Today, Baltimore City Mayor Brandon M. Scott announced the availability of $4 million for Community Land Trust (CLT) initiatives through the City’s Department of Housing & Community Development. In a press release, Mayor Scott notes CLT initiatives will help meet Baltimore City’s affordable housing needs, and are “part of a broader mixed-income housing strategy.”
“The Community Land Trusts movement represents both a tangible and scalable strategy to help us build community power,” said Mayor Brandon M. Scott. “This work will have an added impact on community development, land use, and affordable housing and can be transformative for our city. I’m pleased that we are increasing our investment in this work by almost doubling available funds with this NOFA.”
Mayor Scott offered a brief description of how CLT initiatives operate:
Under the land-trust model, a nonprofit organization owns the land and sells the home on the property to qualified buyers at a below-market rate. The land trust’s ownership ensures that the home will remain affordable for 99 years. When a buyer purchases a home from the land trust, they agree to only sell the home to a low-income household and split the equity with the land trust. This model keeps homes in the hands of the community, which helps it to carry out its long-term vision of helping residents build equity in their neighborhoods.
Baltimore City had previously set aside $2.25 million for CLT initiatives, resulting in “three $750,000 awards.” Under the current announcement, applicants may receive awards up to $750,000 and must apply by Friday, October 29, at 4 p.m.