Community Land Trust - Rondo Community Land Trust, The

Description

- All homes purchased through Rondo CTL use the land trust model - Homebuyers purchasing houses through this program buy only the house and enter into a 99-year ground lease for the land. The land remains the property of the land trust, but the homeowner has full use and responsibility for the land. - Provides support services to its participants, including foreclosure prevention, property tax refunds, refinancing assistance, and home maintenance workshops - This process allows the home to remain affordable and the homeowner to earn equity - Uses the land trust model to meet the need for affordable housing, and to preserve the economic and cultural diversity of a community - When the owner sells their home, the ground lease requires them to sell it to another household of low to moderate income for the original sales price plus 25% of any appreciation in the home's value

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