On August 8, Council Member Reich and the other members of the Community Development & Regulatory Services Committee approved $100,000 in Affordable Housing Incentive Fund (AHIF) financial assistance for City of Lakes Community Land Trust (CLCLT). This organization has provided affordable housing for over 200 families since it was formed in 2002.
The Land Trust model guarantees perpetual affordability by buying and holding lots in trust so that they are removed from the for-profit real estate market. The homes on the lots are sold to income-qualified buyers. The buyers also lease the land under the home for a period of 99 years. If or when a property is sold, the initial subsidy investment that was made in it remains with the property so that it continues to be affordable to a new income-qualified buyer. The newest First Ward Community Land Trust property is in the Holland neighborhood on a lot purchased from the city. For more information about City of Lakes Community Land Trust, visit http://www.clclt.org/.
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