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RDA approves term sheets for JBS site: Habitat for Humanity and NeighborWorks projects to use community land trust
Summary
The Authority approved term sheets with Greater Green Bay Habitat for Humanity (seven homes) and NeighborWorks Green Bay (six townhomes) at the JBS development site; units will be transferred into a community land trust with a fixed 2% resale formula and subsidy proposals (Habitat: up to $40,000/unit; NeighborWorks: up to $275,000 for six units).
The Redevelopment Authority approved two term sheets outlining affordable housing plans for the JBS redevelopment site on Vernon Taylor Drive.
Staff said Greater Green Bay Habitat for Humanity will develop seven homes (a mix of three‑ and four‑bedroom single‑family units). The term sheet calls for the city to sell individual lots to Habitat for $1 each during development and anticipates subsidy not to exceed $40,000 per lot; final subsidy amounts will be set in a forthcoming development agreement. Staff also said properties completed and sold to income‑qualified buyers will transfer to a community land trust (CLT) to preserve long‑term affordability.
On the NeighborWorks Green Bay parcel, staff presented a term sheet for six three‑bedroom townhomes; NeighborWorks proposed four of the six units enter the CLT while two end units would be market‑rate but priced to be attainable to first‑time buyers. The term sheet sets a construction subsidy not to exceed $275,000 for the block and similarly proposes $1 lot transfers during construction.
Staff explained the CLT will use a fixed resale formula that limits homeowner appreciation; as presented to the Authority, the CLT resale rate was described as 2% per year on the resale formula. When asked if clustering subsidized units risks creating concentration or lender challenges, staff said the project is intentionally mixing market and subsidized homes and that a CLT advisory board including local lenders is working on product design and education.
Both term sheets were approved by voice vote; staff said final development agreements and subsidy sources will return to the Authority in July.
Next steps: staff to finalize subsidy amounts, development agreements and CLT operational details for return to the Authority.
