What is a CLT?

A Community Land Trust (CLT) is a nonprofit organization that acquires land by purchase or donation, develops affordable housing on the land, and holds the land in trust to provide affordable housing for future generations. The CLT sells homes developed on the land at below-market prices and leases the land to the purchaser with a long-term, renewable lease.

Community Land Trust
Frequently Asked Questions

When the first owner sells their home, the CLT buys it back for a modest increase that is fixed by a resale formula in their lease. The seller realizes a fair rate of return on his or her investment, and the home remains affordable for the next buyer. In this way, CLTs protect the affordability for future residents.

This works especially well in places like Bainbridge Island, where the value of land is the major factor driving home prices upward. Affordable housing can be built, and kept affordable, if the land is not part of the equation.

People who live in CLT homes receive the traditional benefits of homeownership: tax deductions, the opportunity to build some equity, stability of housing costs, and a legacy to pass on to family and future generations.

Studies show that adults do better at work and children do better at school when they own their home. Home owners are more likely to be active in the community since they have more of a stake in the future.

As housing costs have soared incomes have not kept pace and consequently our workforce has had to seek housing further away from the community they serve. The effect is that the island is becoming less diverse, less inclusive and less reflective of our values and history.

The goal of HRB is to assist as many people as possible who can't afford to purchase in the current market. Different funding sources have specific requirements as to the maximum allowable income. We encourage anyone who cannot afford to buy a house in today's market to contact Phedra Elliott HRB at (206)842.1909 7# to determine whether you might qualify for one of our homes.