Thurston Housing Land Trust
How Can We Keep Homes Affordable and Accessible for Future Generations?
Community land trusts are a unique way to provide affordable homeownership opportunities to low-income families and individuals. They operate by separating the ownership of the land from the ownership of the home, allowing for the home to be sold at an affordable price while maintaining the affordability in perpetuity. This model has gained popularity as a solution to the affordable housing crisis because it offers an alternative to the traditional homeownership model that can be out of reach for many.
One of the key benefits of community land trusts is that they can provide a perpetual source of affordable housing. When the land is owned by the trust, it is taken out of the speculative market. This means that the homes on the land can be sold at prices that are affordable to low-income families and individuals, and the affordability is maintained even when the home is resold. This is because the trust sets restrictions on the resale price, ensuring that the home remains affordable for future buyers.
Another advantage of community land trusts is that they can provide greater stability for homeowners. Because the land is owned by the trust, homeowners do not have to worry about the rising cost of land that can make it difficult to maintain homeownership