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Affordable housing program in Decatur creates opportunities
Becoming a homeowner in metro Atlanta isn't as easy as it used to be. A non-profit is creating more opportunity for affordable homeownership in Decatur.
DECATUR, Ga. - There's only one home left on the market after an affordable homeownership program kicked off this summer in the pricey suburb of Decatur.
Rachel Dubruze and her son Aiden just moved into their new home at Oak Cottage Court in downtown Decatur.
It's close to her nursing job at her son's school at Talley Elementary School.
"Probably less than [a] 10-minute walk, a 2-minute drive," says first-time homeowner Dubruze. " The school system is great."
The Decatur Land Trust's initiative has been geared toward, but not exclusively for, people who work for or work in the city.
DeKalb County native Courtney Hartnett is a 20-year veteran teacher at Oakhurst Elementary School who has been longing to live here. She is the first person to buy in the neighborhood.
"It's different to be in the neighborhood with my students," says Hartnett. "It's been lovely having new neighbors move in."
Neither woman thought they could own a home in the Decatur city limits. Hartnett admitted that she was priced out for a long time.
Homes here go for, on average, well over $600,000.
"It seemed out of reach," says Dubruze.
But the Decatur Land Trust worked with a developer to build and sell homes in the 6-home subdivision.
The homes sell for between $210,000 and $300,000. Down payment assistance is also available to get into the homes.
"In the past, affordable housing has been well-intended but usually burns off in 10 to 15 years and you end up with the same market rate housing as everybody else in the city of Decatur," says Linda Curry, Decatur Land Trust Board Chair.
To make sure this subdivision is and remains affordable, the land trust owns the parcels of land off Commerce Avenue and controls the pricing whenever the property is sold.
"We have the right of first refusal to repurchase it from you, and there's a formula in the ground lease that will be paid for it," says Curry.
There's a cap on how much the owner can sell it back for. Which allows the land trust to keep the price down for the next owner.
"You still have to get it appraised, but we went with 1.5% interest per year compounded and that's the maximum you can get," says Curry. "You can benefit from your ownership. We do not want people to come in here and not have anything to show for it, but you are paying forward."
The process allows the land trust to keep the house affordable for the next buyer. Curry says Decatur modeled the plan after visiting several communities, including Athens.
Dubruze and Hartnett insist they will stay in their homes for a while, and have no problem with the restriction.
"I have a house I can afford," says Hartnett." I have a good quality of life; I'm not trying to make a dime."
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The Source: This is an original report by FOX 5 Atlanta reporter Kevyn Stewart.