Community Land Trusts

Community Land Trusts (CLTs) are nonprofit organizations that retain ownership of the land in real estate transactions to maintain permanently affordable residential or commercial space in communities. In this page you will learn about the following:

What are CLTs?

Land trusts are mission-driven non-profits that acquire land through either direct purchase or donation[1], and hold the land for the benefit of the current and future community[2]. Historically, land trusts have been used to preserve sensitive natural lands, like lands that are home to endangered plants or animals[3]. Another form of a land trust that has become more prevalent over the last fifty years is a community land trust (CLT). CLTs are most commonly used to serve community members who are not served by the existing real estate market by preserving land and the structures on them for affordable housing[4]. Modern CLTs were inspired from activist movements that focused on preserving access to land for people excluded due to social status or income[5].

How do CLTs work?

CLTs acquire land and then sell or lease the buildings on the land to income-qualified renters or buyers at below-market rates, all while maintaining ownership of the land. Income-qualified means that the renter can ensure through pay stubs or other documentation that their annual income is below a threshold, usually set as a percentage of area median income. Below-market rates are achieved by removing the price of the land from the lease (usually estimated at around 20% of the market price). Other CLTs buy vacant land and develop properties, or partner with developers to build structures to lease at below-market rates. Most ground leases for home sales are for 99-year periods.

The way in which CLTs preserve long-term affordability is that the lease terms to buyers include a fixed resale formula. In home sales, this is usually through a “home appreciation rate” plus any home improvement expenses. For example- imagine a market price home in Seattle costs $400,000. If an individual purchases a home at this price and decides to sell it after 7 years, there are no constraints for how much that house can be sold for, even if government subsidies were used to cover some of the cost in the initial purchase.

AffordabilityGap1
Source: Davis, John E. & Rick Jacobus. “Figure 2a.” The City-CLT Partnership: Municipal Support for Community Land TrustsLincoln Institute of Land Policy (2008): pp. 7.

With a CLT, the initial purchase price is reduced. In this example, it might be $320,000, if it is assumed that 20% of the price (0.2 x $400,000 = $80,000) is accounted for in the price of the land. A home appreciation rate used by the Homestead Community Land Trust, based in Seattle, is 1.5%. If this homeowner decides to sell after 7 years and invested in $10,000 worth of upgrades in their home over that time, the re-sale value may be calculated as follows:

$320,000 x (1 + 0.015)7 + $10,000 = $365,150±

The existing homeowner can still build asset wealth, but not at the expense of future homeowners that would otherwise be priced out of the neighborhood.

AffordabilityGap3
Source: Davis, John E. & Rick Jacobus. “Figure 3.” The City-CLT Partnership: Municipal Support for Community Land TrustsLincoln Institute of Land Policy (2008): pp. 8.

A CLT’s actions “permanently” remove the land from the market, the price of the land from the price of the building, and market pressures to increase the price of the land. These are generally seen as successful tools to combat involuntary displacement due to unchecked gentrification[6].

A key aspect of a CLT that differentiates them from general land trusts is that they are designed to ensure community stewardship of the land, meaning responsible planning and management of land. Unlike other community-based buildings or projects, the mission of stewardship adds three distinct layers of responsibility upon the CLT:

  • To preserve affordability of its buildings;
  • To see that owners or renters of those buildings are financially secure; and
  • To see that the physical quality of the buildings is preserved.[7]

That means they “preserve affordability when economic times are good and protect [their] homes and owners when times are bad.” It also means that both the individual renters or buyers and the community at-large benefit from land trusting: renters or buyers have exclusive use of the land, which secures their individual interests in the short-term, and CLTs ensure building maintenance and upkeep, which protects the interests of the larger community.

In the discussion of preserving affordable commercial real estate, the nature of a commercial land trust is inherently different from a community land trust. The needs of the users of each type of space are very different, so the next sections will describe some of the similarities and differences between the two variations of land trusts.

Formation and Governance of CLTs[8]

The first questions to be addressed in the early stages of forming a CLT are whom will the organization serve; what geographic area will it operate in; and what are its goals? These decisions will affect the type of resources needed to pursue projects and the scope of work that the CLT will engage in. For our purposes, assume that the CLT is forming as an independent non-profit to solely build and maintain affordable commercial space at a specific neighborhood level.

