Community Land Trust
The CDA is in the process of developing a Community Land Trust (CLT) program for kick-off in 2019. CLTs provide lasting community assets and shared equity homeownership opportunities for families and communities. The heart of the work of a CLT is the creation of homes that remain permanently affordable, providing successful homeownership opportunities for generations of lower- to moderate-income families.
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.
If you would like more information on the CLT, please contact the CDA at email@example.com.