DONATING LAND
Housing Land Trust VC works to receive donated land that can be developed for affordable housing on a 99-year lease for either rental housing or homeownership. The organization does not act as a developer but will work with a city-selected developer or a developer selected through an RFP process run by Housing Land Trust VC.
Housing Land Trust VC charges low monthly fees or an annual fee for oversight of compliance with affordability covenants; for intervention in the event of poor maintenance or foreclosure; and management of homebuyer programs.
Housing Land Trust VC takes a unique and long-term approach to community development by structuring:
Housing Land Trust VC separates ownership of land from improvements:
Housing Land Trust VC outcomes:
Housing Land Trust VC charges low monthly fees or an annual fee for oversight of compliance with affordability covenants; for intervention in the event of poor maintenance or foreclosure; and management of homebuyer programs.
Housing Land Trust VC takes a unique and long-term approach to community development by structuring:
- how property ownership is held,
- how public and private subsidy investments are applied,
- how long-term relationships with residents, occupants, and users are nurtured and maintained over time,
- a strategy to acquire and retain ownership of targeted land parcels within Ventura County,
- a plan to remove this land from the speculative market forever,
- long-term safeguards against sale of land designated for affordable housing, and,
- agreements to lease land for affordable housing uses.
Housing Land Trust VC separates ownership of land from improvements:
- Housing Land Trust VC retains ownership of the land.
- Improvements are owned by individual(s) or corporation(s).
- Housing Land Trust VC leases land and transfers liability of land to owner of improvements.
Housing Land Trust VC outcomes:
- Key community assets are preserved and kept accessible and affordable forever.
- Housing affordability and quality is preserved and leveraged for public (and private) investment.
- Housing Land Trust VC homeowners are now able to build personal wealth, which creates security and stability, while renters gain security from long-term affordable rental rates.
- Communities benefit by not being vulnerable to gentrification and displacement.