Community Land Trusts:
a proven tool for success.
My Front Door is working toward creating a Community Land Trust (CLT) to further break the cycle of poverty in Wyoming. Here's how it works:
Community land trusts (CLTs) are nonprofit organizations—governed by a board of CLT residents, community residents, and public representatives—that steward community assets and provide permanently affordable housing opportunities for families and communities. The heart of their work is the creation homes that remain permanently affordable, providing successful homeownership opportunities for generations of lower income families. This is called “shared equity homeownership.” Depending upon what the community needs, CLTs can also develop rural and urban agriculture projects, commercial spaces to serve local communities, affordable rental and cooperative housing projects, or conserve land or urban green spaces.
There are nearly 250 Community Land Trusts in the United States; 79% of residents are first-time homeowners, and 82% of residents report income less than 50% of area median.
At the close of 2008, homeowners in Community Land Trusts had a foreclosure rate of 0.52 percent, compared to 3.3 percent of market-rate homeowners, according the the Mortgage Bankers Association.
My Front Door is committed to the Community Land Trust model and seeks to grow over the next five years of operations from a projected three single family units in 2019 to 22 single family units in 2023. This will impact families now and for generations to come.
Let's talk about land!
If you're a landowner that is interested in working with My Front Door to grow the Community Land Trust model in Wyoming, we'd love to chat.