1. Knowledge Building Across
Community Land Trusts In
Europe and the United States
Belgium – July 1, 2nd, 2013
Champlain Housing Trust: Thirty years of
Community Land Trust Development and
Stewardship
Brenda M. Torpy, CEO
4. Community Land Trust
What is a Community
Land Trust (CLT)?
How has does the
Champlain Housing Trust
fit into this definition?
5. CLT as an Innovative Model of
OWNERSHIP
Community ownership of the land
Individual ownership of the structural
improvements
Long-term ground lease, balancing the
interests of both parties
6. An individual household
owns the structural
improvements
Nonprofit corporation
(i.e., the CLT) owns the
land
CLT as an Innovative Model of
OWNERSHIP
7. Ground lease ties
house & land
together
Lease is long-term
Lease is balanced
Lease is inheritable
Lease and house are mortgage-able
“Homeowner” / “Leaseholder”
CLT as an Innovative Model of
OWNERSHIP
8. CLT as an Innovative Model of
ORGANIZATION
A nonprofit corporation with member-
ship open to anyone living within the
CLT’s geographically defined
“community”
Balance of interests on the governing
board
11. CLT as an Innovative Model of
OPERATION
Preferential option for the poor
Perpetual responsibility: security
of tenure for residents.
Perpetual affordability: preserving
access to land and housing for persons
of modest means.
12. $ 250 million in assets
$ 9 million operating budget
$ 90 million in annual development
28. Homeownership
525 homes in shared equity
homeownership portfolio
2 Home-ownership centers
3-County Home rehabilitation
Program
Community-wide financial
counseling and home
education
33. Resale
Seller receives 25% of
Balance added to
existing CHT $
=
more affordable to next
Buyer
Market value is $220K
Total appreciation = $20K
+ their equity
Seller receives $5K
Market $220K
Less CHT$ $65K
CHT Price $155K !
36. Expanding Access to
Homeownership
Over CHT’s 25-year history, for all 629
households:
100% earned less than 100% of median
income
82% earned less than 80% of median
income
37. Preserving Affordability
“During the 1999-2006
real estate boom, in
particular, when the
median sales price of
owner-occupied
homes in the Burlington
MSA increased by 85%,
the median price of
houses and condomin-
iums reselling through
CHT increased by only
35%.”
38. Build Wealth for CHT
Homeowners
Reselling after 5 ½ years,
the average CHT
homeowner got back
his/her initial investment
and walked away with a
wealth gain of $12,000
Avg. annualized rate of
return on the homeowner’s
initial investment: 25.4%
IRR
40. Enhancing Residential Security
• How well has CHT performed in
protecting its portfolio of owner-
occupied housing?
• How well has CHT performed in
preventing foreclosures?
• How well has CHT performed in
helping low-income households
succeed at homeownership?
41. National Foreclosure Rate
December 2008
2.97%
National CLT Foreclosure Rate
December 2008
0.5%
CHT Foreclosure Rate
December 2008
0.2%
Enhancing Residential Security
25-year total
0.1%
42. Success of first-time
homeowners
(Herbert and Belsky, 2008)
50%
Enhancing Residential Security
Success of first-time
homeowners
(Reid, 2004)
47%
Success of CHT’s first-
time homeowners
91%
45. CLT Resource Center
Burlington Associates in Community Development LLC
www.burlingtonassociates.com
National CLT Network
www.cltnetwork.org
Champlain Housing Trust
www.champlainhousingtrust.org
