Austin Community Land Trust
Creating Permanently Affordable
Homeownership Opportunities in Austin
The rising costs of land today can make buying a home more difficult. Land trust homes are more affordable because the organization covers the cost of the land beneath it. When you partner with Austin Community Land Trust (ACLT) to buy a home, you own the house and lease the land.
Benefits to Austin Community Land Trust Homeowners
Community land trusts make homeownership possible through greater affordability. Benefits to land trust homeownership include:
Lower costs to own a home
Better housing security than renting
Payments you can afford
Opportunity to build equity
We have stunning renovated homes for sale. These homes are affordable and move-in ready for families with limited incomes.
How It Works
Follow these steps to affordable homeownership through Austin Community Land Trust:
To qualify to buy with us, you must:
>> Be a first-time home-buyer.
>> Have limited debt that is below Austin CLT's debt-to-income ratio limits.
>> Be willing and able to submit all required documentation to verify your eligibility.
2. Prepare for your purchase & complete the requirements
Before you buy, you'll need to:
>> Complete a HUD-certified Homebuyer Education Course.
>> Obtain a loan pre-approval letter from one of our approved lenders.
3. Apply for the lottery
4. Find a Realtor of your choice to represent you
You have the option of using a realtor in your ACLT buying process. Staff can provide a few options if you would like.
An income-qualified buyer purchases the house but leases the land underneath from Austin Community Land Trust. They pay a minimal lease fee to the Community Land Trust and the Community Land Trust retains permanent ownership of the land. With the cost of the land removed, a home is more affordable.
ACLT homeowners earn 2% annually of the house as equity.