Chicago Community Land Trust (CCLT)

Chicago CLT Homes

The City of Chicago, through for-profit and not-for-profit developers builds and sells affordable homes and condominiums. Units built under these programs will now be targeted to go in to the CCLT to ensure that they remain permanently affordable. The program is primarily targeted to families earning less than 100% of the area median income (see chart). See list of currently available homes for sale - CCLT homes have orange asterisk. In addition to homeownership counseling, CCLT training is required. See training dates. CCLT buyers also must use specially-trained lenders.

Through CCLT, homeowners have an opportunity to purchase a home they otherwise couldn't afford and earn a limited return on their investment. CCLT homebuyers are, in essence, selling their right for unlimited appreciation in exchange for significant upfront subsidies enabling them to become homeowners.

Being a CCLT homeowner comes with both benefits and responsibilities:

CCLT Ownership Benefits:
Owners receive the following benefits in purchasing a CCLT home:

• Pay reduced property taxes: homes are assessed based on the affordable price instead of the market value
• Ability to pass the home down to heirs, although some heirs must be income-qualified to live in the home
• Ability to refinance upon CCLT approval
• Potential to sell the home back to the CCLT, which has the first option to repurchase the home when the owner wants to sell. If the CCLT exercises its option to purchase, it is the CCLT's responsibility to find a new income-qualified buyer
• Potential participation in the governance of the CCLT: one-third of the Board will be made up of homeowners
• Access to substantial resources during and after purchase:
  • Homebuyer counseling and educational materials specific to the CCLT;
  • A pool of lenders educated about CCLT and willing to provide mortgages to qualified homebuyers;
  • Post-purchase training and resources to ensure success as a homeowner.

CCLT Ownership Responsibilities:
In purchasing a CCLT home, owners accept the following responsibilities:

• Participation in pre-purchase homeownership counseling, including Chicago CLT-specific counseling. (see list of housing counseling agencies including those providing CCLT counseling)
• Supporting the CCLT goal of keeping housing affordable for future generations of low- and moderate-income households by signing the Restrictive Covenant
• Reselling the home only to another income-eligible buyer (or to the CCLT) for a price at or below the Maximum Resale Price, with the understanding that this Maximum Resale Price will be below-market. (See How is the Maximum Resale Price Calculated?)
• Agreeing to use the home as their principal residence and occupy it for at least nine months out of the year. The homeowner may not lease the land or sublease the home.
• Obtaining advance approval from the CCLT for any improvements requiring a permit or increases livable space in the home. (see list of home repairs & improvements typically requiring permits)
• Paying Administrative Fee, currently $25 per month, to cover the cost of managing the program and providing services and referrals.

For more information on being a CCLT Homeowner see Fact Sheet and Frequently Asked Questions.