Community Land Trust - 24:1 Logo

Building Affordable, Quality Homes for People in Our Community

The 24:1 Community Land Trust (CLT) is dedicated to expanding opportunity, strengthening community, and empowering future generations by providing permanently affordable, quality homes and economic development in the 24 communities of the Normandy school

As a partner of the 24:1 Initiative, the 24:1 Community Land Trust was established in 2011 to further Beyond Housing mission of making entire communities better places to live.

The 24:1 CLT is owned and directed by the community for the benefit of the community. All proceeds from 24:1 CLT economic development are reinvested in services to the community, such as in early childhood development.

Community Land Trust - Kid Drawing

EXPANDING OPPORTUNITY – HOMES FOR PEOPLE

Today, many people work hard to make ends meet, yet they can’t even conceive of owning a home of their own.

With frequent moves and struggles with landlords come instability, vulnerability and a sense of not being in control of their lives. The 24:1 CLT creates permanently affordable and quality housing.

Individuals can reach their dream of home ownership. Families can begin to build generational wealth. Kids have the proven stability of staying in the same school district. Rather than gentrification, the 24:1 CLT strengthens the community for the people who are living there and already call it home.

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In 2015, 24 homebuyers purchased 24:1 CLT homes.

Construction is underway for more homes.

Strengthening Community – Economic Development

Great homes and great communities thrive together. To succeed, individuals, families, and kids need access to healthy food, jobs, health care, financial services, transportation, and recreation.

The 24:1 CLT helps provide this through economic development initiatives like the 24:1 Cinema, the grocery store, and the bank that bring needed community services and employment opportunities.

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Community Land Trust - Hopeful Kid
Community Land Trust - Kid Jump Rope

Empowering Future Generations – Lasting Wealth

Unlike the traditional housing market, homes purchased through the 24:1 CLT remain affordable for every new buyer.

To achieve this, the community retains ownership of the land through the 24:1 CLT. In return, homeowners are guaranteed a return on their investment and the ability to pass their home along to their children. This makes every 24:1 CLT home a lifetime investment towards sustainable homeownership and community stability. Homeowners, as stewards of this invaluable resource, are both the key investors and the beneficiaries, helping to preserve a legacy of affordable housing both for their families and their communities.

WHAT DOES 24:1 CLT DO?
  • The 24:1 CLT is committed to expanding opportunity and investing in the future by providing permanently affordable homes within the boundaries of the Normandy Schools Collaborative.
  • The 24:1 CLT offers homes below market rate to make homeownership possible for families of all income levels.
HOW IS 24:1 CLT DIFFERENT FROM OTHER AFFORDABLE HOMEOWNERSHIP PROGRAMS?
  • The homes offered by the 24:1 CLT are permanently affordable for the first buyer and future buyers as well.
  • The 24:1 CLT holds title to the land while you hold title to your home.
  • The Board of Directors is made up of community stakeholders including member home owners.
HOW DO I OBTAIN FINANCING AND HOW MUCH DOWN PAYMENT MONEY DO I NEED?
  • The 24:1 CLT has financing available through the Community Lending Corporation, at a fixed rate over a 30 year term. Both the 24:1 CLT and the Community Lending Corporation are invested in your success as a home owner.
WHAT IS DIFFERENT ABOUT HOME OWNERSHIP THROUGH THE 24:1 CLT? WOULD I TRULY OWN MY HOME?
  • Anyone who purchases a home through the 24:1 CLT will get to enjoy all the security, control, tax advantages, and equity building opportunities of homeownership.
  • Unlike traditional homeownership, 24:1 CLT homeowners lease the land under their homes for a small monthly fee.
  • If a homeowner chooses to sell, the 24:1 CLT will purchase the home back from the homeowner. This guarantees the homeowner the sale of their home, no matter what the market conditions.
  • The 24:1 CLT is for owner-occupant homeowners. Homeowners may not rent out their whole house or abandon their home.
WHAT ARE THE BENEFITS OF HOMEOWNERSHIP WITH THE 24:1 CLT?
  • Purchasing a home with the 24:1 CLT helps buyers increase their purchasing power and ultimately secure a stable, affordable monthly mortgage payment.
  • Homeowners enjoy stable, predictable appreciation and are more insulated from market declines than with traditional homeownership.
  • The 24:1 CLT partners with homeowners to ensure their ongoing homeownership success. Our educational workshops, one-on-one personalized counseling, and other services are designed to help families and individuals build and maintain wealth through savings and equity in their homes.
  • The entire community benefits from a 24:1 CLT home purchase. Homeowners are an important part of the solution by providing owner-occupied homes, which in turn strengthens and stabilizes the community. HOW MUCH EQUITY CAN I BUILD THROUGH LAND TRUST HOMEOWNERSHIP?
  • Homeowners build equity in their homes in two ways: principal reduction and annual guaranteed equity increases. Together, these two methods enable homeowners to build a significant amount of equity throughout their period of homeownership.
  • The 24:1 CLT equity accrual rate is 1.5% interest annually. For a 24:1 CLT homeowner, the resale price starts with their investment in the home (principal reduction + down payment) and grows by 1.5% annually. For example, the resale price of a home purchased for $100,000 is as follows:

Length of Ownership

Resale Price

After 1 year

$101,500

After 5 years

$107,500

After 10 years

$115,000

After 15 years

$122,500

After 20 years

$130,000

The 24:1 CLT is a legal entity to support the vision of Beyond Housing. It is a member in good standing of the National Community Land Trust Network.