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I used to live in a city with a community land trust. You can buy the house and get a long-term lease on the land but the land trust (a non-profit organization
by ksherlock 14y ago
I used to live in a city with a community land trust. You can buy the house and get a long-term lease on the land but the land trust (a non-profit organization) retains ownership of the land. They also have a right to buy the house back when you sell it, limiting you to 25% appreciation.
The intention is to keep house prices affordable. (Sort of an upscale trailer park, now that I think about it). If you had the means to buy elsewhere, you probably would.
http://en.wikipedia.org/wiki/Community_land_trust http://en.wikipedia.org/wiki/Community_land_trust