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Comprehensive Plan Housing Element <br />Issues: <br />- Better for a household than renting, but not as good as traditional home ownership <br />- Resale restriction limits ability of the owner to utilize full equity <br />- Resale formula must be prepared carefully to provide some benefit to homeowner without <br />making the house unaffordable for the next homebuyer <br />- Mechanics of resale (direct sale or through CLT) are complicated and must be established <br />upfront <br />- Payment of ad valorem taxes and insurance are additional costs that an owner of a CLT <br />home must incur that a renter does not <br />Conclusion: <br />A CLT is an effective method of providing affordable homeownership opportunities. Although CLTs <br />are generally established by private non-profit groups, local governments usually assist non-profit <br />housing groups that are willing to form CLTs. This assistance may involve providing technical <br />assistance or providing surplus properties appropriate for affordable housing and others. In the future, <br />the county should support any non-profit housing organization seeking to establish a CLT by providing <br />surplus lands appropriate for affordable housing, when available, and technical assistance as needed. <br />42 <br />Community Development Department Indian River County <br />