Business and the Economy
Land Trust Strategy in Lexington
A financing scheme spawned by a road construction project could transform a downtown Lexington neighborhood. By providing cheap property, the Community Land Trust hopes to build a hundred homes in the Davis Bottoms community. Land Trust Director Barbara Navin believes residents could move into those new houses within two years.
“And so the land trust is in a position to steward those homes over time owner after owner. Each owner who buys a home has benefit of the initial public subsidy that went into those homes. So the subsidy is retained, we say, in the home. It doesn’t walk off with the first person to sell,” said Navin.
When low income residents move into those affordable homes, Community Land Trust Director Barbara Navin says it will signal a new beginning for the Davis Bottoms neighborhood..
“I think people then can begin to relax and enjoy themselves and think about the rest of their lives and what they want to do for the rest of their lives, instead of being caught up in ‘when’s it gonna happen? And what’s it going to be like? Will I like my new home? All of that, so I think it will be a good community when we get it done,” said Navin.
Instead of selling the land, the trust would rent the property to homeowners for 99-years. They would then pay 30-dollars each month to the trust. Revitalizing Davis Bottoms became a priority with the City of Lexington decided to extend Newtown Pike through the neighborhood.