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A
Community Land Trust
Dedicated to Strengthening Community Through Affordable Home
Ownership |
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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?
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The
CLT acquires land by private and public donations.
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It builds affordable homes for sale to persons in lower and
medium income brackets.
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The
resident owns the home; the CLT retains ownership of the land.
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The CLT leases the land to the homeowner by means of a 99- year
renewable lease.
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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.
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The
Community
Land
Trust Model is being used by more than 120
well-established land trusts in the U.S. today.
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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 valuesthe wide diversity of its populationthe
community must see to counteracting the forces moving it in other
directions. |