| CCHC's Land Trust Program |
In 1994, CCHC created Rhode Island’s first Land Trust Program specifically designed to create a permanent stock of entry level housing. The model for this unique program was first developed in Vermont over 30 years ago and has now grown into the premier affordable homeownership model used by hundreds of communities throughout the country.
HOW THE LAND TRUST WORKS
CCHC acquires properties for this program through a variety of ways, including new construction and home rehabilitation. The home, but not the land, is then sold to an eligible family. CCHC grants control of the property to the buyer through a 99-year ground lease, thus assuring all future sales of the home remain affordable for future generations. Families are able to build home equity through paying down their mortgage and the home’s appreciation. Ongoing homeownership support is made available to all owners of land trust homes, including budgeting and credit maintenance.
BUYER ELIGIBLITY
The Land Trust program is intended for qualified homebuyers who have completed CCHC's Homebuyer Training Program. Homes are sold to graduates of the training program on a first come first serve basis based on the individual's mortgage readiness. Eligibility also depends on income limits established by federal guidelines. For example, the limit for a family of 3 is currently $52,200. These guidelines change annually, so please check to ensure that you meet the current guidelines, or contact Brigid Ryan at (401) 846-5114 x. 12 or lramey@cchcnewport.org, who can explain the program and guidelines further.
|
|