Community Land Trust
An optimal vehicle to address serious blight in a neighborhood or city
- A Community Land Trust (CLT) is a non-profit corporation that acquires and holds land to create affordable housing for a community.
- It is governed by homeowners and neighbors in the community.
- The CLT hires contractors to rehab and build houses, with complete control by the neighborhood. Income that is generated stays in the neighborhood.
- Because the CLT buys and owns the land, the house will be more affordable for the new homeowner. In addition, if a homeowner wants to sell the house, there is a pre-determined formula that will be fair to the homeowner as well as the CLT.
- Because the CLT is invested with each homeowner and renter, the likelihood of foreclosure or eviction is markedly reduced. The CLT provides a safety net for the community.