WHAT IS A COMMUNITY LAND TRUST?

Community land trusts typically acquire and hold land, but sell off any residents or commercial buildings which are on the land.  In this way, the cost of land in the housing equation is minimized or eliminated, thus making the housing more affordable.  The land leases, in addition to being long-term (typically ninety-nine (99) years) and renewable, are also assignable to the heirs of the leaseholder.  

Eligible homebuyers then purchase the home  from the CLT for a price made affordable usually with additional subsidies (Down Payment Assistance and Bond programs) with the fact that they will not own the land.  These features of the community land trust model provide homeownership opportunities to people who might otherwise be left out of the market.

CLASSIC CLT FEATURES

1.      Non profit, tax exempt corporation

2.      Dual ownership

3.      Leased Land

4.      Perpetual affordability

5.      Perpetual responsibility

6.      Community-based

7.      Resident controlled

8.      Tri-partite governance

9.      Expansion through acquisition

10.    Flexible development