It takes a considerable amount of capital (money through banks and other asset-wielding firms) to purchase land for land trusts and begin to pursue their intended mission. Therefore, it is important for the formation group to build strong relationships with established non-profit and public sector economic development entities. To incorporate as a non-profit entity, the formation group will need to draft and file articles for incorporation, draft and adopt bylaws, and prepare and submit an application for federal tax-exemption.[9] [10]

CLTs become distinguishable from other general community-development non-profits in the very first stage of filing articles of formation. Whereas other non-profits have general articles that allow flexibility and latitude in governance and programmatic goals, CLTs have specific articles related to corporate structure, land stewardship, and resale restrictions[11]. Generally, CLT bylaws provide more detail for all of the above, which will also have to be stipulated in the formation group’s application for 501(c)(3) tax-exempt status.

Formation

Groups hoping to incorporate as non-profit commercial CLTs may need to spend more time crafting their application for 501(c)(3) tax-exemption status because the general definition of a “charitable organization” to qualify for this status requires the non-profit to provide relief for the poor or combat neighborhood deterioration[12]. Providing affordable commercial space in communities facing gentrification may not easily qualify for this status, so it may take longer for the formation group to find legal means to apply, and for the government to consider and grant status. For example, an attorney working for Japantown’s community preservation project in San Francisco had to conduct a viability analysis to determine whether cultural and historical preservation can support a 501(c)(3) tax-exempt CLT status, which has added extra time to the formation process.[13] [14]

Governance

The corporate structure for a CLT is a membership-based organization. All people who are CLT renters/owners are automatically members and additional people from a defined geographic community who support the goals of the CLT may become members. Members elect two-thirds of the governing board of a CLT: (1) CLT renters/owners and (2) community members who reside in the CLT’s service area, but are not CLT renters/owners. The final third of the governing board are public members, who cannot be CLT renters/owners or live in the service area[15]. This governance structure requires extra effort and CLT staff capacity to be successful. Non-CLT members must be recruited and all members must be encouraged to attend membership meetings for the structure to be meaningful.

For a commercial land trust, single-family homeowners and co-op or commercial space interests may be separately categorized. On the community member side, positions may be held by local government officials or representatives of “local churches, foundations, banks, social service agencies, tenant rights organizations, or local CDCs within this ‘public’[16].

KONICA MINOLTA DIGITAL CAMERA
Source: “Clackamas County Chairwoman Lynn Peterson speaks at the ground breaking ceremony for Juneberry Lane, an affordable housing community that will be built to strict environmental standards in Oregon City.” The Oregonian. September 25, 2009. Available WWW: http://media.oregonlive.com/environment_impact/photo/lynn-peterson-juneberryjpg-f90bd8b9ae380fdd.jpg

Role in Commercial Affordability

The role that a CLT plays in commercial affordability depends on its goals. If the main goal is to provide affordable housing, there is usually flexibility in the traditional model to support community interests above and beyond affordable housing. If the explicit goal is to develop affordable commercial space, the organization needs to have the additional knowledge and resources to serve this need as well as identify what their primary purpose is for providing the space. This will establish both the type of business arrangement and physical space requirements. These purposes may include:
(1) supporting new and existing small business opportunities for local residents;
(2) generating jobs and/or job-training opportunities;
(3) producing goods and services not otherwise available to local residents; and
(4) ensuring that businesses to be introduced to a residential community are culturally appropriate[17].

CLTs can also serve in advocacy roles for businesses or spin-off their own community businesses, rather than serve as direct real estate developers.

As John E. Davis and Rick Jacobus note, “Nothing in the model’s distinctive approach to ownership, organization, and operation makes real estate development easier or cheaper to do. Indeed, nothing makes a CLT a better developer than any other nonprofit or for-profit entity that has municipal support to produce affordable housing or other community facilities. Instead, the model’s real strength lies in protecting a municipality’s investment and a community’s assets, and in preserving access to land and housing for people of modest means. It is in the period after a project is developed that a CLT makes its most durable and distinctive contribution to a community’s well-being”[18].

