THE COMMUNITY LAND TRUST MODEL

 Community Land Trusts (CLTs) are non-profit organizations governed by a board of directors made up of residents of CLT housing, community members, and other community representatives. CLTs provide lasting community assets, including shared equity homeownership opportunities, for individuals and families. They can develop single multi- and family homes, agricultural projects, commercial spaces, affordable rentals, and cooperative housing projects, as well as conserve land or green spaces.

The residential model is straightforward: buyers within the CLT purchase the home but do not own the land. Rather, they lease the land from the CLT. Removing the value of the land from the purchase makes it more affordable. It stays affordable in perpetuity because the CLT maintains land ownership and enforces the deed restriction on the land through a set resale appreciation formula (usually about 3.5% annually), which keeps the home affordable for the next buyer.

On Vashon, there are two CLTs, Vashon HouseHold and Vashon-Maury Island Land Trust. Vashon HouseHold's focus is to create homes that remain permanently affordable, whether as a rental or as homeownership. VHH stewards 38 homes in the Roseballen and Sunflower Communities and parcels in Vashon Co-Housing, and six acres of farmland within our CLT.

Vashon Maury Island Land Trust, a separate organization, owns and conserves land to help protect our ecosystems and rural character of Vashon.