Community Land Trust
Announcing CDA Board approval for the creation of a Community Land Trust program in Scott County!
The Scott County CDA invests in possibilities to live and work in Scott County.
The land trust will provide opportunity to put homeownership within reach for households of lower to moderate income. The land trust model (removing land from sale price of home) will fill a niche for those homeowners that not only want a home that they can afford, but also have the shared vision of making their home affordable for future generations of homebuyers. The Scott County CDA will now work to develop or acquire homes and intends to obtain first-time homebuyers from residents/participants of CDA rental programs. Check out this Information Sheet.
If you would like more information, contact Linda Janovsky, email@example.com / 952-402-9022.
How a Community Land Trust Works
A typical community land trust for affordable housing works like this:
- A family or individual purchases a house that sits on land owned by the community land trust.
- The purchase price is more affordable because the homeowner is only buying the house, not 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, but they may be able to realize appreciation from improvements they make while they live in the house.