We ensure affordability for future generations.
-
PH+ serves as a Community Land Trust (CLT) to ensure affordable housing for generations to come.
-
PH+ continues to build permanent affordability through demonstration projects.
OUR COMMUNITY LAND TRUST
Central to our broader mission as an affordable housing developer, People’s Housing+ serves as a community land trust. In this capacity, our organization seeks to secure permanent affordability for generations of New Orleanians through equitable residential and commercial development, community stewardship, and housing advocacy.
WHAT IS A COMMUNITY LAND TRUST?
Community Land Trusts (CLTs) are nonprofit organizations governed by a board of CLT residents, community residents and public representatives that provide lasting community assets and shared equity homeownership opportunities for families and communities. CLTs develop rural and urban agriculture projects, commercial spaces to serve local communities, affordable rental and cooperative housing projects, and conserve land or urban green spaces. However, the heart of their work is the creation of homes that remain permanently affordable, providing successful homeownership opportunities for generations of lower income families.
SOURCE: Community Land Trusts | Grounded Solutions Network
COMMUNITY LAND TRUSTS IN THE UNITED STATES.
COMMUNITY LAND TRUSTS IN THE STATE OF LOUISIANA.
3
The PH+ CLT aims to provide long-term affordable housing by developing and managing affordable housing and other community-oriented spaces.
HOW DOES THE COMMUNITY LAND TRUST WORK
Community Land Trusts work by acquiring land and then holding it in trust, while allowing residents or community groups to purchase or lease the building on the land. This model separates ownership of the land from the ownership of the buildings, which can help to keep the cost of housing affordable over the long term.
01. CAPITAL SOURCES
A Community Land Trust uses various sources of capital to acquire/develop homes in a geographic focus area.
CAPITAL SOURCES INCLUDE
Foundations, Public Entities, Financial Institutions, Private Donors.
02. HOME PURCHASES
New income-qualified residents buy & own their houses outright, while the CLT retains ownership of the land.
LEASING THE LAND
Homeowners lease the land from the CLT, which maintains permanent affordability.
03. EQUITY BUILDING
As long as the homeowner stays in the house, they are building equity.
When a homeowner is ready to sell, the CLT sets a price that allows them to earn a portion of the equity while maintaining an affordable price.
04. RESALES
The new resident is still able to buy a home at an affordable price, and agrees to the same requirements around a future resale.
63% of CLT homebuyers go on to buy a market rate home, using the equity they gained by being a CLT homeowner.
CLT’s are a way to create and maintain affordable housing and other community resources that are community-controlled and sustainable over the long term.
WHO CONTROLS A COMMUNITY LAND TRUST?
CLTs are set up as community-based organizations that are run by a board of directors or trustees, which is made up of community members, residents and other stakeholders that are actively involved in decision-making and governance. By involving residents in the governance of the organization, CLTs help to ensure that they remain accountable to the community they serve.
DEMONSTRATIONS IN PERMANENT AFFORDABILITY
PH+ continues to build permanent affordability through demonstration projects in both residential and commercial development.
STEWARDSHIP
At People’s Housing+ we proactively support our CLT homeowners and renters to ensure housing is secure and well-maintained. We not only developing energy-efficient single family homes, but also provide homebuyers with coaching services.
FREQUENTLY ASKED QUESTIONS
-
Community Land Trusts (CLTs) are a unique model designed to make Homeownership more affordable and accessible for low-to-moderate income buyers. People’s Housing+ owns the land, so you only need to pay for the price of the house itself. Because we partner in the purchase of land and homes, buyers purchase at a lower cost — no matter the market rates — and we stay in partnership throughout their ownership experience, providing ongoing education in home finances and maintenance. Along the way, our homeowners build personal wealth. When the property is sold, they receive a fair return on their investment, and take this forward for their next moves, while ensuring that the home remains affordable for future buyers.
-
A Community Land Trust works by acquiring land and holding it in a trust for the benefit of the community. The trust then sells homes or leases land to individuals or families, who are required to agree to certain conditions, such as maintaining the affordability of the property and limiting the resale price. This helps to ensure that the housing remains affordable for future generations.
-
In a traditional homeownership model, an individual or family owns both the home and the land it sits on. In a Community Land Trust model, the trust owns the land and the individual or family owns the home. This allows the trust to maintain control over the use and development of the land, and to ensure that housing remains affordable for future generations.
-
For the community, a Community Land Trust can bring:
More affordable homes for people.
A say in what happens to the land in their neighborhood.
Homes that stay affordable for future generations.
Fair and sustainable development.
For individual homeowners, a Community Land Trust can offer:
A chance to own an affordable home.
A stable and predictable cost of living.
A way to build wealth over time.
-
A Community Land Trust sets rules about how much a homeowner can sell their home for and by helping homeowners keep their homes in good shape. The trust also offers financing options to help people buy their homes and provides resources to help them keep their homes affordable for the long-term.
-
1.Meet the eligibility requirements for homebuyers.
2.Submit an application to People’s Housing+.
3.After an initial call with our team, register for a homebuyer education program.
4.Review and sign a ground lease agreement.
5.Close on the home purchase.
-
Community Land Trusts are usually funded by a combination of public and private sources, like grants, loans, and donations. The trust may also make money by selling or leasing homes.