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Community Land Trusts

Community Land Trusts. NIFA Annual Affordable Housing Conference January 28, 2009. Community Land Trusts (CLTs) in the United States. Over 240 Community Land Trusts Nationally Originated in the South Large growth, more established in NE Growing presence in NW and SW

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Community Land Trusts

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  1. Community Land Trusts NIFA Annual Affordable Housing ConferenceJanuary 28, 2009

  2. Community Land Trusts (CLTs) in the United States • Over 240 Community Land Trusts Nationally • Originated in the South • Large growth, more established in NE • Growing presence in NW and SW • Regional Coalitions in NW, SE, and MN • Vary greatly in scope and role in community served • Early as a movement, then affordable housing, more recently as a municipal financing mechanism

  3. CLTs in Minnesota • 10 CLTs in Minnesota • Over 650 CLT homeowners in MN • Urban, Suburban, and Rural • Great diversity in how each CLT serves their community • Recently incorporated, gained 501c3 status as the MN CLT Coalition • Hired Executive Director in Fall 2008 • Focused on policy, best practices, data collection, furthering collective missions

  4. City of Lakes Community Land Trust • City of Minneapolis • Incorporated in 2002 • First Household assisted in 2004 • Staff of 2.5 FTEs • 84 CLT homeowners, 5 resales to date • Single Family Homes, Townhomes, and Condos • Not a developer • 25% Appraisal-Based Resale Formula

  5. CLCLT Programs in Mpls. • Developer Partnerships • New Construction • Rehab • Foreclosure Related Rehabs • Homebuyer Initiated Program (HIP) • Increasingly Foreclosed Homes

  6. CLCLT Applications in Mpls. • Habitat for Humanity Partnership • Project: Reclaim - Contract for Deed Program • SF Homes/Townhomes – Ground Lease • Condos – Deed Restriction • Mixed-use developments • Possible Duplexes, Rental, Commercial Applications in the future

  7. Single Family Homes

  8. Homebuyer Initiated Program (HIP) Single Family Homes

  9. Townhomes and Condos

  10. Neighborhood Stabilization Program (NSP) Activities • $58 Million to Minnesota • Over $3 Million to Hennepin County • $5.6 Million to Minneapolis (another $5.6 million from State level directed to Minneapolis) • $450,000 for Buyer Initiated Program ($150,000 pre-directed from NSP funds) • $550,000 for Partner CDC Lease/Purchase (Contract for Deed) program “Project: Reclaim” • City of Minneapolis looking to CLCLT for assistance, especially for 25% below 50% MMI solutions

  11. CLCLT Resales 5 CLCLT resales and another 2 for resale • 2 homeowners moved out of state • 1 growth in family/income • 2 deceased • 1 wasn’t a good fit • 1 lateral move to HIP home

  12. CLCLT Homebuyer Process Required of every CLCLT buyer • Homebuyer Education Course (9 hours) • CLCLT Orientation (1 hour) • CLCLT application • Pre-approval from CLCLT approved lender • Attorney review (paid for by CLCLT) • Post-purchase events/trainings CLCLT Buyer Info Packet Available

  13. Considerations in Starting a CLT • Understanding scope, need, and financial support from a community • The cost of starting and maintaining a CLT • Public (municipal/government) support • Lender, realtor, business support • Ability to demonstrate a ROI to the community • Housing is the easy part….

  14. Contact Info Jeff Washburne Director, City of Lakes CLT 612-721-7556 x17 jeff@clclt.org www.clclt.org Burlington Associates in Community Development www.burlingtonassociates.com National CLT Network www.cltnetwork.org

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