In a recent government meeting, officials discussed the innovative approach to affordable housing in Fairfield, focusing on a new project that utilizes a 75-year renewable lease model. This model allows homeowners to purchase homes on leased land, ensuring long-term affordability while providing a pathway for equity accumulation.

The project, which involves the redevelopment of former military housing, aims to create a mix of homeownership units and supportive housing. The town has implemented a right of first refusal, allowing Habitat Coastal to repurchase homes when they are sold, thereby maintaining affordability. If Habitat opts not to buy back a unit, the town retains the right to repurchase to ensure the property remains affordable.

Key to this initiative is the silent second mortgage system, which forgives a portion of the mortgage over 20 years, enabling homeowners to build equity while keeping the homes affordable. The meeting highlighted the importance of deed restrictions and lease agreements that prevent the properties from being sold at market rates, thus preserving their affordability for future generations.

Mark Barnhart, the director of community economic development for Fairfield, emphasized the need for a customized zoning approach to accommodate increased density in the project. The town is exploring options for a design residence district overlay to facilitate this development while ensuring that the community's needs are met.

The collaborative effort between the town and Habitat Coastal aims to address the pressing need for affordable housing in Fairfield, providing a sustainable model that balances homeowner equity with community affordability. The project is seen as a proactive step in combating the challenges posed by rising property costs and limited available land for development.