The Perfect Property Podcast: An Atlanta Real Estate Guide
Atlanta Community Land Trust With Amanda Rhein
Summary:
On this episode of The Perfect Property podcast Juli invites Amanda Rhein, executive director of the Atlanta Land Trust, to share the inroads she has made in a career dedicated to improving Atlanta’s built environment. The community land trust model, which has found success over the years in 250 cities nationwide, is making home ownership attainable for people in lower incomes brackets. Although local real estate prices have increased dramatically, the ALT has managed to create affordable housing options in a market that would otherwise be out of reach.
Juli and Amanda’s conversation includes a step-by-step explanation of how leased home ownership differs from traditional, the financial profile required of prospective buyers and options for counseling to get on the path to qualifying for a mortgage. Amanda also walks through the process of re-selling a property, how accrued equity is distributed and options available to older family members who wish to pass their 99-year lease down to younger generations.
With roots tracing back to the 1960s, the community land trust model arose in response to the systematic deprivation of civil rights in southern Georgia. The effects of discrimination and intimidation are transgenerational but organizations like the ALT are providing a roadmap for would-be homeowners in need of a point of entry. Amanda shares success stories and acknowledges the ongoing challenge of lobbying for necessary private- and public-sector funding for the portfolio of 300 properties she ultimately hopes to establish. She paints a picture of the types of homes the ALT currently has under development (both single family and townhome communities) as well as her hopes for the future. Join Juli in learning about the Atlanta Land Trust’s mission and the ways in which it is delivering low-income individuals and families access to the American dream of home ownership.
What You’ll Learn:
· Amanda explains how the Atlanta Land Trust works and why it exists. (1:49)
· The community land trust model’s southern roots and evolution. (2:15)
· How the Atlanta Land Trust model specifically serves communities suffering redlining, food deserts, runaway rents/property taxes and other housing inequities. (6:16)
· Amanda explains the step-by-step process and time required to secure a land trust property. (8:38)
· Home valuations in Atlanta have increased in some cases by as much as $100,000, which makes a ground lease formula the best alternative for many families. (11:26)
· Amanda explains the resale process and ALT’s ongoing stewardship role. (12:10)
· Average sale price for ALT-leased homes in Atlanta is about $165,000, but there is a wide range depending on income and other factors. (13:32)
· Funding and land acquisition/development for ALT requires constant cultivation of public and private funding sources. (16:11)
· What about the homes themselves? Is there a “typical” ALT housing project? Some are scattered-site single family homes built on public land and others are larger planned communities of townhomes/condos (both new construction and renovation). (18:00)
· The ALT’s income limits are set based on Area Median Income (AMI), which for the majority of applicants means an income cap of $68,950 annually for a family of four and $48,000 for single individuals. (20:25)
· Other factors in qualifying for a mortgage include: credit score, proof of steady income and amount of household debt. For those who fail to qualify, ALT offers counseling to get on
https://linktr.ee/julistgeorge
Summary:
On this episode of The Perfect Property podcast Juli invites Amanda Rhein, executive director of the Atlanta Land Trust, to share the inroads she has made in a career dedicated to improving Atlanta’s built environment. The community land trust model, which has found success over the years in 250 cities nationwide, is making home ownership attainable for people in lower incomes brackets. Although local real estate prices have increased dramatically, the ALT has managed to create affordable housing options in a market that would otherwise be out of reach.
Juli and Amanda’s conversation includes a step-by-step explanation of how leased home ownership differs from traditional, the financial profile required of prospective buyers and options for counseling to get on the path to qualifying for a mortgage. Amanda also walks through the process of re-selling a property, how accrued equity is distributed and options available to older family members who wish to pass their 99-year lease down to younger generations.
With roots tracing back to the 1960s, the community land trust model arose in response to the systematic deprivation of civil rights in southern Georgia. The effects of discrimination and intimidation are transgenerational but organizations like the ALT are providing a roadmap for would-be homeowners in need of a point of entry. Amanda shares success stories and acknowledges the ongoing challenge of lobbying for necessary private- and public-sector funding for the portfolio of 300 properties she ultimately hopes to establish. She paints a picture of the types of homes the ALT currently has under development (both single family and townhome communities) as well as her hopes for the future. Join Juli in learning about the Atlanta Land Trust’s mission and the ways in which it is delivering low-income individuals and families access to the American dream of home ownership.
What You’ll Learn:
· Amanda explains how the Atlanta Land Trust works and why it exists. (1:49)
· The community land trust model’s southern roots and evolution. (2:15)
· How the Atlanta Land Trust model specifically serves communities suffering redlining, food deserts, runaway rents/property taxes and other housing inequities. (6:16)
· Amanda explains the step-by-step process and time required to secure a land trust property. (8:38)
· Home valuations in Atlanta have increased in some cases by as much as $100,000, which makes a ground lease formula the best alternative for many families. (11:26)
· Amanda explains the resale process and ALT’s ongoing stewardship role. (12:10)
· Average sale price for ALT-leased homes in Atlanta is about $165,000, but there is a wide range depending on income and other factors. (13:32)
· Funding and land acquisition/development for ALT requires constant cultivation of public and private funding sources. (16:11)
· What about the homes themselves? Is there a “typical” ALT housing project? Some are scattered-site single family homes built on public land and others are larger planned communities of townhomes/condos (both new construction and renovation). (18:00)
· The ALT’s income limits are set based on Area Median Income (AMI), which for the majority of applicants means an income cap of $68,950 annually for a family of four and $48,000 for single individuals. (20:25)
· Other factors in qualifying for a mortgage include: credit score, proof of steady income and amount of household debt. For those who fail to qualify, ALT offers counseling to get on
https://linktr.ee/julistgeorge