Melisa Gomez-Romo, an associate at One Roof, shares her journey to homeownership in Duluth, Minnesota, through the community land trust program. Here’s her account:
Setting Goals and Facing Challenges
In 2018, my husband and I moved to Duluth with aspirations of homeownership within five years. However, escalating real estate prices posed a significant obstacle, fueled by an influx of higher-income residents into the area.
Discovery of Community Land Trusts
While exploring housing options, I stumbled upon One Roof Housing, offering affordable homes through a community land trust program. This innovative model allows buyers to purchase homes at reduced prices while leasing the land beneath. Intrigued, we explored this avenue as a pathway to homeownership.
Embracing New Opportunities
Despite initial unfamiliarity, the community land trust program presented a lifeline for families like ours. With minimal generational wealth, the prospect of owning a home seemed distant until we encountered this alternative approach.
Overcoming Financial Hurdles
Like many low-income families, we faced financial constraints and credit challenges. Yet, through dedicated efforts to build stability and creditworthiness, we gradually positioned ourselves for homeownership.
Empowerment through Education
Attending a “home stretch” workshop with One Roof proved instrumental in demystifying the homebuying process. From financial literacy to mortgage qualification, these sessions equipped us with essential knowledge and confidence.
Fulfilling the Dream of Homeownership
In 2022, our perseverance bore fruit as we became first-time homeowners. Through One Roof’s community land trust program, we secured a charming home in a desirable neighborhood at a fraction of the market price.
Benefits of Homeownership
Our newfound stability transformed our lives. With ample space for our family and relief from the uncertainties of renting, we embraced the joys of homeownership. The reassurance of a permanent residence and the absence of rent hikes offered a sense of security and peace of mind.
Embracing a Shared Vision
While some skeptics questioned the equity implications of the land trust model, we viewed it as a means to perpetuate affordability for future generations. By reinvesting in the community, we found purpose and fulfillment in our homeownership journey.
A Testament to Resilience
Our experience underscores the resilience and determination of families facing economic challenges. Through innovative programs like community land trusts, dreams of homeownership can materialize, offering hope and opportunity to all.
