Community Land Trust
The Lower 9th Ward Community Land Trust (CLT)—currently being explored by NENA—would be an affiliate entity designed to protect housing affordability, build equity for low-income homeowners, and maintain local control of property. The CLT would acquire and maintain ownership of land within NENA’s target area, and then provide long-term leases to low-income residents, who own only the structure on the property. By maintaining ownership of the underlying land, the CLT will greatly reduce the initial housing cost to the homebuyer as well as influence the structures developed on the property. In addition, the ground lease will contain a resale provision that ensures that if sold, the house will go to another low or moderate income resident, while the homeowner earns equity based on a predetermined formula.