PeopleTrust
In 2007 PeopleFund launched a Type 1 Support Organization, PeopleTrust.
PeopleTrust's mission is to produce long-term permanently affordable homeownership opportunities for low-income households, creating broad social change with lasting impact.
PeopleTrust recognizes that homeownership is a basic and important tool for creating wealth and stability. A sustainable business model has been adopted to create and preserve affordable homeownership units for low-income individuals.
PeopleTrust provides homes to families with household incomes ranging between 50% and 80%. Approximately 50,000 households in Austin fall within this income bracket.
Community Impact
In February 2008, PeopleTrust began closing on shared appreciation homes at the Mueller Airport Redevelopment Project. For program year 2008, PeopleTrust will serve 71 families through shared equity homeownership and 10 community land trust (CLT) units to provide affordable homeownership for low- to moderate-income homebuyers. Projections for 2009 are 114 shared appreciation homes and 40 homes in the community land trust.
During the initial three-year project, the PeopleTrust Project will reach 70-80 families (an estimated 250 individuals). Ultimately, when we have successfully purchased 1,000 homes, we project that we will serve 3,000-5,000 individuals each time the homes are sold to first-time homebuyers.
