community land trust
Although specific stewardship roles differ from one community to the next, nearly every CLT performs the following tasks:
- assembling and managing land;
- ensuring that owner-occupied homes remain affordably priced;
- marketing the homes through a fair and transparent process;
- educating prospective buyers about the rights and responsibilities of owning
a resale-restricted home; - selecting income-eligible buyers for the homes;
- monitoring and enforcing homeowner compliance with contractual controls over
the occupancy, subletting, financing, repair, and improvement of their homes; - verifying that homeowners maintain property insurance and pay all taxes;
- managing resales to ensure that homes are transferred to other income-eligible
households for no more than the formula-determined price; and - intervening in cases of a homeowner’s mortgage default. (Davis and Jacobus, 2008)