Maricopa County has announced a new affordable housing initiative in Gilbert. It will provide more than $1.5 million to allow families to buy homes at a lower price.

The Maricopa County Board of Supervisors approved an agreement on Nov. 15 that creates a community land trust.

That will allow three single-family homes to be acquired and restored, so that income-qualified residents can buy them.

The renovated, energy-efficient homes will be sold at below-market prices to buyers earning at or below 120% of the Area Median Income, which is no more than $112, 200 per year for a family of four.

To maintain long-term affordability, buyers will only pay for the house itself, with land ownership staying in the trust.

Separately, the county allocated $10 million for two new affordable housing projects in Phoenix.