A Community Land Trust (CLT) is a not-for-profit, community based corporation with an open membership and a democratically elected board of directors. The purpose of a CLT is to acquire and hold land for the benefit of the community. The land is then accessible for use by community residents for affordable housing, businesses, and/or agriculture.
A CLT blends long-term community control of the land with the individual security and equity of home ownership. Home ownership stabilizes neighborhoods, and owning a home is the primary investment tool of most average income households.
There are 14 community land trusts in Washington, and 10 in Oregon. There are four CLTs in the Portland/Vancouver metropolitan area.
Awareness of the importance of CLTs in assuring long-term affordable homeownership is growing. Public officials are recognizing the importance of this stewardship of community resources. Public funds are an important source for acquisition of land to put in trust.
Banks and other mortgage lenders are able to make loans on CLT homes and sell those loans to Fannie Mae, just like other mortgages.
The Southwest Washington Community Land Trust creates permanently affordable homes by combining community ownership of land with private ownership of homes.
