The Mission
The mission of the Sharon Housing Trust, Inc. is to provide permanently affordable home ownership to low and moderate-income households 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:
The mission of the Sharon Housing Trust, Inc. is to provide permanently affordable home ownership to low and moderate-income households 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
Vice President - David Moore Secretary/Treasurer - Chris Clow Tom Bartram Sue Cummings Sharon Tingley |
Attorney
Architect Businessman Selectman Banking Landscape Designer |
The Program
The Trust plans to rehabilitate or build traditional New England style houses for those who live and/or work in the Sharon area. The three bed room, two bath homes will be scattered throughout the town. They will be geared for Sharon families and will sell in the $150,000 - $200,000 range with lower than market down payment and mortgage terms. The Trust has been able to secure supplemental financing to defray closing and other costs associated with the sale of the home.
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 through 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. The program provides home ownership to members of the Sharon community who might otherwise not be able to afford it. It also offers them houses at lower than market 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 was incorporated in June 2005, and received approval from the IRS for nonprofit status in the fall of 2006, retroactive to the date of incorporation, so that all donors receive deductions for their donations. All members of the board have made financial contributions to the Trust and perform active staff functions. Melinda Sweet, a long time resident of Sharon and former General Counsel of Lever Brothers Company, has shepherded 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 and David Moore, Architect, supervised the design of the first house. Board members Tom Bartram, Sharon Tingley and Sue Cummings have been key in providing building and landscaping, materials, and applicant screening and financial advice.
The First Project
Local resident Ben Heller donated the first house site in November 2005. The one-acre parcel is at the intersection of Lover’s Lane and the Millerton Road with views across the marsh. The Trust completed building its first house on that parcel in 2007. The house was purchased by local business owner Terence Miller (Roaring Oaks Florists) and his (then fiancé, now wife) Nicole Reccia.
The Next Project
The Trust plans to build a 1444 AQ. FT 3 bedroom, 2 bathroom Cape style home on 2 floors with a garage, walkout basement and a large rear deck overlooking the Twin Oaks Field on Low Road. The house will sell in the $150,000-$175,000 range. We are looking for a qualified buyer before construction begins, so the buyer can have input into the design and finishing of the house; possible reducing the price by contributing “sweat equity.
Funding
The Trust funded the first house through private donations from community residents a challenge grant of $75,000 offered by an anonymous donor foundation to jump-start its fundraising activities. Each dollar contribution or pledge received before July 1, 2006 was matched by the challenge grant. The Trust raised $75,000 by the July 1 deadline, thus providing it with $150,000 toward building the Millerton Road house.
The next project has received a grant of $100,000 from the State of Connecticut through a Small Town Economic Assistance Program grant approved by the Selectpersons in 2011. The Trust plans to raise other funds though community donations and through a matching grant from an anonymous donor foundation.
The Trust plans to rehabilitate or build traditional New England style houses for those who live and/or work in the Sharon area. The three bed room, two bath homes will be scattered throughout the town. They will be geared for Sharon families and will sell in the $150,000 - $200,000 range with lower than market down payment and mortgage terms. The Trust has been able to secure supplemental financing to defray closing and other costs associated with the sale of the home.
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 through 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. The program provides home ownership to members of the Sharon community who might otherwise not be able to afford it. It also offers them houses at lower than market 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 was incorporated in June 2005, and received approval from the IRS for nonprofit status in the fall of 2006, retroactive to the date of incorporation, so that all donors receive deductions for their donations. All members of the board have made financial contributions to the Trust and perform active staff functions. Melinda Sweet, a long time resident of Sharon and former General Counsel of Lever Brothers Company, has shepherded 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 and David Moore, Architect, supervised the design of the first house. Board members Tom Bartram, Sharon Tingley and Sue Cummings have been key in providing building and landscaping, materials, and applicant screening and financial advice.
The First Project
Local resident Ben Heller donated the first house site in November 2005. The one-acre parcel is at the intersection of Lover’s Lane and the Millerton Road with views across the marsh. The Trust completed building its first house on that parcel in 2007. The house was purchased by local business owner Terence Miller (Roaring Oaks Florists) and his (then fiancé, now wife) Nicole Reccia.
The Next Project
The Trust plans to build a 1444 AQ. FT 3 bedroom, 2 bathroom Cape style home on 2 floors with a garage, walkout basement and a large rear deck overlooking the Twin Oaks Field on Low Road. The house will sell in the $150,000-$175,000 range. We are looking for a qualified buyer before construction begins, so the buyer can have input into the design and finishing of the house; possible reducing the price by contributing “sweat equity.
Funding
The Trust funded the first house through private donations from community residents a challenge grant of $75,000 offered by an anonymous donor foundation to jump-start its fundraising activities. Each dollar contribution or pledge received before July 1, 2006 was matched by the challenge grant. The Trust raised $75,000 by the July 1 deadline, thus providing it with $150,000 toward building the Millerton Road house.
The next project has received a grant of $100,000 from the State of Connecticut through a Small Town Economic Assistance Program grant approved by the Selectpersons in 2011. The Trust plans to raise other funds though community donations and through a matching grant from an anonymous donor foundation.