Land Acquisition

CLTs, no matter what their goals are, acquire land in three ways:
(1) purchase land at market price with private and public subsidies;
(2) receive land as a gift from donation or public source; or
(3) acquire land at below-market rate through a “bargain sale”[19]. [20]

CLTs may be able to take advantage of different land acquisition strategies depending on the local real estate market and neighborhood trends. For commercial goals, redeveloping or acquiring existing built space is an ideal strategy when:

  • there is some amount of vacancy;
  • rents are below-market relative to other areas in a city; and
  • there is some future risk of gentrification.

Purchasing land and developing new space is also a good strategy for areas with tight rental markets where local businesses are already struggling.

Developing and Leasing Commercial Space

Using a land trust to preserve land for permanently affordable community-based commercial space is an emerging field[21]. In 2012, a web-based survey of 224 organizations in the National Community Land Trust Network was responded to by 56 CLTs and found that at least 30 CLTs have supplemented their residential portfolio with commercial projects[22]. These CLTs are inclined to support commercial development projects by either
(1) securing land and developing commercial property;
(2) spearheading community engagement and neighborhood advocacy efforts; or
(3) creating new commercial enterprises.

For the purposes of this analysis, only the first method will be discussed at length.

Most of these CLTs focused their work in communities in need of revitalization (like New Orleans, Louisiana and Durham, North Carolina), in part because these communities are underserved or inadequately supported by for-profit landowners. None have yet to develop a standalone commercial CLT[23]. Similar to affordable housing, CLTs state specific criteria to assess potential community development commercial projects and only engage in projects that provide current and future benefits to the community.

It is critical that before considering one of the following methods for providing affordable commercial space, a CLT consults local businesses to understand which model is best suited for their needs. The “Commercial Land Trust Feasibility Report” notes that, “While ownership can provide long-term stability of building cost for business owners, ownership is not a uniformly high priority – or even a uniformly desirable outcome – for business owners. Innovative models that blend ownership and leasing, public with private, may have a role to play in supporting entrepreneurs”[24].

Master Lessor

Most commercial CLTs use the master lessor model because it requires fewer financial risks and ownership is not always a high priority for many business owners in underserved communities[25]. In this model, the CLT maintains ownership of the commercial space and rents it out to businesses or other non-profits on below-market lease terms.

The ability to budget for stable, predictable, and affordable rents is often considered just as valuable as ownership. Affordable leases can lower entry costs for new businesses and the short-term tenure allows flexibility in operations, especially if the market for a particular business just isn’t working in that location[26]. It is common for CLTs to serve as property managers of the building or space and engage in individual short-term leases rather than lease to another non-profit who would then serve as property manager.

The master lessor model is the simplest, most straightforward model for providing commercial space and avoids some of the financial lending issues of limited or shared equity arrangements. Leaseholders build wealth through their business operations, instead of ownership of or equity in real estate. The lessor’s responsibility is to manage the tenant mix and financing structure to maintain long-term affordability.

A case example of a CLT that used the master lessor model- the Mountain View Service Center in Anchorage, Alaska- can be found here.

RevitalizationEffortsMVSC

“Revitalization efforts in Mountain View include commercial and residential investments.” Source: “Anchorage, Alaska: Community Revitalization in Mountain View Village.” Photo Credit: Ken Graham Photography. Available WWW: http://www.huduser.gov/portal/casestudies/study_09082014_1.html

Shared Equity

In the shared equity model, a nonprofit commercial land trust acquires property, divides the land from improvements (structures) on it, and transfers ownership to a commercial tenant or business operator through a long-term ground lease agreement[29]. In a mixed-use development, CLTs can also sell individual spaces within a building, reducing the capital requirements that a business might otherwise need to acquire an appropriate business space. As with community land trusts, there are usually lease restrictions preventing a business from subletting to another business.

CLTs may use this model when their goal is to help community members build equity in addition to growing their business, and generally because they want to provide an affordable, long-term physical space for businesses. Some shared equity commercial CLT models are condominiums, where ownership includes fractional ownership of common facilities and buyers pay monthly fees to maintain the building and its amenities[30]. Some shared equity commercial CLT models are stand-alone buildings, where owners are responsible for maintenance.

