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NIFA Annual Affordable Housing Conference January 28, 2009 Community Land Trusts.

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Presentation on theme: "NIFA Annual Affordable Housing Conference January 28, 2009 Community Land Trusts."— Presentation transcript:

1 NIFA Annual Affordable Housing Conference January 28, 2009 Community Land Trusts

2 Community Land Trusts (CLTs) in the United States Over 240 Community Land Trusts Nationally Originated in the South Large growth, more established in NE Growing presence in NW and SW Regional Coalitions in NW, SE, and MN Vary greatly in scope and role in community served Early as a movement, then affordable housing, more recently as a municipal financing mechanism

3 CLTs in Minnesota 10 CLTs in Minnesota Over 650 CLT homeowners in MN Urban, Suburban, and Rural Great diversity in how each CLT serves their community Recently incorporated, gained 501c3 status as the MN CLT Coalition Hired Executive Director in Fall 2008 Focused on policy, best practices, data collection, furthering collective missions

4 City of Lakes Community Land Trust City of Minneapolis Incorporated in 2002 First Household assisted in 2004 Staff of 2.5 FTEs 84 CLT homeowners, 5 resales to date Single Family Homes, Townhomes, and Condos Not a developer 25% Appraisal-Based Resale Formula

5 CLCLT Programs in Mpls. Developer Partnerships –New Construction –Rehab –Foreclosure Related Rehabs Homebuyer Initiated Program (HIP) –Increasingly Foreclosed Homes

6 CLCLT Applications in Mpls. Habitat for Humanity Partnership Project: Reclaim - Contract for Deed Program SF Homes/Townhomes – Ground Lease Condos – Deed Restriction Mixed-use developments Possible Duplexes, Rental, Commercial Applications in the future

7 Single Family Homes

8 Homebuyer Initiated Program (HIP) Single Family Homes

9 Townhomes and Condos

10 Neighborhood Stabilization Program (NSP) Activities $58 Million to Minnesota Over $3 Million to Hennepin County $5.6 Million to Minneapolis (another $5.6 million from State level directed to Minneapolis) $450,000 for Buyer Initiated Program ($150,000 pre-directed from NSP funds) $550,000 for Partner CDC Lease/Purchase (Contract for Deed) program “Project: Reclaim” City of Minneapolis looking to CLCLT for assistance, especially for 25% below 50% MMI solutions

11 CLCLT Resales 5 CLCLT resales and another 2 for resale 2 homeowners moved out of state 1 growth in family/income 2 deceased 1 wasn’t a good fit 1 lateral move to HIP home

12 CLCLT Homebuyer Process Required of every CLCLT buyer Homebuyer Education Course (9 hours) CLCLT Orientation (1 hour) CLCLT application Pre-approval from CLCLT approved lender Attorney review (paid for by CLCLT) Post-purchase events/trainings CLCLT Buyer Info Packet Available

13 Considerations in Starting a CLT Understanding scope, need, and financial support from a community The cost of starting and maintaining a CLT Public (municipal/government) support Lender, realtor, business support Ability to demonstrate a ROI to the community Housing is the easy part….

14 Contact Info Jeff Washburne Director, City of Lakes CLT 612-721-7556 x17 Burlington Associates in Community Development National CLT Network

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