Charlottesville, Virginia – The Thomas Jefferson Community Land Trust (TJCLT) continues to help members of the Charlottesville workforce who make equal to or less than 80% of the area median income achieve the American dream of homeownership.
In recent months, the TJCLT has been able to utilize a Community Development Block Grant to help a local teacher and her daughter move into their very own home. She, like many others, had few, if any options when it came to finding an affordable home or qualifying for a traditional down payment or loan assistance program. Despite only making 48% of the median area income, or $30,500, she now has a permanent home that can stay affordable for future generations.
A Community Land Trust (CLT) is a unique business model that provides affordable housing by purchasing land and then leasing it to the homeowners for a minimal fee. This process allows the homeowners to purchase the building only, lowering the overall cost of homeownership. The partnership safeguards the separation of price of the land from the house, thus the property will remain affordable for future homeowners. There are over 250 CLTs nationwide in 45 states and the District of Columbia.
“The Community Land Trust model is an exceptional tool in the affordable housing conversation,” said Greg Slater. “Creating a permanent supply of homes that actually get more affordable over time is exceptional. It is also important to note the flexibility of this model and how it works well in partnership to other affordable housing efforts.”
What makes this purchase unique is the opportunity to incorporate a Community Development Block Grant (CDBG) into the mix. The CDBG program allocates annual grants to support work in creating viable communities by providing decent housing, a suitable living environment, and opportunities to expand economic opportunities, principally for low- and moderate-income persons.
On behalf of the TJCLT, thank you to the following people and organizations for their support in helping to ensure the availability of affordable housing in the Greater Charlottesville area:
Albemarle County Housing Department
City of Charlottesville
Chip Royer – Royer, Caramanis and McDonough
David Sloan, Sloan Manis Real Estate
Greg Slater, Nest Realty Group
HD Advisors
Thomas Jefferson Land Environmental Health Consultants, Inc.
WeatherSeal Insulation
Wells Fargo Home Mortgage
About TJCLT:
The Thomas Jefferson Community Land Trust is a not-for-profit organization that serves the Greater Charlottesville area. It provides homeownership opportunities for low and moderate income households that otherwise might not be able to afford to own their home. It is dedicated to the long-term success of its homebuyers by providing financial and homeownership counseling and post-purchase support and assistance. It creates a permanent supply of affordable homes to benefit future generations of the Charlottesville community. www.tjclt.org
