Let's Build a House!

What Is Yellow Springs Home, Inc?

Yellow Springs Home, Inc. was originally chartered by the state of Ohio in 1995 to help long-term community members remain in the area, to maintain economic diversity in Yellow Springs, and to retain and promote racial integration. It was organized as a community land trust (CLT) in 1998, to carry out these goals. We are a private, nonprofit corporation. Our purpose is to build and acquire affordable housing for persons who otherwise could not afford to buy a home in Yellow Springs. Home, Inc. is also a member of the Ohio Community Development Corporation Association (CDC), and the National Community Land Trust Network, and became a certified Community Housing Development Organization (CHDO) in 2001.

A Community Land Trust -How Does it Work?

• The CLT acquires land by private and public donations.
• It builds affordable homes for sale to persons in lower and medium income brackets.
• The resident owns the home; the CLT retains ownership of the land.
• The CLT leases the land to the homeowner by means of a 99- year renewable lease.
• Terms of the ground lease give the homeowner full use of the land, but limit the resale price of the home so that it will remain affordable to subsequent homeowners.

Who Benefits?

Home Inc. has access to grants and low interest loans in order to sell homes to low and moderate-income families who otherwise might not be able to own a home.

In exchange, there is a limit on the resale price of the house so that it will remain affordable to subsequent income-qualified homeowners. If and when homeowners decide to sell their houses, they can get back what they have invested, in addition to a percentage of the increased value of their home.

Why do We Need This?

In recent decades, Yellow Springs has become a premier place to live. Its success in building such an attractive community has driven the market value of land and houses beyond the reach of many people of moderate income who live here, work here, and grew up here. If the village is to maintain one of its most cherished values—the wide diversity of its population—the community must see to counteracting the forces moving it in other directions.