| The
mission of the Housing Land Trust of Sonoma County is to increase
home ownership opportunities to low- and moderate-income families
in Sonoma County while ensuring permanent housing affordability
through the use of a land trust model. Our mission is based upon
the belief that (1) all working families deserve a home of their
own, and (2) communities with homeowners from a broad socio-economic
range are the strongest and most vibrant.
Housing Land Trust
of Sonoma County (HLTSC) is a private, non profit corporation established
in February 2002.
The model used to fulfill our mission
is called the Community Land Trust model (CLT). In this model the
land trust organization owns real estate in order to provide benefits
to its local community - and in particular to make land and housing
available to residents who cannot otherwise afford them.
HLTSC provides access
to land and housing for people who are otherwise priced out of the
housing market. The model employed helps people to purchase homes
on affordable terms. The land beneath the homes is then leased to
the homeowners through a long-term, 99-year, renewable lease.
A key benefit of HLTSC
is the ability to ensure prices stay affordable: When the homeowners
decide to move, they can sell their homes. The resale formula is
designed to give homeowners a fair return for their investment,
while keeping the price affordable for other lower income people.
At the time of sale, the homeowner has the benefit of having equity
and a possible small gain from the sale of the house. |