2

•The plan is to purchase 10 to 15 homes to be rehabilitated and transferred to the Land Trust for sale.

NSP 3

NEIGHBORHOOD STABILIZATION PROGRAM All or most of the proceeds from the sale of these

homes will be returned to the City and County to purchase and rehabilitate additional homes.

NSP 1 homes bought: 37

NSP 1 homes bought w/proceeds: 20 NSP 2 homes to purchase: 22 NSP 2 homes bought w/proceeds 14 NSP 3 homes to purchase: 15 NSP 3 homes bought w/proceeds 8 Over a 3 to 4 year period total homes to be

sold: 116

REHABILITATION OF NSP HOMES

Average rehab cost is $31,000 per house

HOMES – AS ENERGY EFFICIENT AS POSSIBLE

HVAC installed iif

needed

Low E Dual Pane

Windows

New flooring

New cabinets if needed.

Low flow toilets

Roofs checked for service life

All new energy efficient

appliances

Painted throughout Landscaped

1 person family $20,650

to $26,800


to $30,650


to $34,500


to $38,350


to $41,450


to $44,500


to $47,550


to $50,600

BUYERS MUST EARN 50 – 65% AREA MEDIAN INCOME

TMM Family Services• Income qualify• 8-hour pre-purchase

counseling

Old Pueblo Community Foundation• Income qualify• 8-hour pre-purchase

counseling

LAND TRUST – HOW IT WORKS

The Buyers purchase the

building and all Improvements on the land.

The land is held under

a lease hold by the Land Trust.

Buyer signs a 99-year lease,

which automatically renews for a

second 99-year term.

RENT TO OWN

On the first 37 homes purchased and rehabilitated, 20 are occupied with families under a rent to own program.

The remaining 16 homes can be leased under a rent to own, if the buyers have a minimum credit score of 600. Buyers have 18 months in which, working with Housing Counselors, to become mortgage ready.

The Real Estate Commission will be paid at the successful closing.

Homes under the NSP 2 & 3 Programs will not be offered under the rent to own program.

BUYERS MORTGAGE

CLT Buyers will not pay more than 30% of their monthly gross income for all their housing cost:

Monthly Income: $35,000/12 X 30%

=$875 PITI + Utilities + fees not to exceed

$875 Fees are HOA (if applicable) &

$25/month Land Trust Fee

AVAILABLE HOMES

.1642 W Houchin Way

3 bed/2 bath

1651 W Houchin Way

3 bed/2 bath

2044 E Calle Sierra

Manatial 3 bed/2bath

2217 E Canada 3 bed/2 bath

240 W Placita Casas Bonitas

3 bed/2 bath

2537 E Knightsbridge 3 bed/2 bath

3241 E Halcyon 3 bed/2 bath

3411 S Fairbanks 3 bed/2 bath

5181 S Livingstone 3

bed/2 bath

5217 E 25th St 3 bed/2

bath

5234 S Mallard 3 bed/2

bath

5275 S Newcastle

Court 3 bed/2 bath

5990 S Blucher 4

bed/2bath

6290 S Ave De La Chandelle

3 bed/2 bath

1507 W Gardner 3 bed/2 bath

AVAILABLE HOMES


Manager for the Land Trust is: Ron Whitman 837-5340 email: [email protected]

REAL ESTATE REQUEST FOR PROPOSALS

Brokers interested in listing and marketing these homes submit

a proposal providing the following information:

History of working with low income Buyers

History of working the south and southwest part of Tucson, wherre most of the homes are located.

Submit a marketing plan.

Willingness to work with some Buyers under a rent –to-own program.

REAL ESTATE REQUEST FOR PROPOSALS

Submit proposals to Pima County Community Land Trust by not later than

4:00 p.m., October 15th, 2010.

Pima County Community Land Trust

310 N Commerce Park Loop Dr.Tucson, Az 85745

or email to: [email protected]