Benefits to the business owner include both predictable, stable rent expenses, as well as the wealth creation associated with principal repayment and limited appreciation. Business owners are able to purchase only the space needed for their business operations in the shared equity land trust model, as opposed to a conventional property acquisition which may require them to invest much more capital in a larger building that houses their business and others. Provisions may also be added to a ground lease allowing commercial tenants the option to purchase the overall building at a later date (though the CLT may still retain ownership of the underlying land).

There are fewer examples of commercial CLTs using the traditional shared equity model[31]. It is a more challenging model to implement and requires sensitivity and transparency with a local community when choosing a business partner for a “permanent” space. It also requires more up-front capital from a business partner, which may be difficult for a small business to obtain if there are no local lenders willing to provide this capital. The CLT may be able to assist in financing improvements, but this increases their risk as well.

A case example of a CLT that used the shared equity model- the Champlain Housing Trust in Burlington, Vermont- can be found here.

hollysquare
Holly Square. Source: “ULC Highlights Citywide Banks as October 2014 Partner Spotlight.” October 31, 2014. Available WWW: http://www.urbanlandc.org/wp-content/uploads/2014/08/slide12.jpg

Another case example:

Case Example: The Urban Land Conservancy (ULC) in Denver, Colorado has played a prominent role in supporting affordable housing and commercial enterprises in existing and future light rail corridors in the metropolitan Denver area since 2003 [33]. Combining the “functions of a traditional CLT with those of a private land bank,” the ULC works with municipalities to acquire land in areas undergoing or anticipating gentrification to preserve land for affordable uses. Financed through the Denver TOD (transit-oriented development) Fund, the ULC has preserved approximately 300,000 square feet of new commercial and nonprofit space in addition to affordable rental homes, schools, and other community centers.

In 2009, at the request of the City of Denver, the ULC purchased the distressed Holly Square shopping center in the North East Park Hill neighborhood and worked with the local community to develop a plan for the site and solicit potential tenants[34]. Progress began in fits and starts, but the Jack A. Vickers Boys and Girls Club officially opened in 2013, serving 250 youths a day[35]. The ULC retained ownership of the land to ensure that the site remains in the neighborhood’s long-term control while the Boys and Girls Club received a below-market long-term ground lease[36]. The Boys and Girls Club also brought $5 million in equity from a grant from the Anschutz Foundation for the project.


Strengths of CLTs

Long-Term Community Control

The primary strength for a commercial CLT is the true long-term ownership of land for specific community use. For a community facing gentrification, a land trust could provide long-term local control over the preservation, rehabilitation, and development of social heritage properties and assets. This also means that a commercial CLT can truly provide permanently affordable commercial space, as the commercial space or buildings have specific resale formulas that keep the price of the space low.

Wealth Creation

The shared equity model provides a predictable and stable cost structure, allowing business owners to build wealth. The ownership aspect means that the business can have a physical space for at least 99 years, which allows the community to be served by a critical community service, such as a health center or grocery store.

Flexible Role of CLT

CLTs are flexible tools that can meet the needs of many different communities and entities, while employing a variety of property development and management tools. The membership and governance structure remains community-controlled, which means that decisions which affect how businesses can gain access to a CLT are decided by the full community instead of a subset of community members or a non-representative public entity.

Mission of Stewardship

CLTs’ mission of stewardship means that even during economic downtimes, the CLT will work to ensure that its properties and property owners or renters survive. For instance, in the Great Recession, CLTs reported few home defaults and even fewer foreclosures[37]. However, because commercial CLTs are so new, there is less evidence of business survival in the face of economic challenges.

Weaknesses of CLTs

High Capital Cost

The primary limitation is that the capital required to acquire, build, and maintain commercial properties is significantly greater for commercial spaces than for affordable housing. Acquisition of commercial land in strengthening markets requires staff capacity, real estate knowledge, and speed. If capital isn’t raised quickly enough, the land becomes too expensive to acquire[38]. This has big implications for communities facing gentrification where demand for land will increase real estate values. Currently, there are no funding sources designed to subsidize non-profits’ acquisition of commercial properties, and development financing is much more restrictive. This issue is faced by CDCs and PDAs as well.

