Community Land Trust
There are still a number of steps that need to take place before a viable, effective, long-term CLT can be established in Nashville. Starting in 2018, The Housing Fund will work with key stakeholders to craft a community vision for Nashville’s CLT, identify staff needs, and establish an advisory committee. Full implementation of the trust is anticipated to begin in FY2019-20.
FREQUENTLY ASKED QUESTIONS
What is the program focus?
To serve as the permanent repository for a community’s land and as the permanent steward for any residential or commercial buildings that are located upon its land.
Long-term stewardship of land and residential or commercial buildings after remediation and redevelopment, preserving affordability, preventing deferred maintenance, and protecting against foreclosure.
What is the projected structure?
Internal program to provide stewardship of land and residential or commercial buildings on behalf of a place-based community.
What is the anticipated guidance?
Led by the Board of Directors, an advisory committee, composed of residents and other key stakeholders, will be established.
How is land acquired?
Purchased on open market; private land donations; bargain sales; receipt of surplus public property from city agency or land bank authority.
What is the duration of land ownership
Land is held in trust “forever.” Buildings are sold to private owners with permanent restrictions on use and resale.
What is the disposition of properties?
Residential or commercial buildings are sold to private owners at an affordable price. Title to the underlying land is retained by the CLT. The land is leased to owners of the buildings, using a ground lease that is long-term, inheritable, and mortgage-ready.
How is public investment recycled?
Subsidies invested in acquiring and developing lands are locked into the property, lowering the price for future homebuyers (or other occupants).
What is the long-term affordability requirements?
The CLT retains an option to repurchase homes (and other buildings) whenever their owners decided to sell, paying a formula-determined price that keeps homes affordable.
What is the long-term stewardship requirements?
The CLT has a right (via the ground lease) to require leaseholders to keep their buildings on good repair. The CLT also has a durable right to intervene in cases of a mortgage default to prevent foreclosure.
Marshall Crawford, President & CEO