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BOARD OF COUNTY COMMISSIONERS ACTION: Board of County Commissioners Approval of the AHAC Recommendation Yes [*/] No ❑ Other Housing Strategies Besides the affordable housing incentives listed in paragraphs A through K of Section 420.9076 F.S., the county has established several other policies to assist non-profit housing organizations to provide affordable housing throughout the county. Community Land Trust (CLT) Policy 4.10 of the Housing Element reads as follows: Policy 4.10: the county shall assist non-profit housing organizations in establishing Community Land Trusts (CLT) by providing technical support to those organizations. One tool to provide homeownership opportunities to households that would otherwise be renters is a Community Land Trust. A Community Land Trust (CLT) is a nonprofit organization that seeks to preserve housing affordability over the long term. By selling homes to low or moderate -income families, but retaining ownership of the land under those homes, a CLT preserves housing affordability even after an affordable housing unit is sold. Generally, a CLT leases a land parcel to a homeowner for 99 years, while the homeowner owns the structure on the land. In the land trust model, buyers of land trust homes agree that, when they move, they will sell their home to another low or moderate -income family at an affordable price. Consequently, resale of CLT units is limited to income eligible households, and resale prices are limited to keep CLT units affordable for the next homebuyer. By owning the land under the house, the land trust ensures that the subsidy is retained for the benefit of subsequent families. Therefore, the owner of a CLT unit may share in the equity produced by the sale of a CLT unit, but will not realize a market rate of return. According to the Central Florida Workforce Housing Toolkit, some of the most established CLT's are Durham, North Carolina; Burlington, Vermont; The New Town, Tempe, Arizona; Sawmill, Albuquerque, New Mexico; Middle Key, Florida; and Hannibal Square, Winter Park, Florida. Generally, CLTs are used: ■ In fast-growing areas, where the price of real estate is escalating rapidly. They can be used in gentrifying areas to preserve a community's character. Limits on resale prices ensure that some housing remains affordable, even in these areas. ■ In disinvested neighborhoods, where CLTs can be used to increase owner occupancy, decrease absentee ownership, improve the physical condition of housing and stabilize 60 27