Resource Library Community Land Trusts
Overview
Community land trusts sometimes referred to as CLTs, are a powerful means to counter a red-hot real estate market. All too often, during times of exponential growth, lower wage earners are left with few options to be able to afford a home of their own. We all know encouraging homeownership creates a variety of economic and community benefits. In addition to the services that the CDA provides — such as first-time homeownership counseling and down payment assistance — promoting more access to buying a home makes Scott County stronger. Here’s how it works.
- A family or individual purchases a house on land owned by the community land trust.
- The purchase price is more affordable because the homeowner only buys the house with an upfront affordability investment from the land trust. The land trust will own the land.
- The homeowners lease the land from the community land trust in a long-term (often 99-year), renewable lease.
- The homeowners agree to sell the home at a restricted price to keep it affordable in perpetuity. Still, they may be able to realize appreciation for the improvements they make while they live in the house.
How Community Land Trusts Work
Available Properties
We’re working hard to bring more affordable homes to low- to moderate-income folks in Scott County, and we’re always on the search to acquire real estate that fits the bill for what people want the most (open floor plans, established neighborhoods, enough bedrooms, and so on). No matter if you are a single person, family, senior, or any combo of these, we invite you to learn more about CLTs. Here are properties that will be available in the coming months.
Please contact Linda at ljanovsky@scottcda.org or 952-641-5178 to learn more or to sign up for a short free one hour orientation.
First-Time Homebuyer Resources