Verde Valley land trust unveils plan for 45 affordable homes, asks cities for support

Mary Chicoine, executive director of the Verde Valley Community Development Organization, told the Sedona City Council on Jan. 13 that the regional group has created a housing advisory committee, a developable‑land GIS layer and a new Verde Valley Community Land Trust (VVCLT) after securing a 14‑acre land donation intended to support roughly 45 single‑family homes.

Chicoine said the VVCLT will use a two‑part model: a nonprofit ground lease that keeps land in trust in perpetuity and a shared‑equity arrangement that limits homeowner upside to protect long‑term affordability. “A part of the shared equity is the homeowner will only get credit for $5,000 of the increased appraised value,” she said, characterizing that as 25% of appreciation under the trust’s formula.

The presentation described several regionwide efforts: a 35‑member housing advisory committee representing municipalities and stakeholders; a developable‑land database layered into the county GIS to help developers and municipalities find realistic parcels; a cost‑to‑build study that will be updated to reflect state template requirements; and education, outreach and marketing to counter misinformation about housing initiatives.

Council members pressed for clarifications on how the ground lease, resale rules and financing would work. Chicoine said mortgages would be conventional 30‑year fixed loans and that the land trust typically sets a nominal annual land lease (she cited an example of $100–$1,100 per year in other places) and that the legal documents cap periodic land‑lease increases. She added the land trust would walk prospective buyers through the program and provide housing counseling.

On financing and project timing, Chicoine said the VVCLT is still identifying construction financing for the Camp Verde property and would ask municipalities for operational support. “I will be sending a letter to each municipality, asking for hopefully financial support this year out of just sort of general operations,” she said.

Supporters at the meeting described the land‑trust model as a proven, widely used approach that can preserve affordability for middle‑income households, while some residents questioned whether shared‑equity limits or nonprofit oversight would constrain resident control. The council asked staff for follow‑up as part of ongoing regional housing work.

The council did not take formal action on funding at the meeting; Chicoine said she will return with more detail and asked that the city consider advocacy and possible contributions as predevelopment work proceeds.