CLTs and Lease Purchase

A community land trust like Albany’s or City of Lakes CLT, retains ownership of the land under a house, which gives it an interest in the stability and tenure of the property. They ensure permanent affordability of the homes by limiting resale values.

Long-term stewardship of their affordable housing portfolio is a standard part of the CLT model, and this often includes pre- and post-purchase counseling, counseling or refinancing help to cure defaults, and programs to help owners with repairs and upkeep. This kind of continuing interest in a property and experience with a form of tenure that offers most but not all of the rights and responsibilities of homeownership is similar to the ongoing attention required for lease-purchase programs, and could make them a good match.

Miriam Axel-Lute is CEO/editor-in-chief of Shelterforce. She lives in Albany, New York, and is a proud small-city aficionado.


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