The city of Gainesville and Bright Community Trust cut the ribbon Friday on the first of 10 affordable homes that will be built and sold through the partnership.  

Gainesville finalized its partnership with Bright Community Trust in 2022, and Frank Wells, president of the trust, said North Florida is the organization’s newest market.  

“We are so excited to be welcoming a new neighbor here for the city of Gainesville,” Wells said. 

The new home, a three bed and two bath, is located off SW 2nd Street and just a block west of Depot Park. Wells highlighted the great spot within the Porters Quarters neighborhood and close to jobs, educational facilities and parks.  

Mayor Harvey Ward said he’s advocated for at least a decade to create a community land trust in Gainesville. The program turns over lots owned by the city to the trust, who then builds and sells the homes at below-market rates. 

“Hundreds of folks in this community have talked about the value and the usefulness of community land trusts for a long time, and here we are now actually putting it to work and making it an opportunity for a family to be in here and make this home and to change the generational finance for their family,” Ward said.  

Renee Welch, Bright’s chief financial officer, explained that the land is still owned by the trust, so buyers only pay for the house without the additional cost land adds to home purchases.  

Bright will sell to residents at or below 80% of the area median income and enter a 99-year contract. If the resident moves in the future, Bright will buy the house back in order to resell at that 80% level.  

Welch said if the housing market increases while the residents live in the home then they still earn money by selling, just like a regular homeowner building equity. She said that’s the goal—helping residents get a boost into the market.  

The city sent the first four parcels at once, and Welch said the other three are in different stages of development. All four of those houses will be built by Habitat for Humanity.  

The other six parcels were deeded to Bright in May, and Welch said the trust will eventually ask for bids from builders to complete all six homes.  

Ward called the community land trust program one of many tools the city can use to increase affordable housing. 

“Bright Community Trust is now part of that growing history, that ongoing history, in the Porters neighborhood,” Ward said. 

The City Commission allocated $8.7 million for a different affordable housing program in July.