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General Information about
Community Land Trusts

Land Trust residents own their homes, pay real estate taxes, are eligible for the mortgage interest tax deduction, and can bequeath their homes to the legatees of their choice.

Bank.bmp (71190 bytes)What is different about Land Trust homes is that residents do not own the land.  Rather, title to the land is held in trust for the community by the Community Land Trust.  A lease of the land to the owner of the building is the legal instrument which allows the Land Trust to control the resale price of the home.  The maximum allowable selling price is determined each year by the initial investment, the increase in local wages, plus any improvements made, so that the buyer can expect a fair return on his or her investment, while the resale price restriction guarantees that the home remains affordable for future buyers.

Land Trust developments also contribute to the larger community by increasing the tax base and bringing grant funds into the Cape Ann economy, which create substantial jobs for local contractors.  Both the homeowners and the CLTCA pay real estate taxes to the city.

For information on afforadable ways you you can help the CLTCA continue its mission, click here.

 

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Last modified: November 09, 2000. 
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