WHAT WE DO

COMMUNITY LAND TRUST OF SCHENECTADY (CLTS) offers the following programs;

HOME BUYER DRIVEN PROGRAM

 

The Home Buyer Driven Program lowers the cost of housing by separating ownership of the house from ownership of the land on which the house sits. COMMUNITY LAND TRUST OF SCHENECTADY fills the financial gap between an affordable mortgage and the cost of a home in the city of Schenectady. CLTS homebuyers own their homes while CLTS retains ownership of the land. Residents then lease the land from CLTS for 99 years, with an option to renew for another 99 years. Under the 99 year ground lease agreement homeowners have full rights and responsibilities to and for the land, but agree that when or if they sell their home they do so at a price that is affordable to the next household of modest means for a limited amount of the equity that is in the house at the time of sale.

HOME BUYER REHAB/LEASE TO PURCHASE PROGRAM

 

The Home Buyer Rehab/Lease To Purchase Program lowers the cost of housing by separating ownership of the house from ownership of the land on which the house sits. COMMUNITY LAND TRUST OF SCHENECTADY fills the financial gap between an affordable mortgage and the cost of a home in the City of Schenectady. Homebuyers lease a CLTS home with the intent that they will purchase within 12 months. CLTS retains ownership of the home and land, however a portion of the residents monthly payment will be set aside to be credited towards down payment and/or closing costs (Credits will not apply if purchase agreement is not upheld by resident). Monthly payment is based on what payments would be if a mortgage existed, including all escrow estimates. Residents then have 12 months to deal with any and all obstacles preventing them from being mortgage eligible and completing their purchase agreement on the home. Residents then lease the land from CLTS for 99 years, with an option to renew for another 99 years. Under the 99 year ground lease agreement homeowners have full rights and responsibilities to and for the land, but agree that when or if they sell their home they do so at a price that is affordable to the next household of modest means for a limited amount of the equity that is in the house at the time of sale.

HOUSING COUNSELING PROGRAM

 

Our Housing Counseling program is available to all members regardless of their intent to purchase or live in a COMMUNITY LAND TRUST OF SCHENECTADY home. This is a program designed to help people review their credit issues and set goals to resolve them.  Through monthly one-on-one meetings with a CLTS Housing Counselor you will look at your debt and income to learn who to manage it. The goal is to reach a point of being mortgage eligible if you someday want to be in a position to own your own home.

RENTAL PROGRAM

 

Our Rentals Program provides decent, affordable rental units to persons of low income with the idea that by adhering to our policies and rental agreement that they will develop habits and skills to someday work towards homeownership.

READY TO RENT PROGRAM

Our Ready to Rent Program provides a 12 hour tenant education program that addresses rental barriers in an effort to assist those who are experiencing difficulty in finding and securing a rental unit.  Topics include learning about your credit, budgeting, what is expected of tenants, understanding the application process and what is in a Lease, how to effectively communicate with fellow tenants and landlords and more. A certification of course completion is provided to each successful student that can be shown to prospective landlords.