- Introduction
- Acknowledgements
- 1: Getting Ready
- 2: The Costs of Space
- 3: Understanding Credit
- 4: Professional Services
- 5: Finding Space
- 6: Residential Leases
- 7: Commercial and Industrial Leases
- 8: Buying Real Estate
- 9: Types of Mortgages
- 10: The Mortgage Application
- 11: Ownership Models
- 12: Purchasing Alternatives
- 13: Chicago Zoning Ordinance
- 14: Chicago Building Code
- 15: Chicago's Neighborhoods
- 16: Property Taxes
- 17: When You Find a Property
- 18: Inspections
- 19: After Moving In
- 20: Insurance
- 21: Utilities
- 22: Rehabbing Your Space
- 23: Safe and Healthy Spaces
- 24: Green Practice
- 25: When Disputes Arise
- 26: Space Emergencies
- 27: Facility Development Planning
- Bibliography
Community Land Trust
A Community Land Trust Organization (CLT) is a public-private partnership designed for the sole purpose of creating affordable space opportunities. Typically, a CLT acquires, holds and owns the land itself in perpetuity, but sells any residential and commercial buildings on the property. Individuals, organizations or businesses that purchase buildings on the CLT’s land are called leaseholders, and lease the right to use the CLT’s land.
In an effort to maintain long-term affordability, CLTs place equity limitations on their land lease agreement. The CLT restricts the resale price of the properties on its land in order to maintain these spaces' affordability.
The CLT is governed by a board of directors elected by its membership, comprised primarily of leaseholders and other community representatives.
CLTs can play a crucial role in the creation of affordable spaces, as they remove the cost of purchasing land in the development process. By working with a CLT, potential leaseholders only have to worry about the costs of purchasing materials and labor to develop, build or rehab a space. However, creation of a CLT is an intensive and complicated process.
The Institute for Community Economics developed the national CLT model, and works with community groups around the country to develop CLTs.
The City of Chicago established the Chicago Community Land Trust (CCLT) in 2006 to preserve the long-term affordability of units created through its established housing programs (Affordable Requirements Ordinance, Chicago Partnership for Affordable Neighborhoods (CPAN), City Lots for City Living, Home Start and New Homes for Chicago).
Buyers purchasing homes through CCLT receive a substantial up-front subsidy reducing the mortgage amount needed. Under CCLT, homes are taxed on the affordable price, providing additional savings to owners. These combined benefits significantly reduce monthly housing costs, allowing low- and moderate-income buyers to attain and sustain homeownership and wealth creation.
For more information please call Teresa Lambarry, Outreach Director (312) 742-0269 or teresa.lambarry@cityofchicago.org or visit the City of Chicago website: http://egov.cityofchicago.org/housing. Click “About DOH” then click "Housing Policies" then "Chicago Community Land Trust".
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Listing of other Community Land Trusts in the Chicago area