Community Housing Land Trust

Scranton Tomorrow recently assembled a committee to explore unique home ownership opportunities in the Scranton area. 
A stakeholders meeting will be held on April 4, 2008. For more information, please call 570-963-7576. 

A community land trust is a private, non-profit organization whose goal is to acquire and hold land for the benefit of the community and provide secure affordable access to land and housing for community residents. Community Land Trusts attempt to meet the needs of those priced out of the housing market. They help to reduce speculation and absentee ownership of land and housing and preserve the long-term affordability of housing. 

A Community Land Trust will purchase a home and property on which the home resides then sell the house itself (called the improvements) to a qualified applicant in their program. In this process the Trust maintains ownership in the land. By owning the land, the trust can ensure how this land will be used. Community Land Trusts desire land to be used for decent, affordable housing and sign a long term lease with the owner of the house assuring the home owner that the property will remain available to them to live upon. Subsequently, the new home owner need only purchase the improvements to the land, significantly reducing the overall cost of the home. 

In exchange for this the home owner agrees, if they ever wish to sell their home, that they will sell the home to the trust or another low/moderate income family. The price that they agree to sell the home for will allow them to recognize a profit on the sale but not as much as a "traditional" home owner would realize on a similar sale. Essentially, the home owner agrees to limit the resale price of their home in order to receive all of the benefits the Trust provides at the time of purchase. 

Community Land Trusts are a way for communities to: 

• Gain control over local land use and reduce absentee ownership 
  
• Provide affordable housing for lower income residents 
  
• Promote resident ownership and control of housing 
  
• Keep housing affordable for future residents 
  
• Capture the value of public investment for long-term community benefit 
  
• Build a strong base for community action