MEMPHIS, Tenn. — Every Tuesday, we highlight an organization that makes Memphis better as part of our Greater Memphis on a Mission series. This week, we spoke to a group that believes in affordable housing for all.
Flor Cordova is a mother of four who has lived in Binghampton for 27 years, 24 of those years as a rental because of the high cost of buying a home.
“For me, being a homeowner is a source of great happiness because you don't waste money on rent. It's your own. It's also the future for my daughters,” Cordova said. said.
Two years ago, Flor was able to purchase her first home thanks to the Land Trust, a community-driven affordable housing initiative.
Kate Kananura is the Special Projects Manager at the Center for Community Transformation. She said, “Community members come together and acquire the land. They take it off the market so it remains affordable.”
Binghampton is one of the city's most diverse neighborhoods, and it's also a close-knit neighborhood.
However, many residents were being priced out due to rising rents and new homes being priced too high.
The community land trust model makes homeownership affordable for low-income households and neighbors on fixed incomes.
“When buying or purchasing real estate, land is the most expensive item,” Kate said. “If you remove it and put it in a land trust, the house could build a structure on top of it.”
That's why Brown Missionary Baptist Church donated $1,000 to Binghampton Community Land Trust. Because you shouldn't be priced out of your neighborhood.
Click here to learn more about the organization.