Workforce Housing
In 2017 the Urban Land Institute (ULI) housing study recommended the reestablishment of a Local Housing Trust fund in Collier County. The County has recommended the same approach in its own housing study. The Local Housing Land Trust fund will promote housing that is affordable through the direct ownership of land and leasing the land on which housing that is affordable is built. An agreement between the developer and County would ensure that the County retains ownership of the land and any resale would result in a reimbursement to the County.
PROJECT GOALS:
- Purchase land that can be reserved for housing that is affordable through extended County ownership
- Provide a funding resource for the County’s Local Housing Trust Fund
- Acquire land for housing that is affordable
- Long term affordability of Collier’s housing stock
- Promote economic development by increasing affordable housing options for the areas workforce
PROJECT FEATURES:
- Hold land in perpetuity (99-year lease) for the development and preservation of the stock of housing that is affordable
- Incentivize the construction of homes/rentals that are affordable on County owned properties
- Increase the availability or quality of housing for the elderly or persons with disabilities
- Use restrictions that ensure that properties will remain affordable for the long term
COSTS AND FUNDING:
- Projected initial funding will be $20.0 M