A new chapter in securing attainable housing in the City of Pensacola opened this week on East Jackson Street.
The partnership between Pensacola Habitat for Humanity and the City to build nine new, affordable homes on East Jackson Street took another step toward bringing permanent affordable housing to the site of the former Malcolm Yonge Center.
The property’s sale closed Aug. 19.
These homes will be part of the Northwest Florida Community Land Trust (CLT), a shared-equity homeownership model that ensures that the homes will remain affordable for income-qualified buyers for 99 years.
“A safe and stable roof overhead is one way to relieve the pressure of affordability on families,” said Pensacola Mayor D.C. Reeves. “I’m grateful to our partners at Pensacola Habitat for their commitment to ensuring that – through the Community Land Trust model – these nine homes will be affordable for decades to come.”
“Our goal with this project is to make homeownership possible for working families in a part of our community where rising housing costs have put it increasingly out of reach,” said Pensacola Habitat President and CEO Sam Young. “These nine homes are being built for the families and individuals who make our community run, and the Community Land Trust ensures this investment will continue serving working families for generations. That’s what’s possible when a city prioritizes housing and puts real resources behind it. We’re grateful to the City of Pensacola for the partnership and excited about what we’re building together.”
The CLT partnership includes the City’s donation of the land at 925 E. Jackson Street, plus an additional City contribution of roughly $590,000, comprised of $240,000 in Community Redevelopment Agency (CRA) dollars and roughly $350,000 from the City Housing Department’s Homebuyer Assistance Program funds.
The CLT will deliver the homes, cover the remaining project costs, and preserve long-term affordability through its ground lease model to keep the homes affordable in perpetuity.
Pensacola Habitat’s Northwest Florida CLT is the only model in Northwest Florida that can permanently protect the public subsidy involved in these homes, making them permanently affordable for the workforce. By building these homes through the CLT, they won’t only be attainable for today’s buyer, but for any potential buyers in future years.
This is the latest in a long line of collaborations between the City and Pensacola Habitat for Humanity aimed at transforming the landscape of affordable housing. This project and beyond are proof that private and public partnerships can lead to long-term, lasting impact in the housing market.
What is “affordable”?
Average median income is the metric that is typically used when discussing affordability in housing. The U.S. Department of Housing and Urban Development figures show 80% of Pensacola’s area median income for an individual is $54,950, and at 120% of AMI, the number is $82,440.
For more information on the CLT, including eligibility requirements and how to apply for them, visit pensacolahabitat.org/nfclt.
