What is a CLT?
A Community Land Trust (CLT) is a non-profit organization created to hold land for the benefit of the community and the residents within the community. The common goal of the CLT is to preserve affordable housing on the land.
How do CLTs work?
The CLT acquires land. They then sell the structure (house) on the land, but maintain permanent ownership of the land itself. The home buyer pays for the structure and leases the land it is on with a 99-year inheritable ground lease. A resale formula is built into the ground lease and is designed to balance the goals of keeping the home affordable for subsequent home buyers and allowing the home-buyer to accrue equity in his or her home.
Benefits of CLTs
The arrangement between the CLT and the home buyer benefits both the home buyers and the community at large. Home buyers gain pride of ownership and gain equity in their property. The communities will see more stability and cohesion with owner-occupied homes, and their loved ones can stay within these communities as housing prices rise while building wealth over time.
The Hemsptead Community Land Trust (HCLT) is focused on the Town and Village of Hempstead. We are now designated as a Community Housing Development Organization (CHDO). HCLT is a member-based organization and is controlled by Village and soon, Town residents, businesses, and other organizations who will have voting rights. Directors are elected to 2-year terms by the HCLT General Membership.
Our By-laws are available upon request.