Sharon Housing Trust, Inc.
The Mission
The mission of the Sharon Housing Trust, Inc. is to provide permanently affordable home ownership to low and moderate Income members of the Sharon community.
How The Trust Began
At a widely attended town planning meeting in June, 2005 there was a consensus that affordable housing was a principle need for [those] low and moderate income families who live and/or work in Sharon.
The Planning and Zoning Commission requested the formation of a housing trust similar to those of Cornwall and Salisbury as it began work [on] updating the town plan.
An ad hoc committee headed by Chris Clow was established to thoroughly research affordable housing in several Litchfield County towns. The result of the research was the establishment of Sharon Housing Trust, Inc., a nonprofit corporation modeled after similar housing trusts in Litchfield County Connecticut
The Board
The Trust is served by a community based board of directors. Members and
their expertise are:
| President Melinda Sweet |
Attorney | |
| Vice President Larry Power |
President, Sharon Land Trust | |
| Vice President David Moore |
Architect | |
| Secretary/Treasurer Chris Clow |
Businessman | |
| Assistant Secretary Mary Kirby |
Real Estate | |
Tom Bartram |
Selectman |
|
| Sue Cummings | Banking | |
| Eugene Lattimer | Sharon Housing Authority | |
| Michael Lynch | Attorney | |
| Sharon Tingley | Landscape Designer |
The Program
The Trust plans to rehabilitate or build one or two traditional New England style houses a year for those who live and/or work in Sharon. The three bedroom, two bath homes will be scattered throughout the town. They will be geared for Sharon families and will sell in the $175,000 to $225,000 range with lower than market down payment and mortgage terms.
A key element of the program is that the houses will remain permanently affordable. Like similar organizations across Connecticut, the Trust retains ownership of the underlying land. Purchasers acquire the house and lease the land from the Trust via a long-term renewable ground lease. Purchasers may pass on their home to children, but if they sell the house, they can charge only the original cost of the house plus the cost of authorized improvements plus cumulative Increases in the Consumer Price Index or a calculation based on the Area Median Income. The program provides home ownership to members of the Sharon community who would otherwise not be able to afford it. It also offers them houses at bargain prices plus Income tax deductions and provides them with an asset that is guaranteed to Increase in value.
On average ten new houses are build in Sharon each year. If the Trust builds one or two houses a year that will remain affordable, over time there will be a reasonably good sized stock of affordable housing for Sharon's working families.
Initial Activities
The Trust has been Incorporated, and non-profit status has been granted by the IRS. All members of the board have made financial contributions to the Trust and perform active staff functions for the Trust.
Melinda Sweet, a long time resident of Sharon and former General Counsel of Lever Brothers Company, has sheparded the Trust through the legal aspects of the start-up. Businessman, Chris Clow, has handled financial management and projections. Larry Power, President of the Sharon Land Trust, has used his land trust contacts to identify major donors and land for the early phases of its operation.