How Our Land Trust Works
Through our program, low-to-moderate income homebuyers receive a significant discount on both the purchase price and the loan, because the original public subsidy and accrued equity are recycled from one buyer to the next.
First, we acquire and renovate a property.
Many of these are foreclosed or vacant homes that require extensive rehabilitation. PCCLT works with local contractors and construction companies to reinvest in our local economy.
Second, we sell or rent the home.
Specifically to a low- to moderate-income family, but maintain ownership of the land. Our buyers enter a 99-year lease and pay a small monthly fee for the land. By removing the cost of the land from the purchase price of their home, our buyers are able to buy their homes for less than market value. The recycled equity in the home eliminates the down payment requirement AND allows for a significant reduction in the mortgage amount….often by more than 20%.
Third, and finally…
When our homeowners are ready to move, they sell their home below fair market value to another low-moderate income buyer, thereby benefitting another family. This model allows us to maintain a permanent supply of affordable housing for the community.
Buy a home through PCCLT
Our land trust model means that we can sell homes with NO DOWN PAYMENT and with a significant discount in price and loan amount and limited out of pocket costs.
Rent a Home from PCCLT
Get mortgage ready by renting from PCCLT. Save for your future down payment and receive financial literacy and homebuyer education.
Community Stewardship & Workshops
We provide on-going pre & post purchase education/counseling services, support and community resources. Our workshops are free and open to the public.