“The Land Trust was there all along the way. No realtor would have spent that much time answering questions. The fact that I could call the Land Trust with any questions was very helpful.”
--a Land Trust homeowner
Frequently Asked Questions
What is the Community Land Trust of Greater Cleveland?
The Land Trust is a non-profit membership organization that develops homeownership opportunities for moderate-income families and individuals in Cleveland and Cuyahoga County. The Land Trust makes homeownership a reality for moderate-income families by lowering the price of quality homes and reducing many of the risks of homeownership in today's market.
How is buying a Land Trust house unique?
The Land Trust substantially lowers the price of a newly built or rehabbed home for moderate-income families. Land Trust clients buy the home with a traditional bank mortgage, but they lease the land on which the house sits from the Land Trust. They receive a 99-year renewable lease to the land, which provides secure access to the property. The leaseholders can do everything on the land that an owner could--plant a garden or build a swing set, for example--and the lease continues until the homeowner decides to move. When the homeowner decides to move, the home is sold to another moderate-income buyer at an affordable price. Our homes remain affordable permanently.
What are the benefits to buying a Land Trust home?
- We work with potential homeowners to prepare them for homeownership, through one-on-one counseling and referrals to repair credit, understand the homebuying process, and become mortgage qualified.
- We substantially reduce the price of quality homes for our clients.
- We support our homeowners after they buy a Land Trust home, helping them to avoid the worst consequences of unexpected financial hardship.
- We remain connected to the homeowner and the community over time, ensuring that Land Trust homes remain owner-occupied and assets to their neighborhoods.
What forms of income are used to determine eligibility?
When determining eligibility for Land Trust programs, we consider income from employment, Supplemental Security Income (SSI), Disability, pensions, alimony, and child support payments. The income of all household members is considered.
Eligibility is determined based upon income before any taxes or deductions are taken, not take-home pay.
What if my household income increases over the income limits after I buy a Land Trust home?
You still get to enjoy your Land Trust home. Your household income does not need to remain below the maximum income. Income must be below the maximum when you purchase the home and close on the mortgage.
For further information, call the Land Trust at 216.334.1620.
