By: Maura McCampbell, Marketing & Community Programs Coordinator
The Oakland Community Land Trust (CLT) recently welcomed Victoria and Tomoa Quinn as its newest homeowners. Coming to Pittsburgh by way of New York City, the Quinns chose to rent in Oakland for its proximity to work and ability to support a car-free lifestyle. When they started looking to buy a home in Pittsburgh a few years later, Oakland was the obvious choice. “I want to be in Oakland. I want accessible transportation and to know my neighbors by their first name,” said Tomoa, a UPMC employee. Victoria added, “I wanted to live in an already established neighborhood that reflects the diversity of a real community, and I couldn’t imagine living anywhere else.”
Thanks to the Oakland CLT and our partners, the Quinns were able to turn their dream of homeownership in Oakland into a reality – and to start building equity and generational wealth. In order to achieve this milestone, OPDC secured additional funding sources from the Urban Redevelopment Authority and the Housing Opportunity Fund’s Down Payment and Closing Cost Assistance program. We also had a great partner in First Commonwealth Bank, who helped bring all the sources together and get this sale across the finish line. We appreciate their partnership and dedication to equitable community development.
OPDC formed the Oakland Community Land Trust (CLT) in 2018 to provide affordable homeownership in our community. The market pressure for student housing in Oakland is relentless; investors purchase many of the homes that come up for sale here to turn into rental properties. The CLT ensures that houses OPDC builds and renovates will always remain affordable owner-occupied homes. This works because the CLT owns the lot (the land a house sits on) and leases it to the homeowner for a low monthly fee. The lease allows the Oakland CLT to stipulate that the property must be owner-occupied and also enables the CLT to maintain affordability of the property in perpetuity. Ultimately, this means that families like the Quinns have the opportunity to call Oakland home now and for generations to come.
Within the CLT leases’ stipulations, Oakland CLT homeowners have all the same rights and responsibilities as any other homeowner. A CLT homeowner can invest in and renovate their home, pass it down to family members, or sell it. They earn equity and also a share of the appreciation in value. A CLT homeowner receives a benefit -- a low purchase price -- at the time they purchase the home and agrees to sell the home at an affordable price in the future. The resale formula accommodates appreciation while also maintaining affordability long term. Oakland homeowners make up the majority of the Oakland CLT Committee, the group that stewards the Oakland CLT’s growth and vision.
Currently, there are eight CLT houses in the Oakland CLT, and at least six more will be added by the end of 2021.
OPDC recently welcomed a new CLT Manager, Malcolm Carrington, to our staff. Malcolm started with us in March and is eager to dig into the growing work at hand. He understands the challenges facing first-time homebuyers and is committed to guiding them through the process.
I see a lot of potential in Community Land Trusts, and I want to help people start a journey that in the end will benefit them tenfold,” Malcolm said. “My job is not to convince you that the CLT is right for you. That part is all up to you. I’m going to meet you where you are as an individual and tell you the truth so that you can make an informed decision.”
If you have thoughts on what you would like to see happen with Oakland’s CLT, or if you or someone you know are interested in purchasing a CLT home, please get in touch with Malcolm Carrington at mcarrington@opdc.org or 412.621.7863 ext. 123.