Austin Community Land Trust
The Austin Community Land Trust (ACLT) is unique in that it separates the ownership of the house from the land. It creates affordable housing by taking the cost of land out of the purchase price of an ACLT Home. It keeps housing affordable for future buyers by controlling the resale price of ACLT Homes through a Ground Lease and resale formula. If a homeowner sells their ACLT Home, the Formula Price ensures the ACLT Home remains affordable for the next family.
Austin Housing Finance Corporation (AHFC) permanently owns the land under the ACLT Home, while individuals own the ACLT Home pursuant to a Deed for the home and lease the land pursuant to a 99-year, renewable Ground Lease.
AHFC is responsible for the administration and oversight of the day-to-day activities of the ACLT Program. Austin City Council created AHFC in 1979 as a public, nonprofit corporation under the provisions of the Texas Housing Finance Corporation Act – Chapter 394 of the Texas Local Government Code. Austin City Council serves as the AHFC’s Board of Directors.
More About Community Land Trusts Around the World
Community Land Trusts (CLTs) are employed worldwide—nearly 400 active CLTs—with a majority in the United States. Precursors to the modern-day CLT can be found in the Garden Cities of England, the Gramdan Movement of India, and the moshav communities of Israel, as well as in many of the planned, leased-land communities created in the United States in the first half of the Twentieth Century.
The Center for Community Land Trust Innovation is a not-for-profit nongovernmental organization that promotes and supports community land trusts around the world.
There are more than 240 CLTs in 46 states.
Here are some great infographics that describe how CLTs operate:
National CLT Network (UK) (English)
New York City Community Land Initiative (US) (English)