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 equity in their property. The community sees more stability and cohesion with owner-occupied homes and our loved ones can stay within the community as housing prices rise.
The Hemsptead Community Land Trust (HCLT) is focused on the Village of Hempsted and nearby areas. It is controlled by its members: Village of Hempstead residents, businesses, and other organizations within the Village of Hempstead can become voting members. Directors are elected to 2-year terms by the HCLT membership.