Frederick County Establishes Affordable Housing Land Trust

As reported by the Frederick News Post, Frederick County Commissioners recently approved funding to start an affordable housing land trust in the county, which will be overseen by Habitat for Humanity.  From the article:

Frederick County commissioners Thursday agreed to provide $50,000 in startup funds for the new affordable housing land trust, a nonprofit that is in its final phases of design. The trust will offer homes for sale at drastically reduced prices by subtracting the cost of land from the total, Commissioner Billy Shreve said.

“If you take the land out of the cost of the house, then the house costs half as much,” said Shreve, adding that he got the idea for the land trust about a decade ago.

Officials also hope the program will take foreclosed properties off the market, as the trust buys low-cost homes and rehabilitates them for sale.