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A community
land trust (CLT) is a non-profit organization helping low-income
families to become homeowners. CLTs make homes more affordable by
separating the cost of a home from the cost of land. Community land
trusts buy residential property and sell the homes to low-income
families while retaining ownership of the land underneath the houses.
Homeowners enter into a long-term lease with the land trust for
use of the land. If an owner chooses to move, he or she can sell
the home back to the land trust, and the process is repeated with
the next homeowner. By holding onto the land underneath the houses,
CLTs keep rising land values from affecting the affordability of
homes, and keep homes affordable indefinitely.
Community
land trusts provide more than just affordable housing. Through their
efforts, they create empowerment in local citizens by giving them
more control over where and how they live. The also create a strong
sense of community in their neighborhoods through neighborhood associations
and additional resources, such as community gardens.
For
more information, visit www.iceclt.org/clt
Madison
Area Community Land Trust
The Madison Area Community Land Trust (MACLT) helps
families earning up to 80% of the county median income purchase
homes in Madison, Wisconsin. Following the basic formula for community
land trusts, MACLT sells homes to eligible families while retaining
ownership of the land underneath the houses. If an owner wishes
to sell a home, MACLT buys the home back at formula-determined price.
The price allows the owner to gain 25% of the houseís appreciation
value, which the owner may use to buy a new home. The remaining
appreciation stays with the property to ensure the home stays affordable
for the next buyer.
MACLT
is currently creating Troy Gardens, a 31-acre site on Madisonís
north side. The project will include 24 to 30 units of clustered
housing on five acres of the property. To help boost community resources
and environmental quality, the site will also include eight acres
of community garden plots, five acres for an urban community-supported
agriculture farm, and thirteen acres of preserved open space.
For
more information, visit http://www.affordablehome.org/
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