COLUMBUS, Ohio — Harry Zellars is developing three new homes in Franklin Park. When they’re done, the three-bedroom houses will sell for $200,000 each.
It's a low price tag in today’s real estate market, but Zellars insists he doesn’t build affordable housing.
“I develop quality housing for the community that works in the community that happens to be affordable,” Zellars said.
“When you think about affordable housing, they start cutting corners and it’s cheap. There’s nothing cheap done here. Nothing.”
This story is part of 10TV's "Boomtown" initiative — our commitment to covering every angle of central Ohio's rapid growth. This includes highlighting success stories, shining a light on growing pains and seeking solutions to issues in your everyday life.
Zellars is developing the homes for the Central Ohio Community Land Trust, which is part of the Franklin County Land Bank. The Land Trust builds houses on properties the Land Bank already owns, then sells them to qualifying buyers for way below market value.
“This program allows everyone to be a part of that Boomtown experience,” Zellars said.
At the end of the sale, the Land Bank owns the ground itself while the buyer owns the home. Although the Land Bank retains ownership of the plot, Vice President of Programs and Housing Hope Paxson said the organization does not control or restrict what a buyer does to their home.
Paxson said the program helps people get into affordable homeownership and allows them to build equity toward their futures.
“If someone does choose to move, which they absolutely can, then there’s a resell formula that they’ve agreed to,” Paxson said.
Buyers who qualify for Lank Bank housing can earn up to 120% of the area’s median income, which is defined each year by the Department of Housing and Urban Development. A single person can earn up to $86,000 and qualify, while a family of four can earn more than $123,000.
Jasmin Wooten is one of those qualified buyers. The single mom closed on her first home in June. She bought a three-bedroom new build in the Hilltop for $150,000.
“It’s not just a house. It’s not just a place where we live right now,” Wooten said. “We have a home.”
Paxson said the Land Trust has more qualified buyers than it does houses. Potential buyers must apply and take an orientation, then they will be put into a drawing for upcoming properties. Currently, the Land Bank is filling homes in Whitehall, Franklinton, and on the Southside. They’re also building their first set of condos in Franklinton.