Working with Real Estate Developers
The Bright Community Trust model works for rental units as well as owner-occupied homes. However, the land leases for the publicly subsidized multi-family rental units are developed expire after 15 years. At that point there is not more “affordability.”
In a multi-family development the cost of the land is a large part of the development costs. We work to find and purchase, with either public money or social investment funds, property that would serve as a good location for multi-family housing. We then partner with a developer to create a multi-family community. If the land costs is not a part of the project budget but the rental of the land is part of the ongoing project expenses the project can rent the units at a more affordable price. Since the land is in the trust there is no expiration period so the units remain affordable for generations to come. In some cases where we can’t find a developer to work with we may develop the project and retain ownership of the land and the buildings. While most of our activity is in multi-family developments the model also works for single family scattered site homes.