Community Land TrustsA. Definition of a Community Land Trust A Community Land Trust (CLT) is an affordable homeownership model with shared equity that conceptually exists between the homeownership and rental rental models. Under the CLT model, a nonprofit corporation based in the community purchases land and then rents improvements on the land, such as residential homes, to low-income families. The CLT is structured so that low-income families will only get a limited equity return on their investment. Land appreciation is taken out of the pricing equation because CLT keeps the land the homes sit on in permanent administration. CLTs use various legal mechanisms to transfer ownership and subsidize properties with resale constraints established by a formula created by the CLT that also allows the next buyer to pay a below-market price.B. Key features of a classic CLT1. Nonprofit, Tax-Exempt Corporation: A community land trust is an independent, nonprofit corporation established in the state in which it is located. Most CLTs start from scratch, but some are grafted onto existing non-profit companies.2. Dual Ownership: CLT acquires multiple parcels of land in a targeted geographic area with the intention of holding ownership permanently. The packages do not need to be contiguous. Any buildings already located or subsequently constructed on the land are sold to individual homeowners, condominium owners, cooperative housing corporations, non-profit developers of rental housing, government or for-profit entities.3. Leased land: CLTs provide for the exclusive use of their land by the owners of any buildings on the land. Plots of land are deeded to individual homeowners (or owners of other... half of paper......ce Inc also has a rental retention program called the "Working your way HOME" program.6. Community Lands Trust of Palm Beach County (CLT of PBC): Formed in early 2006 and received 501(c)(3) tax exempt designation in March 2007. This is a non-profit organization for countywide housing created for the purpose of permanently providing affordable housing opportunities for Palm Beach County residents. Twenty-five percent of one of its housing units, La Joya Villages, will be set aside for families who earn no more than 50% of the area median income The Department of Economic Sustainability (DES) partnered with PBC's CLT to build a 25-unit family rental community on 2.13 acres The 5.7 million project dollars was funded through the HUD Neighborhood Stabilization Program 2 (NSP2). website.