A. Defining a Community Land Trust
A Community Land Trust (CLT) is a shared equity affordable homeownership model that conceptually exists between the homeownership and rental tenure models. Under the CLT model, a community based non-profit corporation purchases land and subsequently leases the improvements on the land, such as residential homes, to low income households. The CLT is set up in such a way that the low-income household will only achieve a limited equity return on its investment. Appreciation of the land is taken out of the price equation because the CLT holds the land on which the homes sit on in permanent stewardship. CLTs use various legal mechanisms to convey ownership and subsidize properties under resale constrictions set by a formula created by the CLT that allows the next buyer to also pay a below-market price.
B. Key Features of a Classic CLT
1. Nonprofit, Tax-exempt Corporation: A community land trust is an independent, nonprofit corporation that is chartered in the state where it is located. Most CLTs are started from scratch, but some are grafted onto existing nonprofit corporations.
2. Dual ownership: The CLT acquires multiple parcels of land throughout a targeted geographic area with the intention of retaining ownership permanently. The parcels do not need to be contiguous. Any buildings already located or later constructed on the land are sold to individual homeowners, condo owners, cooperative housing corporations, nonprofit developers of rental housing, governmental, or for-profit entities.
3. Leased land: CLTs provide for the exclusive use of their land by the owners of any buildings on the land. Parcels of land are conveyed to individual homeowners (or the owners of othe...
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...ce Inc also has a rental preservation program called “Working your way HOME” program.
6. Community Land Trust of Palm Beach County (CLT of PBC) : Formed in early 2006, and received its 501(c)(3) tax exempt designation in March of 2007. It is a countywide housing non-profit organization created for the purpose of providing permanently affordable housing opportunities for residents of Palm Beach County. 25% of one of its properties’ units, La Joya Villages will be set aside for families earning no more than 50% of the area median income. For its other property, Davis Landings, the Department of Economic Sustainability (DES) partnered with CLT of PBC to build the 25-unit affordable family rental community on 2.13 acres. The $5.7 million project was financed through the HUD Neighborhood Stabilization Program 2 (NSP2). Income requirements can be found on their website.
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