What is a Community Land Trust (CLT)?
Community land trusts are nonprofit, community-based organizations designed to ensure community stewardship of land. Community land trusts can be used for many types of development--including commercial and retail--but are primarily used to ensure long term housing affordability. To do so, the trust acquires land and maintains ownership of it permanently. With prospective homeowners, it enters into a long-term, renewable lease instead of a traditional sale. When the homeowner sells, the family earns only a portion of the increased property value. The remainder is kept by the trust, preserving the affordability for future low- to moderate-income families.
The length of the lease (most frequently, 99 years) and the percentage earned by the homeowner vary. Ultimately, by separating the ownership of land and housing, this innovative approach prevents market factors from causing prices to rise significantly, and hence guarantees that housing will remain affordable for future generations. Today, there are nearly 250 community land trusts across the United States.
Definition from community-wealth.org
We would love to hear your questions and concerns. We may not be able to answer all your questions, but we can connect you to the people who can. We also want to know your concerns. This is a community driven effort that needs lots of community input
Everybody has a different definition of affordability. The government may have their standards but we know that houses must be affordable for our neighbors. So let us know what you think affordable is.
Let’s talk! Whether you own the land, you know the landowner, or you have a good idea for a piece of land, we would love to start talking.
We are still long ways from making a CLT a reality for the East End, but we would love to know who is interested so that you can be involved from the beginning.
If we are going to make housing affordability a possibility for the East End, we need our collective voices to be joined together. That means we need you to help us provide information so that our neighborhood can speak with one voice about CLT’s