Nonprofit or community organization
Last modified: February 7, 2013, 9:54 PM
Creating and permanently preserving affordable homes in Seattle.
Homestead Community Land Trust is a membership-based 501(c)(3) nonprofit organization in Seattle. Our members come from all walks of life, from displaced persons to people in city government, community activists, business people, homeowners and renters. We all share a belief that Community Land Trusts offer individuals and neighborhoods an innovative, effective way to address our housing needs. Our Board of Delegates is elected by the general membership and represents a balanced interest between members owning homes on land trust land, general land trust members, and the community at large.
A Community Land Trust (CLT) creates affordable housing by taking the cost of land out of the purchase price of a home. It keeps housing affordable for future buyers by controlling the resale price of houses on CLT land through a ground lease and resale formula. Homeowners leasing CLT land under their home enjoy the security, control, tax advantages and ability to build equity just like any homeowner. If they sell their home, the resale formula insures that the home is kept affordable for the next family. When land values skyrocket, the inflated value of the property remains a community asset in the form of stable, affordable housing. Learn more about the Community Land.
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