How A Community Land Trust Works:
COMMUNITY LAND TRUST OF SCHENECTADY (CLTS) uses the land trust model of home ownership. When we sell a home, we sell the house itself, but retain ownership of the land on which it sits. We lease the land to the homebuyer in a one-time renewable 99 year lease. The home buyer has full rights to use the land and agrees to live in the home. Their children may inherit the home and the land lease.When a COMMUNITY LAND TRUST OF SCHENECTADY homeowner sells their home, CLTS has premier rights to buy the house back.
Benefits Of A Land Trust: