Answer:  Simply put, it is a non-profit organization that sells homes to first-time homebuyers while retaining ownership of the underlying land.  The Community Land Trust gives homebuyers the unique chance to purchase a home well under current prices by removing the high cost of land.  The homebuyer leases the underlying land and with assistance from Neighborhood Renaissance obtains an affordable mortgage and down payment assistance further offsetting the price of the home.

Question:  How do I qualify for a Community Land Trust home?

Answer:  A potential community land trust homebuyer must be:

• a first-time homebuyer.

• income qualified.

• able to qualify for an affordable mortgage.

Question:   Who is considered a First-time homebuyer?

Answer:  A prospective homebuyer includes: 

• an individual who has not owned a home during the prior three-year period,
• a single parent who has only owned with a former spouse while married,
• an individual who is a displaced homemaker and has only owned a home with a spouse,
• an individual who has only owned a principal resident not permanently affixed to a permanent foundation in accordance with applicable regulations, or
• an individual who has only owned a property that was not in compliance with state, local, or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure.

Question:  How do I know if I am Income-Qualified?

Answer:  To be considered for a community land trust home, a household must have a maximum annual income that does not exceed 80% of the median income of households of equal size residing in Palm Beach County.

For additional information contact Christina Hewitt  at 561-832-6776 extension 101 or chewitt@neighborhoodrenaissance.org