Step 7: Ground Lease Orientation
In a Community Land Trust model, the improvements (home, outbuildings, etc) are sold and the Land Trust retains ownership of the ground beneath the home and for an affordable amount, leases it to the home owner with a ground lease which is a long-term lease that separates ownership of the land from ownership of the building . Our agreement is a 99-year renewable lease. By retaining ownership of the land, the Trust benefits the community by dictating that the home must be maintained as affordable for future families as it is sold and repurchased. This gives working families the opportunity to build assets and financial stability.