Frequently asked questions

about the 24:1 Community Land Trust

A community land trust (CLT) is a nonprofit corporation that keeps housing affordable on behalf of the community and ensures land ownership by community members rather than absentee landlords. The first community land trust was developed over 40 years ago during the Civil Rights Movement. The community land trust model has been so successful that CLTs have spread across the United States, Canada, and Great Britain to keep communities strong and costs within reach of community residents.

  • The 24:1 CLT was developed for the sole purpose of investing in the 24 communities within the Normandy Schools Collaborative.
  • The 24:1 CLT expands opportunity by providing permanently affordable homes and economic development within the boundaries of the Normandy Schools Collaborative.
  • The Board of Directors is made up of community stakeholders including 24:1 CLT homeowners.
  • Proceeds from investments, including homes, are invested back into the community.
  • Purchasing a home with the 24:1 CLT helps buyers get more home for their dollar with a stable, affordable monthly mortgage payment.
  • Homeowners enjoy guaranteed, predictable equity growth.
  • The stability of homeownership can help children achieve more educational success because they don’t move as frequently.
  • 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 strengthen and stabilize the community.
  • The 24:1 CLT offers homes at below market rates to make homeownership possible for families of all income levels.
  • The 24:1 CLT owns and holds title to the land while you own and hold title to your home.
  • The homes offered by the 24:1 CLT are permanently affordable for the buyer and for future buyers.
  • 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 homeowner.
  • Down payment assistance may be available. Ask your 24:1 CLT homeownership advisor.
  • Yes! Anyone who purchases a home through the 24:1 CLT will get to enjoy all the tax advantages and equity building opportunities of homeownership.
  • Your 24:1 CLT homeownership advisor continues to offer support and guidance after you move into your home to ensure a good experience.
  • Unlike traditional homeownership, 24:1 CLT homeowners lease the land under their homes for a small monthly fee.
  • The 24:1 CLT is for owner-occupied homeowners.  Homeowners may not rent out their home.
  • 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 percent interest annually.  For a 24:1 CLT homeowner, the resale price starts with your investment in the home (principal reduction + down payment) and grows by 1.5 percent annually.
  • 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.
  • You will receive any net equity built during the time you own the home.


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