Owning a Home

The Community Land Trust Advantage

Looking for an affordable path to homeownership in Northern Michigan? The Northern Homes Community Land Trust (CLT) program offers a unique and lasting solution!

People in the office
People in the office

What is a Community Land Trust?

A Community Land Trust separates homeownership from land ownership. Here's how it works:

  1. The Land Trust Owns the Land: Northern Homes CDC acquires the land for the home.

  2. You Own the Home: You purchase the house itself at a below-market price.

  3. Long-Term Land Lease: You enter into a secure 99-year lease with the Land Trust for the land your home sits on. You'll pay an annual lease fee, similar to rent.

Advantages of the Community Land Trust Approach

Affordable Homes: The initial purchase price of your home is lower because you're not buying the land. This makes homeownership more attainable for low and moderate-income families.

  • Long-Term Affordability: When you sell your home, the resale formula in the lease limits how much profit you can make. This keeps the home permanently affordable for future buyers.

  • Building Equity: You still own and build equity in your home! The value of your home can increase over time, and you'll capture a portion of that appreciation when you sell.

  • Tax Advantages: You'll enjoy the same tax benefits of traditional homeownership, including property tax deductions and potential capital gains tax exclusions.

Is a Community Land Trust Right for You?

If you're a low or moderate-income homebuyer seeking an affordable path to homeownership, the CLT program might be a perfect fit! Owning a home through the CLT allows you to build equity, enjoy the benefits of homeownership, and contribute to a sustainable housing market for future generations.

Ready to Learn More?

Contact Northern Homes Community Development Corporation today to explore the Community Land Trust program and see if it's the right option for you.

  • Give us a call at (231) 582-6436 or send us an inquiry, and we'll get in touch with you.

Mission

To create and preserve quality affordable housing opportunities for Northern Michigan residents through education, development, and partnering with local communities.

Northern Homes CDC

PO Box 86
1048 East Main Street
Boyne City, Michigan 49712

Fax:

(231) 582-6274

PRICE Grant & Application

© Northern Homes Community Development Corporation