Thomas Jefferson Community Land Trust Makes Homeownership Possible
A local teacher and her 7-year-old daughter have recently moved into their very own home, thanks to a partnership with the Thomas Jefferson Community Land Trust (TJCLT).
The TJCLT, a not-for-profit organization that serves the Greater Charlottesville area, purchased the land, allowing for new homeowner Paola Cristy to mortgage the home based on the value of the structure, not the land. She, like many others, had few, if any options when it came to finding an affordable home or qualifying for a traditional down payment or loan assistance program. Despite only making 48% of the median area income, or $30,500, she now has a permanent home that can stay affordable for future generations. The home, located on Forest Ridge Road, has a large yard where Cristy and her daughter can play.
This Community Land Trust (CLT) is a unique business model that provides affordable housing by purchasing land and then leasing it to the homeowners for a minimal fee. This process allows the homeowners to purchase the building only, lowering the overall cost of homeownership. The partnership safeguards the separation of price of the land from the house, thus the property will remain affordable for future homeowners. There are over 250 CLTs nationwide in 45 states and the District of Columbia.
“The Community Land Trust model is an exceptional tool in the affordable housing conversation,” said Nest Realty Broker, Greg Slater. “Creating a permanent supply of homes that actually get more affordable over time is exceptional. It is also important to note the flexibility of this model and how it works well in partnership to other affordable housing efforts.”
In this purchase, the TJCLT utilized a Community Development Block Grant. This grant program allocates annual grants to support work in creating viable communities by providing decent housing, a suitable living environment, and opportunities to expand economic opportunities, principally for low- and moderate-income persons.
Formed in 2008, the TJCLT continues to help members of the Charlottesville workforce who make equal to or less than 80% of the area median income achieve the American dream of homeownership. It is dedicated to the long-term success of its homebuyers by providing financial and homeownership counseling and post-purchase support and assistance. It creates a permanent supply of affordable homes to benefit future generations of the Charlottesville community. To learn more about theTJCLT, visit www.tjclt.org,
We applaud the TJCLT for their ongoing efforts ensure the availability of affordable housing in the Greater Charlottesville area.
Other organizations that have shown continued support for the mission of the TJCLT and the residents of Charlottesville are:
Albemarle County Housing Department
City of Charlottesville
Chip Royer–Royer, Caramanis and McDonough
David Sloan–Sloan Manis Real Estate
Greg Slater–Nest Realty Group
HD Advisors
Thomas Jefferson Land Environmental Health Consultants, Inc.
WeatherSeal Insulation
Wells Fargo Home Mortgage