The mission of the CENTRAL OHIO COMMUNITY LAND TRUST for North of Broad on Mt. Vernon is to develop new construction homes on currently owned Land Bank lots in areas with high housing costs.
Our goal is to create and preserve housing that is affordable for homeowners today and tomorrow. For a more detailed look at HOW IT WORKS click here: COCLT MODEL
Liken other community land trusts across the country, COCLT acquires land and serves as its permanent owner and as steward for residences built on it. Unlike typical affordable housing strategies, the land is never resold. It is held forever by COCLT. This makes housing affordable, one generation after the next, in Central Ohio.
It also provides the permanence and security of traditional homeownership. A 99-year renewable ground lease between the homebuyer and COCLT ensures that when the house is sold, it goes to another deserving family. And that the appreciation in property value is shared between COCLT and the homeowner.
COCLT offers a unique shared equity model where we own the land and the buyer owns the dwelling. We cover the difference between the original selling price and what the homebuyer can afford up to $50,000.
1. SEE IF YOU QUALIFY FOR A COCLT HOME STARTING WITH INCOME
Liken any home purchase, COCLT buyers must meet certain requirements. For example, your household income must be at 120% or below of HUD area median income. View income qualification criteria.
2. UNDERSTAND HOW COCLT WORKS
Your understanding of the process and expectations are important for a successful homebuying experience. Review the COCLT 3-Step Resale Model for more details.
Join us to learn more about home buying options and see if homeownership through COCLT is right for you. If you’re currently working with a Realtor, please bring their information, as well as a Certificate of Completion for any homebuyer education course you’ve attended through aHousing and Urban Development (HUD) – approved counseling agency.
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