The Green Cottages are priced affordably for moderate-income households in Cleveland: from $109,000 (2 bedroom) and $125,000 (3 bedroom).
Final price is dependent on income of the buyers; income restrictions apply. Minimum annual household income: $25,000. Maximum annual household income is determined by the size of the family; see chart at right.
The Green Cottages will be permanently affordable homes, sold through the Cuyahoga Community Land Trust. Through the Land Trust, homeowners purchase the home at a substantially reduced price. When they sell, they agree to allow a portion of the increase in the value of the home to stay with the home in order to bring the sale price down for the next moderate-income buyer.
The Land Trust’s program for securing affordability provides a return on the investment of both the homeowner and the community, allowing the homeowner to accumulate significant equity while the original affordability subsidy benefits successive buyers. The Land Trust also provides mortgage qualification support for buyers, helping them to secure sound mortgages and avoid many of the risks of today's housing market.
For further information on purchasing one of the Green Cottages, call the Land Trust at 334.1620 today, or read more about income qualifications and buying a Land Trust home. A waiting list is forming: return your application today.
