About CCCLT Program
You can achieve the American dream of homeownership if you earn 50-80% of the area median income!
In 2009, the Carver County CDA expanded the Community Land Trust (CLT) program throughout the county. It helps provide secure, affordable access to land and housing for our local workforce by attempting to meet the needs of those least served by today’s housing market.
The CCCLT helps potential home buyers with low-to-moderate incomes purchase a home on property that is leased from the land trust through a long-term (99-year), renewable ground lease.
Governmental and private grants further subsidize homes on the ‘front end’ thereby “locking in” the benefit of these subsidies one homeowner after another.
- CCCLT homeowners have the same benefits of traditional home owners
- CCCLT homes are owned by the resident, but the land is owned by the trust.
- The CCCLT assists renters who believe they cannot afford a home.
- The CCCLT make homes affordable over an extended period of time (100+ years).
How does the CCCLT work?
- The CCCLT acquires land that a new home is then built on, or acquires a home that is for sale in the community.
- An appraisal is conducted to set the fair market value of the house and land.
- The house is sold to a qualifying family, but the deed for the land is kept with the CCLT and leased for a nominal monthly fee.
- When the homeowner wishes to sell, a second appraisal is conducted to establish the new value of the house AND land, this new value determines the new re-sale price.
- 75% of the appreciation in value stays with the CCCLT land, where it serves to make the house affordable for the next buyer.
Call today with questions! (952) 448-7715 (x2782)