Dwelling Place Regional Community Land Trust

The Dwelling Place Regional Community Land Trust is a nonprofit organization dedicated to preserving land for affordable home ownership in the United States. It operates as a community land trust (CLT), functioning as a steward of land for the benefit of the local community.

Purpose and Function

The primary goal of the Dwelling Place Regional Community Land Trust is to ensure long-term affordability of housing for low to moderate income families. It achieves this by retaining ownership of the land while allowing homeowners to purchase the structures built upon it. This model allows for shared ownership, with the trust controlling the land and homeowners owning the homes.

Operations

Homebuyers who participate in the program purchase homes at below-market prices. In return, they agree to resale price restrictions that maintain affordability for subsequent owners. When a homeowner decides to sell, a resale formula based on an appraisal allows them to retain 25% of the appreciation in property value, with the remainder going to the trust to support ongoing affordability.

The trust also provides a ground lease that lasts for 89 years and is renewable and inheritable. This lease ensures homeowners have exclusive use of the land and outlines how equity will be distributed between the homeowner and the trust.

Governance

The governance structure of the Dwelling Place Regional Community Land Trust includes a board of directors composed of one-third CLT homeowners, one-third community representatives, and one-third representatives from the Dwelling Place organization. This governance model promotes community involvement and ensures that the needs of homeowners and the broader community are represented.

Community Impact

The trust supports its homeowners through extensive counseling, informational resources, and community engagement activities. These efforts aim to enhance financial stability and mitigate issues that might lead to foreclosure, thereby fostering a more sustainable community. Additionally, the trust collaborates with local and state governments, donors, and neighbors to tailor housing solutions to the unique needs of each community.

Developments

The organization is involved in various development projects, including new constructions and conversions of existing properties into CLT homes. Notably, it has initiated projects in the Garfield Park neighborhood and renovated homes in the Roosevelt Park area to expand affordable housing options.

Fair Housing Commitment

The Dwelling Place Regional Community Land Trust is committed to fair housing practices, ensuring that all housing transactions are conducted without unlawful discrimination based on characteristics such as race, color, religion, sex, national origin, familial status, disability, marital status, age, sexual orientation, and gender identity or expression.

[1] https://dwellingplacegr.org/clt/buy-a-home/ [2] https://en.wikipedia.org/wiki/Community_land_trust [3] https://dwellingplacegr.org/clt/ [4] https://dwellingplacegr.org/our-properties/ [5] https://www.housingnorth.org/community-land-trusts