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Learn more about Mortgage Relief Resources

Community Land Trust

Photo courtesy of Maggie Walker CLT.


What is a Community Land Trust?

A Community Land Trust (CLT) is a nonprofit organization that holds land on behalf of a community and serves as long-term stewards for affordable housing. Urban CLTs have been in existence for nearly 25 years.

 

How does a CLT work?
  • An individual or family purchases a house where the land is owned by a CLT.
  • The sales price is more affordable than a traditional home because the homeowner is only buying the house, not the land.
  • Homeowners lease the land from the CLT in a long-term lease (example 99 years).
  • Homeowners must sell the home at a restricted price to keep it affordable. The home’s value may increase from improvements that are made while living in the house.

 

Who controls a CLT?

CLTs are typically nonprofits managed by a board, dedicated CLT staff and community members.

 

Advantages of CLTs

Promotes wealth building, retention of public resources and solutions for affordable housing needs.

 

CLT Financing

Virginia Housing offers financing for the following partners:

 

If you’re a homebuyer, connect with one of our approved CLTs to explore mortgage options and find the right support for your home purchase.

 

Lenders interested in participating in Virginia Housing’s CLT program, please reach out to your Business Development Officer for more information and guidance on how to get involved.

 

To learn more about CLTs, visit Grounded Solutions Network.