About the CLT
A community land trust (CLT) is a nonprofit organization that provides lasting community assets and shared equity homeownership opportunities for families and communities. CLT homes remain permanently affordable, providing accessible homeownership opportunities for generations of lower income families. CLTs are governed by a board of CLT residents, community residents and public representatives– in Harris County’s case, the Harris County Housing Finance Corporation. There are over 225 community land trusts in the United States.
The goals of the Harris County Community Land Trust are:
- Providing a wide range of decent, safe, and affordable homeownership opportunities to low-income homebuyers;
- Ensuring housing stays affordable for future low-income community residents.
If your financial situation makes typical homeownership unattainable, the CLT may be right for you. Here’s how it works:
- A community land trust buys or receives donated houses and makes them available for sale to limited-income homebuyers.
- A family or individual purchases a house that sits on land owned by the community land trust.
- The purchase price is more affordable because the homeowner is only buying the house, not the land.
- The homeowners lease the land from the CLT in a 99-year lease that is inheritable and renewable.
- The lease gives the homeowner the exclusive right to occupy and use the land, just like traditional homeowners do.
- If they wish to sell later, the homeowners agree to sell the home at a restricted price to keep it affordable in perpetuity, making the benefits of CLT homeownership available to another household who needs this same opportunity.
- Improvements the homeowner makes on the house may increase what the homeowner can make at resale.
- CLTs play an active and ongoing role in assisting and supporting homeowners in their efforts to remain successful as homeowners.