What Is A Community Land Trust
A community land trust is defined as "a private, non-profit corporation created to acquire and hold land for the benefit of a community in order to provide secure affordable access to land and housing for community residents." 1
The community land trust model (CLT) is a unique solution to the problem of permanently maintaining affordable housing for communities faced by many communities. A CLT can provide a range of options from single-family, rental and special needs housing that are affordable, sustainable and are a result of community participation and ownership. In particular, community land trusts help communities to:
- Provide affordable housing for lower income community residents;
- Maintain affordable housing for future residents;
- Capture the value of public investment for long-term community benefit;
- Build a strong base for community action
A community land trust acquires multiple parcels of land throughout a targeted geographic area with the intention of retaining ownership of this land forever. Any buildings already located on the land or later constructed are sold off to individual homeowners, cooperative housing corporations, non-profit developers of rental housing or other entities that provide affordable housing for the community.
The CLTs never resell the land parcels and provide for the exclusive "use" of the land by the owners of the buildings located on the land in the community land trust. The parcels of land are provided to the individual homeowners or organizations through long term ground leases.
Community land trusts offer an innovative tool for solving the affordable housing problem by addressing key community development components of permanence and resident participation. Many CLTs have developed as a vehicle for assisting municipalities implement housing and community development policies.
( 1 "Land Trusts" Lisa Engle, Community Investments)