Homeowners are given 99-year leases. They can sell the homes and, receive equity. But the land always remains owned by the trust. With the price of land taken out of the equation, it remains affordable. Sante Fe, N.M., is using this program in combination with an inclusionary bylaw.
Trust money is raised through fees charged to builders in lieu of creating more affordable housing.
That money then goes to building affordable homes. Vermont has the largest community land trust in the country - 1,300 units in a state with half a million people David Willard of Cape Cod Five Cents Savings Bank takes notes during a discussion on housing shortages in the Orleans Chamber of Commerce. Trusts are used in Jackson Hole, Wyo., the San Juan Islands in Washington State and other areas where expensive real estate is out of the reach of local residents. The town also appointed a part-time housing coordinator. Falmouth has a nonprofit housing trust that accepts donations of land and money.