What is a Community Land Trust?
A community land trust (CLT) is a housing model designed to create and sustain affordable housing in contexts where housing costs are rapidly rising. Check out the video below to learn more!
How does the BCLT operate?
The CLT model adopted by BCLT is a shared equity housing model where a qualified buyer purchases an affordable housing unit but leases the land on which the home sits from the CLT. The “ground lease” provides the legal mechanism to enforce resale restrictions designed to provide the homeowner a reasonable return on investment while preserving the subsidy initially invested, thus sustaining the affordability of the home for future generations.
Furthermore, the ground lease also serves to provide homebuyers additional support services unconventional to traditional homeownership (e.g., foreclosure prevention, senior care, property maintenance and repairs).
The expectations of this mutual accountability relationship between the CLT and homeowners ensures properties will maintain their condition and market value for the benefit of future CLT homebuyers.