Recently we have been asked about the State College Community Land Trust (SCCLT) and what it is and its benifits. Well this great program can really benifit those looking to move into the Borough of State College but need an advantage to do so.
Here is what the SCCLT is as described from the SCCLT website (www.scclandtrust.org – 3/22/2010):
A Community Land Trust (CLT) is a private, non-profit organization whose goal is to acquire and hold land for the benefit of the community and to provide secure affordable access to land and housing for community residents. CLTs attempt to meet the needs of those priced out of the housing market by helping to reduce speculation and absentee ownership of land and housing and by preserving the long-term affordability of housing.
A CLT will purchase a home and the property on which the home resides, then sell the house itself (called the improvements) to an income qualified applicant in their program. In this process the CLT maintains ownership of the land, ultimately providing some level of control over how the land will be used in the future. The goal of a CLT is to ensure that the land within their trust is used for decent, affordable housing. To accomplish this, the CLT signs a long-term lease with the new owner of the house assuring them that the property will remain available to them for as long as they remain within the parameters of their land lease. Consequently, 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 back to the CLT or to another income qualified family. The price that they agree to sell the home for will be based on a resale formula that allows the homeowner to realize a portion of the increase in value of the home while also keeping it affordable for the next income qualified buyer.
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 such as ambulance drivers, teachers, technicians, staff people and nurses in the community
- 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
For more information visit: www.scclandtrust.org/ or my website at www.LiveStateCollege.com!
If you or someone you know may be interestd in this program please let us know and we would be happy to assist you on the path to homeownership in the Borough of State College!
Make it a great day!
