Support Us Button Widget

Fort Worth’s first city-partnered community land trust is in the works

City Council is loaning $11 million for 15 acres on the south side for the first city-partnered community land trust that will address housing affordability in Fort Worth.

FTW-seminary-housing

The city is seeking alternative financing through a community land trust to add more affordable housing.

Photo courtesy of the City of Fort Worth

Affordable housing is on the way — earlier this week, City Council made the first step in establishing a community land trust.

The city will loan $11 million to the Fort Worth Housing Finance Corporation (FWHFC) to purchase 15 acres from Southwestern Baptist Theological Seminary for affordable housing. The property in Rosemont includes space for 140 low- and moderate-income families in former seminary dormitories.

By 2024, FWHFC will select a nonprofit partner to develop and manage the property through a community land trust — which owns the land on behalf of the residents, dividing the cost of land ownership from the cost of home ownership and lowering the price of homes.

FTW-seminary-parcel

Plans for the 15-acre property include duplexes, triplexes, and quadplexes.

Map by Proxi

At the end of February, the FWHFC entered a non-binding agreement with several other nonprofits to purchase the parcel outright, but the joint-venture deal fell through.

Next, City Council will review a new Neighborhood Conservation Plan and Housing Affordability Strategy that will outline future affordable housing in Fort Worth.