A CLT is an independent, nonprofit organization that provides permanent affordable housing for working families who have incomes at or below the median income level.
This is an innovative, affordable housing strategy that allows buyers to purchase homes at a lower cost by separating the cost of the housing from the cost of the land that it sits on. Under this model, the buyer is able to purchase the structure and then lease the land from the trust, reducing the overall cost of the mortgage and down payment needed.
This model also allows working families an affordable route to homeownership with the ability to also build equity in the event that they decide to sell their home.
Overall, a CLT provides a long-term investment in the whole community's stability and affordability allowing future generations to stay in the area they call home.