| FAQ's
How does CLT homeownership compare to conventional homeownership?
Community Land Trust (CLT) homeownership is similar to conventional homeownership, but the land beneath our homes is owned by the Land Trust.
The Same as Homeownership:
• The homeowner obtains a mortgage with a bank
• The homeowner accumulates equity
• The home can be inherited by the homeowner’s heirs
• The homeowner pays property taxes
• The homeowner can make alterations and improvements
Different from Home Ownership:
• The purchase price is below the market rate
• The CLT owns the land, and the home owner leases the land from the CLT for a nominal monthly fee
• The Resale Formula ensures that the home will remain affordable if it is sold in the future
Who might qualify for a Land Trust home?
Potential qualification criteria for homeowners:
· Resident of Chelan County
· Stable or continuous employment for at least 2 years
· Earn less than 80% of Median Income for Chelan County, adjusted for family size. (Example for 2008: family of 4 = income at or less than $45,600)
· Good or repairable credit
· Able to obtain a mortgage loan
· Attend homeowner classes sponsored by the LandTrust
If you have a question about Lake Chelan Community LandTrust,please feel free to contact us with your questions or input.
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