As Salt Lake City enacts the Housing Plan, the Community Land Trust will be used as a mechanism to retain affordable housing and keep it affordable today, tomorrow, and for generations to come. The Trust acts as a steward that preserves affordable housing on behalf of the community by removing land from the private speculative market and leasing it at an affordable, below market rate. This model can be used to protect the affordability of both rental units and single-family homes. Over the first year, City owned property will be placed in the Trust to provide affordable homeownership opportunities to low- and moderate-income households making no more than 80% of area median income. The structure will be sold to an income eligible household, while the land remains in the Trust and is leased to the homeowner at below market rates. Even as ownership of the structure changes hands, the land always remains in the Trust to ensure affordability for future generations. The Community Land Trust addresses long-term affordable housing issues ranging from homelessness to homeownership by providing affordable rental units as well as affordable opportunities to transition into homeownership. More information to come about eligibility and how to apply.
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