MEMPHIS, Tenn. — Rising home prices has made it harder for many families to become first time homeowners.
One Binghampton family said they have reached the American dream thanks to the Binghampton Community Land Trust.
Flor Cordova has rented in Binghampton for more than two decades. She was born in Mexico but moved to Memphis when she arrived in the United States.
With the help of a translator, Cordova said she is thrilled to become a homeowner.
"She says, she is really happy because it's her first time buying a home. So she is really excited," said Itzel Juarez, translator.
Cordova and her family were able to buy this home with the help of the Binghampton Community Land Trust.
"About 3 years ago, we realized housing was going up in this neighborhood and it was changing, and a lot of the diversity was disappearing. So we formed this community land trust with the goal of permanent affordable housing," said Jodi Laney, Binghampton Community Land Trust.
Laney explained how a land trust worked. Laney said, the land trust owns the lot and the homeowner buys the home. If the homeowner chooses to sell the home down the road, they have to sell it to another family needing affordable housing.
"When they sell it, they get back their equity plus a certain percentage for every year they live in the house," said Laney.
Laney said the goal is to keep residents in Binghampton. While Cordova paid just over $100,000 for her home, new construction a few blocks away just sold for more than $400,000.
"It is a changing neighborhood and the people who are being run out, are the folks who are not middle class, who are refugee renters, who are immigrant renters, they are getting run out and the houses are being flipped," said Laney.
"Without that program, she says she wouldn't have been able to get the house so she is really is she got into the program," said Juarez.
Cordova, said just owning a home, she said it's also about her father who recently passed in Mexico and fulfilling the American Dream.
"One of his last wishes was for them to get a house," said Juarez.
That wish is now complete.