Maggie Walker Community Land Trust creates long-term affordable home ownership opportunities

Barry Green has a great piece at Next City on the Maggie Walker Community Land Trust:

In a CLT, a nonprofit organization owns the land beneath a home. Income-qualified homebuyers purchase the home rather than the land upon which it sits, reducing down payment and monthly mortgage costs. A 99-year renewable ground lease plus resale restrictions on homeowners ensure the home remains affordable, even to future homebuyers.

“We have an agreement on the resale price, should you choose to move,” Washington explains. “And you can stay in the home as long as you want. You can even pass down the home through the family, where you will set up part of the closing process.”

The model creates opportunities for home ownership AND ensures that affordable housing stays affordable after the initial sale.