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Non-Profit Membership Organization.
Albany Community Land Trust (ACLT) is a non-profit corporation, controlled
by its members. Any resident of the Albany community who supports
ACLT's purposes can become a member.
Owning Land for the Community.
ACLT buys land and housing together, but it then treats these two
pieces of property separately. ACLT holds the land permanently in trust
for the use of community residents who would otherwise be priced out
of the real estate market. ACLT will not sell its land to anyone,
for any price.
A Different Kind of Homeownership.
Housing on ACLT's land is made available to low-income residents
of the community. ACLT often helps these people to buy their homes
with affordable financing. The land under the homes is leased to the
homeowners through long-term, renewable, inheritable leases. Homeowners
have the use of the land for as long as they live. Children who inherit
homes on the land will have the same right to use the land as their
parents.
You Own It. You Can Sell It. But Not for So Much that Others
Can't Afford It.
When homeowners on ACLT's land decide to move, they can sell their
homes. However, the land lease gives ACLT the right to re-purchase
each home for the amount that the family has invested in it. ACLT
will then sell the home to another family that would not be able to
afford homeownership otherwise.
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