Boston Neighborhood Community Land Trust Revenue

About Boston Neighborhood Community Land Trust

In the community land trust (CLT) model, a nonprofit acquires land and sometimes buildings with the intent of developing or preserving them for community benefit — such as affordable housing — rather than for pure profit. The CLT will either keep the homes for active tenants, or can sell to a buyer at an affordable rate. A buyer of an affordable home purchases the building, but not the land beneath, helping to keep the price low. Resale price is restricted, ensuring affordability for subsequent buyers, while also allowing homeowners to accumulate some equity. CLT’s can acquire occupied properties — often buildings that are at risk of being converted into high rent properties or that are under foreclosure. In either case, tenants are at risk of being displaced. If these properties are purchased by the CLT, the tenants can remain in their homes. BNCLT has historically emphasized purchasing occupied properties as a means to prevent families from displacement in response to either foreclosure or during periods of gentrification, high cost of housing. Due to its flexible nature and commitment to applying creative acquisition strategies to tackle housing inequities, BNCLT considers both home ownership and acquisition of multi-family properties for renters as important and viable strategies to: protect affordability; prevent foreclosure; and take properties off the speculative market. Community ownership, control, and governance set CLT properties apart from traditional models of affordable housing. BNCLT works with City Life / Vida Urbana, H-LAB, the City of Boston Department of Neighborhood Development, realtors, and other community members to identify potential properties to acquire and add to the Land Trust with permanent ground lease and terms for affordability.

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