Question: I am an executive director of a nonprofit that develops affordable homeownership in New York City. There has been a lot of buzz about community land trusts lately, and how they can be deployed to create affordable homeownership opportunities that remain affordable to low-income families in perpetuity. Can you explain to me the type of for-sale housing that can be built on a community land trust as well as what the New York Attorney General’s filing requirements are for this kind of housing?
Answer: I sure can, but first, let me provide some background to those readers whose ears haven’t been buzzing with incessant chatter of community land trusts. A community land trust (CLT) is a nonprofit entity formed for the purpose of owning and operating real estate in a given locality in such a way that will benefit the local community.
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