Agenda - 12-01-1998 - 10d - Laserfiche WebLink

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4 Report of the CHAPEL HILL LAND TRUST (IMPLEMENTATION TASK FORCE 26 October 1998 Definition of a Community Land Trust (CLT) A CLT is a private non-profit membership organization, made up of concerned citizens, created to acquire and hold land for future generations. • A CLT protects the community's long term interest by continuing to own land while conveying the long-tens use of the land to individuals, cooperatives or other entities. • A CLT offers lease holders full rights of privacy and security through a 100- year renewable lease that can be transferred to their heirs. • A CLT can be established with new or existing housing or a combination of both. • A CLT keeps housing affordable for future generations by controlling the price owners receive when they sett their homes. Why have a CLT? • A CLT would provide Orange County with another tool for creating affordable, diverse and stab{e housing, no matter if it is rental or home-ownership. • A CLT would provide a resource that does not presently exist in Orange County and, at the same time, collaborate with existing organizations. The difference between existing affordable housing efforts and what a land trust offers is the involvement of residents and concerned citizens. Residents are the heart of the community land trust. As a membership organization with members drawn from the land trust leaseholders and the wider community, as well as a Board of Directors composed of the same, a CLT can provide greater local control over land and housing ownership. A CLT offers more than a developer who builds a house and then moves on to the next project. The CLT is a steward of the land it holds, a committed partner in how the land is used and cared for. As it partners with residents who lease the land, the CLT provides support with regard to the property, helping homeowners to be good homeowners while helping to keep housing affordable on a long-term basis.