What is a community land trust?
A nonprofit, community-supporting system of land ownership.
The CLT owns the lot—the land—a house sits on and leases it to the homeowner while the house and all property responsibilities belong to the homeowner. The CLT requires that the house be permanently owner-occupied by present and future homeowners.
Most CLT homes renovated and sold by OPDC will be affordable for low- to moderate-income families. The Oakland CLT leases land to homeowners for 99 years (renewable) at a low monthly fee. Owners can maintain and improve their homes. They can leave their home to their children.
If a homeowner decides to sell, the Oakland CLT retains an option to repurchase the home to sell to a future low- or moderate-income resident or to assist the homeowner to identify a new income-eligible purchaser.
Homeowners share the appreciation they earn on their homes with future buyers, thus fostering long-term affordability even as surrounding neighborhood property values grow.
CLTs are time-tested, proven tools for neighborhood equity and stability. There are over 200 CLTs across the country that are part of a community land trust organization, the Grounded Solutions Network.
About the Oakland CLT
OPDC has been grappling with the challenge that when we sold affordable homes to families in the past, we did not have a way to prevent eventual conversion to rental.
The Oakland CLT is a failsafe solution to this problem with proven success across the country—a legal way to ensure that properties stay affordable and owner-occupied with every sale.
The CLT is the market intervention Oakland needs to ensure homes are available for regular homeowners—not just investors. It creates a homeowner market that would not otherwise exist and maintains affordable homeownership options for working families.
OPDC administers the Oakland CLT. An advisory committee is responsible for the stewardship of the land trust and consists of CLT leaseholders, community stakeholders, and OPDC board members.
We believe that sustaining a critical mass of homeowners and providing affordable housing is the best thing we can do to preserve Oakland’s quality of life for the long term.
Contact
Contact Elly Fisher, Deputy Director, at 412.621.7863 ext. 221 or efisher@opdc.org for more information or to get involved with the CLT.
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