CLTs keep homes affordable and in the hands of the community by only putting the homes -- not the land they occupy -- on the market for low- and moderate-income residents.  

This is accomplished by the community creating a CLT nonprofit organization governed by residents and public representatives. The CLT manages land to:

• Ensure it is used to benefit the community
• Ensure owner-occupied homes remain affordable
• Provide homeowners flexibility for future decisions about their homes. 

The heart of CLTs is the development of affordable homes that remain affordable for generations of families to come. CLTs can also develop commercial spaces to serve local communities and conserve land or urban green spaces.

Simply put, communities separate ownership of land from homes. CLTs own land, homebuyers purchase and own the homes on that land, then CLTs lease the land to the homeowners.

CLTs in NC
Asheville
Charlotte
Concord
Chapel Hill
Durham

A CLT is owned and managed by the community and has collective decision-making to ensure affordable housing always exists in the community for all qualified residents. The focus is ownership retention, affordability, and resale to income-qualified buyers.

CLTs allow communities to stay ahead of market changes while stabilizing housing quality and availability.  

A CLT also protects its homeowners in the following ways:

• Banks and lenders can't automatically foreclose on a mortgage in default without giving the CLT a chance to intervene. They also can’t accelerate a foreclosure.
• A CLT can purchase a homeowner's loan from a bank or lender, manage a plan with the homeowner, and make modifications to the mortgage with an improved payment plan to keep the homeowner in the home.
• CLT homeowners become community members and vote on CLT priorities, projects, and decisions.

The initial focus for a Greensboro CLT will be redevelopment and reinvestment areas.

Redevelopment Areas
~ Eastside Park
~ Ole Asheboro
~ Willow Oaks

Reinvestment Areas
~ Dudley Heights
~ Glenwood
~ Kings Forest
~ Mill District
~ Random Woods

Both redevelopment and reinvestment areas are those the City has studied and identified as being candidates for change...and for a CLT.

In redevelopment areas, incidents such as crime and abandoned houses can be reduced with the help of federal, state, and local resources.

Reinvestment areas are further along the road to change and will benefit from a moderate amount of public investment to stabilize the community.

A CLT can help with both.

Either one or both. The community determines the format of a CLT.

Most CLTs retain ownership of land and sell the houses, properties, and improvements made on the land to new homebuyers.

In other models, a CLT may own the house and land and rent or create a lease-to-own opportunity with land ownership remaining with the CLT.

First, the City holds public meetings with the community to determine an appropriate CLT model.

Next, Grounded Solutions, the City's contractor for creating a CLT, develops a business plan based on community feedback.

Program design continues as the community considers what type of housing will be developed, who will buy the homes, and how to best reach new homeowners.

Legal agreements, such as bylaws and policies, will be created to determine the CLT's operational and decision-making processes.

The community will be an active part of the entire process.

Common funding sources include:

• Local government
• Federal programs such as Community Development Block Grants and HOME Investment Partnership Program
• Community foundations
• Philanthropists

Development of a CLT in Greensboro can begin as soon as a program model is chosen by the community and stakeholders. From that point, the CLT could launch its first development in six to 12 months.