Community Land Trusts
A. Defining a Community Land Trust
A Community Land Trust (CLT) is a shared equity affordable homeownership model that conceptually exists between the homeownership and rental tenure models. Under the CLT model, a community based non-profit corporation purchases land and subsequently leases the improvements on the land, such as residential homes, to low income households. The CLT is set up in such a way that the low-income household will only achieve a limited equity return on its investment. Appreciation of the land is taken out of the price equation because the CLT holds the land on which the homes sit on in permanent stewardship. CLTs use various legal mechanisms to convey ownership and subsidize properties under resale constrictions set by a formula created by the CLT that allows the next buyer to also pay a below-market price.
B. Key Features of a Classic CLT
1. Nonprofit, Tax-exempt Corporation: A community land trust is an independent, nonprofit corporation that is chartered in the state where it is located. Most CLTs are started from scratch, but some are grafted onto existing nonprofit corporations.
2. Dual ownership: The CLT acquires multiple parcels of land throughout a targeted geographic area with the intention of retaining ownership permanently. The parcels do not need to be contiguous. Any buildings already located or later constructed on the land are sold to individual homeowners, condo owners, cooperative housing corporations, nonprofit developers of rental housing, governmental, or for-profit entities.
3. Leased land: CLTs provide for the exclusive use of their land by the owners of any buildings on the land. Parcels of land are conveyed to individual homeowners (or the owners of othe...
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...ce Inc also has a rental preservation program called “Working your way HOME” program.
6. Community Land Trust of Palm Beach County (CLT of PBC) : Formed in early 2006, and received its 501(c)(3) tax exempt designation in March of 2007. It is a countywide housing non-profit organization created for the purpose of providing permanently affordable housing opportunities for residents of Palm Beach County. 25% of one of its properties’ units, La Joya Villages will be set aside for families earning no more than 50% of the area median income. For its other property, Davis Landings, the Department of Economic Sustainability (DES) partnered with CLT of PBC to build the 25-unit affordable family rental community on 2.13 acres. The $5.7 million project was financed through the HUD Neighborhood Stabilization Program 2 (NSP2). Income requirements can be found on their website.
This essay is about the land rights of of Australia and how Eddie Marbo was not happy about his land been taken away from him. In May 1982 Eddie Marbo and four other people of the Murray Islands began to take action in the high court of Australia and confirming their land rights. Eddie Marbo was a torres islander who thought that the Australian laws were wrong and who went to fight and try and change them. He was born in 1936 on Mer which is known as Murray Island. The British Crown in the form of the colony of Queensland became of the sovereign of the islands when they were annexed in1978. They claimed continued enjoyment of there land rights and that had not been validly extinguished by the sovereign. (Australian Bureau of Statistics 2012)
In the year of 1862, Abraham Lincoln signed the Morrill Land Grant Act providing funds for the creation of land-grant schools in each state in the United States of America. Specifically, this act gave each state “30,000 acres…to establish a college that would promote education in agriculture, mechanics, classical studies and military tactics” (Morrill Act). The act provided each state with government funds to purchase the land, but the state itself was required to find the capital to erect the buildings. The Morrill Act was initially introduced to President Buchanan, but he vetoed it based on his belief that it was “financially draining for the Treasury, a threat to existing colleges, and unconstitutional” (Morrill, J.). On the second occasion
Being identified as a nonprofit, doesn’t necessarily mean it will be a charitable organization. Though the term has been applied to most nonprofit organizations, the fact is most nonprofits is structured using the economic model. The economic model is based on the traditional model of management designed to deal with the complexity of managing an organization (Bradshaw & Hayday, 2007, p. 4). This model acquires funding from multiple sources such as; individuals, government grants, corporations, and foundations. Though an nonprofit organizations may be identified by the Internal Revenue Service (IRS) as tax-exempt, it may use the same economic model and framework as a for-profit organization. According to Brainard & Siplon, (2004), the nonprofit economic model often mimics that of the private sector by using organized professionals to help determine the goals and vision of the organization (p. 439). It is widely believed that most nonprofits use the economic model along with an aggressive...
"Home Owners Loan Corporation." Next New Deal. Roosevelt Institute, 2014. Web. 16 Mar. 2014. .
Because of the amount of overdeveloped areas that are now vacant, the desire to renovate old vacant properties and land plots has all but disappeared. What if there was a beneficial solution to unused land plots in need of rehab and redesign? What if, instead of paving over every leftover inch of grass and dirt in urban areas to make room for more parking for our daily commuting polluters, we instead reinvent that land for a purpose that is both beneficial to our
A Quistclose trust arises when money is paid to a recipient for a specific purpose, if that purpose fails the money is held on trust for the payer. It mostly arises in insolvency cases where the proprietary rights have to be established. However, this type of trust has been thought to be inconsistent with the traditional trust principle. Many have suggested the Quistclose trust must be treated as any other fully fledged security device taking into account the protection it offers the payer on insolvency and should therefore be registrable. This essay critically analyses the concept of Quistclose trust, whether it differs from the resulting trusts.
in which property is owned by the state or group, to be shared in common
To purchase anything extra that the sharecropper required, the owner of the land would provide the c...
Nonprofits are organizations whose income is not used for the benefit or gain of stockholders, directors or any other persons with an interest in the organization. The nonprofit sector is very diverse; it includes tax-exempt organizations that are educational, scientific and cultural, as well as civic and social welfare organizations. Nonprofits usually work to advance a cause or interest or to accomplish some good work. Some job seekers overlook nonprofit organizations, assuming that opportunities are limited and salaries are uniformly low. This is not true.
apartments in certain areas of a city. The goal is usually to protect the rights
The expansion of the United States is such a vital part of American history, yet some often forget how it all happened. Many thriving settlers were given an extraordinary opportunity starting on January 1, 1863 that would end up laying the floor work for many Midwestern and Western citizens today. The rights and responsibilities to live on and maintain 160 acres of land may seem like a lot to take in for a student learning about an Act about land from the 1860s. However, think about all the people the Homestead Act of 1862 affected. There was a lot of pressure on the original homesteaders to make good use of their newfound land, the government was giving out land that wasn’t exactly theirs, and the Native American would have some their rights stolen.
Bergdall, T. (2003). Reflections on the Catalytic Role of an Outsider in Asset based Community Development (ABCD)
Kennedy A. (2014) Castle Vale Housing Action Trust: Lessons in Regenerating Communities Lecture, University of Birmingham.
In order to secure land tenure for the urban informal settlers, different countries have introduced licenses or Certificates in different names. However they all have the same objectives. For instance, in Zambia residents are issued with a 30-year Occupancy Licences while the area undergoes through the process of upgrading. These can be later replaced by certificates of title, which carry the same effect as if the landowner were obtaining a direct lease of the land from the state (UN-Habitat, 2012). In Botswana, Certificate of Use is issued to informal dwellers so as to encourage them on further housing investment (Durand-Lasserve, 2006). In Brazil, Concession of the Real Right to Use is issued to residents. The validity period of these licences varies between 30 and 50 year periods but subject to renew (Van der Molen, 2002).