Community Land Trusts are public-private partnerships administered by a nonprofit to purchase land parcels to be occupied by low-income renters and homeowners. The cost of renting and purchasing Community Land Trust units is reduced by nonprofit funding and covenants to cap the sales price of homes and/or monthly rental costs. Community Land Trusts are administered differently in different communities, but have overall been shown to contribute to a permanent stock of housing for low-income and working class residents by removing land parcels from the speculative housing market. Community Land Trusts can take many years to develop, but offer a documented, financially-sustainable solution to create and conserve affordable housing in growing communities like ours. |
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