We revitalize or develop properties (on our own or with local builders and funders) then sell the home at below-market cost to residents who are trained to prepare for home ownership responsibilities. Unlike most other affordable housing developers, CLT of Southold retains the rights to the land below the house and this ensures that the home is resold at similar, below-market rates to the next homebuyer, guaranteeing low-cost housing in perpetuity.
Permanently Affordable – Controlled by Trust Owning the LAND
Community Land Trust (CLT) of Southold controls housing costs by permanently limiting land costs and “locking in” subsidies so that they benefit one homeowner after another.
Section 8 housing can be built at affordable prices, but when the original family moves on, the house is sold at a higher price and is no longer affordable.
Through a CLT, residents themselves can capture the value they create through their neighborhood improvement efforts so that their benefit goes to their own community rather than absentee investors. Boston’s Dudley Street neighborhood created a CLT and the slogan, “Take a Stand. Own the Land.” This is the idea that we, the Community Land Trust of Southold, embody in our town.
