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To Do:
To Do:
- Find out the cost of construction of the newer buildings around town: how many units, cost of construction, area, amenities, rental info
- Find out cost of land available 2 to 5 acres; needs to be zoned multi use
A buyer purchases a home, but not the land. Removing the value of the land from the purchase makes it more affordable to the buyer. The land is owned by the Community Land Trust, a non-profit organization. A 99-year ground lease is signed between the community land trust and the homeowner. It spells out the responsibilities of the owner to maintain the property, the amount of the ground lease and the resale formula. The resale formula keeps the home affordable for subsequent buyers. A one-time investment by the CLT creates a home that is affordable to multiple generations of homeowners.
A buyer purchases a home, but not the land. Removing the value of the land from the purchase makes it more affordable to the buyer. The land is owned by the Community Land Trust, a non-profit organization. A 99-year ground lease is signed between the community land trust and the homeowner. It spells out the responsibilities of the owner to maintain the property, the amount of the ground lease and the resale formula. The resale formula keeps the home affordable for subsequent buyers. A one-time investment by the CLT creates a home that is affordable to multiple generations of homeowners.
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