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Other Housing Strategies <br />Besides the affordable housing incentives listed in paragraphs A through K of Section <br />420.9076 F.S., the county has established several other policies to assist non-profit <br />housing organizations to provide affordable housing throughout the county. <br />Community Land Trust (CLT) <br />Policy 4.10 of the Housing Element reads as follows: <br />Policy 4.10: the county shall assist non-profit housing organizations in establishing <br />Community Land Trusts (CLT) by providing technical support to those organizations. <br />One tool to provide homeownership opportunities to households that would otherwise be <br />renters is a Community Land Trust. A Community Land Trust (CLT) is a nonprofit <br />organization that seeks to preserve housing affordability over the long term. By selling <br />homes to low or moderate income families, but retaining ownership of the land under those <br />homes, a CLT preserves housing affordability even after an affordable housing unit is sold. <br />Generally, a CLT leases a land parcel to a homeowner for 99 years, while the homeowner <br />owns the structure on the land. <br />In the land trust model, buyers of land trust homes agree that, when they move, they will sell <br />their home to another low or moderate income family at an affordable price. Consequently, <br />resale of CLT units is limited to income eligible households, and resale prices are limited to <br />keep CLT units affordable for the next homebuyer. By owning the land under the house, the <br />land trust ensures that the subsidy is retained for the benefit of subsequent families. <br />Therefore, the owner of a CLT unit may share in the equity produced by the sale of a CLT <br />unit, but will not realize a market rate of return. <br />According to the Central Florida Workforce Housing Toolkit, some of the most established <br />CLT's are Durham, North Carolina; Burlington, Vermont; The New Town, Tempe, <br />Arizona; Sawmill, Albuquerque, New Mexico; Middle Key, Florida; and Hannibal Square, <br />Winter Park, Florida. <br />Generally, CLTs are used: <br />■ In fast-growing areas, where the price of real estate is escalating rapidly. They can <br />be used in gentrifying areas to preserve a community's character. Limits on resale <br />prices ensure that some housing remains affordable, even in these areas. <br />■ In disinvested neighborhoods, where CLTs can be used to increase owner <br />occupancy, decrease absentee ownership, improve the physical condition of housing <br />and stabilize the community. Such CLTs assist not only the buyers of the CLT <br />homes, but also existing homeowners in the area, who likely are lower income <br />families. <br />F:\Community Development\SHIP\AHAC\ANNUAL INCENTIVE REPORT AND LHAP REVISIONS\2020 Incentives 26 <br />Report\BCC Item - Incentives Report\AHAC 2020 report v6 - 12-1-20 BCC Review.doc <br />