GROUND BREAKING ON CHARLOTTE COUNTY'S FIRST CLT LOT
Groundbreaking on July 6, 2006 on
Arnett St.
Peace River Housing
Trust

Port Charlotte, Florida, June 30, 2006 - The Peace River Housing Trust in
partnership with the Housing Corporation of Charlotte County announces
ground breaking on July 6, 2006 at 9 a.m. at 2208 Arnett Street, Port Charlotte,
Florida, for construction of the first home for development of affordable
housing.

On July 12, 2005, the Charlotte County Board of Commissioners approved
Charlotte County's Hurricane Housing Recovery Plan. The plan set aside
$750,000 for establishing a community land trust. On October 25, 2005, the
Commissioners approved the selection of the Housing Corporation to create and
administer the community land trust, a vehicle separating land from building
(house) for the purpose of transferring title to a homebuyer without selling the
land. A 99 year ground lease will provide homestead rights to homebuyers but
place limitations on the resale of the homes to ensure affordability to eligible
subsequent households.

Like many high-growth Florida counties, Charlotte County is experiencing a
housing crisis due to substantial increase in the cost of land and escalating
construction costs. The Commissioners recognize the Peace River Housing
Trust will play an important role as a steward of community resources and will
assist many County residents pursue housing options and recover from
Hurricane Charley.

"Enormous gaps between the income of Florida's workforce and the cost of
homes causes local governments and affordable housing developers to look for
new tools to meet the housing needs of Florida's lower paid workforce" says
Dave Powell, president of the Peace River Housing Trust. "During the past five
years the median price of existing homes throughout Charlotte County has
increased significantly, however, the average income has not kept pace so it is
important to make homeownership more affordable."