What are Community Land Trusts?
Lane Powell Shareholder Mike Silvey authored an article in the March 29 Oregon Daily Journal of Commerce titled “What are Community Land Trusts?” In the article, Silvey explains what a Community Land Trust (“CLT”) is, where they are typically located, how they develop homes, and why using the CLT model is beneficial.
Community land trusts are not conservation land trusts, which are used to preserve sensitive natural areas, farmland, ranchland, water resources and cultural resource landmarks forever. Rather, a community land trust is used to develop affordable fee housing on land held in trust by a nonprofit affordable housing corporation.
By holding title to the land, the CLT removes the cost of the land from the cost of purchasing a home by families of modest means — generally 80 percent or less of median family income for the local metropolitan statistical area based on family size.