Home Ownership

Are you looking to buy an affordable home and be part of a Community Land Trust? Do you have a home you’d like to donate to the CLT now or in the future?

BNCLT is beginning to consider homeownership strategies and a homeownership program as part of its expanding model. CLT’s are in the business of purchasing properties as a means to take them off the speculative market, and to then sell to new home buyers with a ground lease that ensures permanent affordability. All of the homes we buy in this way become part of the Land Trust, and home owners become members of the CLT—some of whom go on to joining the Board of Directors. The ground lease sets the terms and price of the home, so that home owners can gain some equity, but if they choose to sell, the price remains affordable for the next owner. Homeowners pay a small fee to the CLT for the ground lease. This ground lease fee can be a useful tool to negotiate with banks during attempted foreclosure, because the CLT can raise the ground lease fee to a price point that is cost prohibitive to banks, so that they are more willing to negotiate with existing owners to stay in their homes.

Are you an existing homeowner facing potential foreclosure?

BNCLT can help existing homeowners keep their homes when faced with potential foreclosure.  In cases where a bank has already “taken” property, BNCLT works with the bank to purchase and sell back the property to the homeowner, but with a ground lease to protect long-term affordability and provide security against future foreclosure. In some cases, BNCLT may acquire the home so that the existing tenant can continue to live there.

Are you interested in donating your land or your home to BNCLT either now or in the future?

For existing owners who wish to give or sell their home to the land trust at a reduced rate, BNCLT creates ground leases and permanent terms of affordability for these properties. This arrangement could either enable existing home owners to remain in their homes with the new BNCLT terms, or the homes may be vacant and available for sale.