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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 in providing 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 'lies, but retaining ownership of the land under those homes, a CLT preserves housing lability even after an affordable housing unit is sold. Generally, a CLT leases a el to a eowner for 99 years while the homeowner owns the structure on th nd In the an trust m , btu f land ee that, when they move, they will sell their home to another ow or moderate-inco ily at an affordable price. Consequently, the resale of CLT units is limited to income eligible resale of CLT units is limited to income - eligible 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 0, ty produced by the sale of a CLT unit, but will not realize a market rate 11 of return. According to the Centra orida 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. 27 62