What is a Community Land Trust?
How is the CCLT different from other land trusts?
Where is the CCLT located?
How do I get involved with the CCLT?
Are homeowners allowed to make home improvements?
What if I want to move from the CCLT?
How does the resale of a CCLT home work?
How does CCLT make home ownership affordable?
Am I eligible?
Would I have to pay property tax?
Q. What is a Community Land Trust?
A. CCLT is a non-profit corporation created to provide secure, affordable access to land and housing for community members attempting to meet the needs of those least served by the prevailing market. It's a non-profit community based organization that wants to help people realize the dream of homeownership. As the City of Chaska grows, our goal is to ensure that our home buyers have more options and means to affordable living into the future.
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Q. How is CCLT different from other land trusts?
A. The Chaska Community Land Trust provides affordable housing within a safe and friendly community environment. Our goal is
is to move people into market-value homes they can afford. They are not "low income" homes.
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Q. Where is the CCLT located?
A. Our mailing address is:
Chaska Community Land Trust
One City Hall Plaza
Chaska, MN 55318.
phone: 952.227.7514
email: info@chaskalandtrust.com
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Q. How do I get involved with CCLT?
A. If you are interested in finding out more about the Chaska Community Land Trust, please call (952) 227-7514. After leaving your name and address, a packet of information, along with an application will be sent to you. Upon returning the application, the Carver County CDA/CCLT will get back to you regarding your eligibility and answer any questions you may have.
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Q. Are homeowners allowed to make home improvements?
A. The homeowner agrees to seek permission from and provide information to the Chaska Community Land Trust before making any capital improvements or major remodeling to their home.
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Q. What if I want to move from the CCLT?
A. Homeowners can sell their homes for the market value. They walk away with 25% of the increase in equity, while the other 75% is disipated. The homeowner has the right to leave their home to their immediate family or partner as long as they live in the home. The home is the homeowner's primary residence; they must live in it at least eight months of each year. In addition, they may not sub-let their home.
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Q. How does the resale of a CCLT home work?
A. The Chaska Community Land Trust is designed to provide the CCLT homeowner with a fair return on their housing investment while assuring that the home remains affordable to the next household buying it. The current homeowner upon resale would receive: 25% of the increase in market value of their home and the land it sits on during their ownership plus any cash down payment and the equity earned by retiring their mortgage from the bank.
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Q. How does the CCLT make home ownership affordable?
A. Through a unique public-private partnership with the City of Chaska , the Chaska Community Land Trust is creating and preserving permanent affordable housing opportunities that benefit Chaska and our residents.
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Q. Am I eligible?
A. You must be 18, living in Minnesota and qualify for a mortgage. You most also be a citizen of the USA or registered alien, living in a 1-4 person household with an annual income not exceeding 80% of the median income of the statistical area where the housing unit is located. This is roughly $63,000 a year.
The CCLT works in partnership with the Carver County Community Development Agency (Carver County CDA) www.carvercda.org. Their housing counselors help determine a potential homeowner's eligibility for the Chaska Community Land Trust.
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Q. Would I have to pay property tax?
A. The homeowner has a responsibility to pay a $25 monthly fee to the Chaska Community Land Trust to help cover its operating costs - an amount far below what it would cost to pay for the land. The homeowner is also responsible for paying for all real estate taxes on their home and the land on which it sits.
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