Prospective Homebuyers

Why Buy a CLT Home?

Purchasing a home with VSCLT allows a homebuyer to access the generational wealth-building opportunity of homeownership. Every time a homeowner makes a monthly mortgage payment, they build wealth by buying a little more of their home from the lender.

Renting doesn’t have the same effect; you don’t own more of your apartment every month, you just pay to stay there. This chart shows how much rent payments can add up over time.

Now, imagine if all the money you paid in rent went into your mortgage instead. The more you pay, the more you own, the more you walk away with when you sell your home.

A CLT home can certainly be your forever home if you would like it to be. That is the beauty of a 99-year renewable Ground Lease!

You can also view a CLT home through the lens of the housing ladder. The ability for CLT homeowners to build equity gives them more flexibility in their housing choices going forward. No homeowner needs to move along the ladder towards market-rate homeownership, but purchasing a CLT home puts you in a much better spot should you choose to make that step than if you were renting.

Benefits of Owning a VSCLT Home

  • CLT homes are available at a much lower price than other comparable non-CLT home on the market

    • This is because the ownership of the home and the land is split between the homebuyer and VSCLT so the value of the land is removed from the purchase price

  • VSCLT works with dedicated developer partners who build and/or renovate homes to meet high quality standards

  • In accordance with Virginia state law, property taxes are reduced for CLT homes to reflect the affordable price of the home

  • Homeowners can build wealth through monthly mortgage payments and modest home appreciation

  • Homes can be passed down to direct family members

  • Homeowners have an ongoing relationship with VSCLT for support and input into VSCLT governance

Buying a Home in Trust with VSCLT

Compre una Vivienda en Fideicomiso con CLT.

How to Own a VSCLT Home

VSCLT is not currently a housing developer, so interested homeowners would need to work with one of our local mission-focused developer partners. VSCLT works with many Habitat for Humanity affiliates around Virginia who may have homeownership opportunities available that could be placed in trust with VSCLT. Here is a link to the Habitat for Humanity organizations serving Virginia, searchable by zip code.

Applicants must be income qualified in order to purchase a CLT home. In order to prepare for success in homeownership, CLT homebuyers must participate in homeownership education and orientation. Homebuyers need to work with a pre-approved lender, and VSCLT can help homebuyers find a lender who is familiar with the CLT model.

Please reach out to VSCLT (info@VSCLT.org) with any questions about current opportunities.