The release of the Edgemere CLT Request for Expressions of Interest (RFEI) is a step forward in advancing a key goal from the Resilient Edgemere Community Plan to work with partners to develop a model of community-led ownership and facilitate long-term affordability and resilient land stewardship. Through the RFEI, a competitive process, HPD will identify a partner to work with in establishing a community land trust (CLT) on City-owned vacant land in Edgemere. Read the City’s official press statement.
The RFEI was drafted with the community priorities expressed throughout our engagement in mind and respondents are highly encouraged to consult this Community Takeaways document when developing their proposals. HPD also encourages submissions which consider the role of the CLT and proposed development in supporting the environmental, social and economic resiliency of the community and lessening the impacts of climate change on land, property and everyday life. Also, as part of implementing the vision of the Resilient Edgemere Community Plan, HPD is proposing a set of land use actions which will codify a resilient land use strategy and facilitate development, including development under this CLT. These actions are expected to begin public review later this year.
A Community Land Trust (CLT) essentially separates the ownership of the land from the ownership of the structures on that land. CLTs operate as a non-profit entities that own multiple parcels of land and lease that land to potential homeowners, who can buy and own the structures on the CLT. This model allows for long-term housing affordability and local control of land.
CLTs are democratically governed by board members consisting of residents living in the CLT, residents of the surrounding neighborhood, public officials, and other representatives of community organizations. Board members can vote on various key decisions; from the land lease fees to the construction of new homes and maintenance of open space.
CLTs operate under a shared equity model, where homeowners and other key players of the CLT collectively build wealth and inclusive home ownership. A homeowner can still build equity through mortgage payments, a capped percentage of the appreciation value, and the value of self-financed improvements to the home. The CLT board governs and dictates future resale terms of the structures on the land to ensure affordability and uses that are in line with the CLT’s goals and mission.