Unpredictable Revenue Stream

Unlike residential projects, shared-equity CLTs cannot rely on income from commercial space and should plan for long periods of vacancy[39]. A developer for Champlain Housing Trust said that managing risk is a much greater responsibility for a commercial CLT. “You know that people can fill affordable housing. But you don’t know with commercial space. People need housing. They don’t need affordable space”[40]. CLTs may be able to reduce risk if they optimize the use of any facilities through diversification of businesses and uses[41], but while mixing residential uses will provide a more reliable income stream to help subsidize the commercial space, different businesses will have different space and equipment requirements. Not all commercial space is “created equally.” CLTs will also need to weigh the costs of installing tenant improvements for specific uses over more generalized floor layouts and uses.

Variability in Level of Impact

Although the establishment of a commercial land trust in a community can provide many benefits to small businesses, it is important to understand how those benefits fall within the grand scheme of local business operations. Providing below-market rents and subsidized utility costs offers stability for businesses, but these are only part of the costs that businesses need to accommodate in gentrifying environments.

Necessity for Community Buy-In

It is important to agree with the business community on the criteria for businesses that should qualify for use of affordable commercial space. The trust needs to reach consensus at the outset on:

  • income thresholds for entry;
  • what happens when a business succeeds and outgrows this threshold;
  • what tests are used to gauge the previous provision; and
  • what amount of contributions to capital reserves and building management should be paid for by tenants[42].

Without these criteria, commercial land trusts can impact neighboring businesses and properties unfairly by supporting the competition with ‘unfair’ advantages.

High Level of Organizational Capacity

In the master lessor model, the CLT has to build the capacity to directly own and manage commercial real estate, which is generally outside the expertise of traditional CLTs. It also requires establishing new business relationships, personnel, and general core competencies that would not otherwise exist within an organization.

Financial Risk of Shared Equity

In the shared equity model, business owners have to finance a substantial up-front investment and may not qualify for large loans like potential homeowners. For instance, while a number of CDFIs do finance small business start-ups, loan amounts tend to be closer to $10,000 than $100,000, which is generally a loan amount a homebuyer might have access to[43]. While lease-to-own shared equity may help bridge financial gaps for community businesses, some businesses that require specialized, costly equipment may not ever have the capital to pursue this CLT model. Thus, the shared equity model may only be applicable to already capitalized businesses. This also could mean that the CLT bears more risk because there are more supportive financial programs for homeowners rather than small businesses.

Property Taxes

Depending on state-level regulations, property taxes can be a weakness of CLTs. Property taxes on both the land and the improvements are typically paid for by the leaseholder in a CLT ground lease agreement[44]. However, if the assessed value of the land is based on market price and not the reduced resale price stipulated by the agreement, the homeowner or tenant may end up paying more in taxes than in their mortgage payments, effectively reducing affordability.

In many states where CLTs have become more common and recognized by state and local governments as an effective tool to preserve affordability, tax advisory boards have directed appraisers to consider the resale value and any other restrictions tied to the lease in their assessments. In Washington state, Property Tax Advisory PTA 17.0.2014 states, “When estimating a CLT property’s true and fair value, statute and court interpretations require assessors to consider all factors that willing sellers and willing buyers consider. These factors include benefits and burdens of zoning, other legal land use limits, resale formulas, and lease terms. The value of a CLT property may be much different from physically similar, conventional properties because the ownership benefits and burdens differ”[45].

Conclusion

Including affordable commercial real estate in a community land trust’s mission can be accomplished in a variety of ways, but it requires commercial real estate knowledge and community buy-in for success. It is a worthy tool for discussion for neighborhoods in which a community land trust is already in operation or in the process of development. Whether the organization considers a master lessor or shared equity approach to providing affordable commercial space, communities benefit when local businesses have the opportunity to stay open when redevelopment follows community reinvestment.


Resources and Notes:

[1] Land trusts can also acquire land from municipalities’ land banks. Land banking, the practice of acquiring and improving land is a similar practice but generally differs in long-term application. Most commonly, municipalities acquire vacant or tax delinquent properties, make significant improvements, then sell to private owners often for the highest price the market will bear. A new movement, most notably occurring in Philadelphia, has emerged to legally change municipalities’ land bank practices so that they must turn over some land to CLTs or CDCs for community-controlled development.

[2] Blakely, Edward and Nancy Green Leigh, Planning Local Economic Development: Theory and Practice 5th

Edition.

[3] “About Community Land Trusts.” Homestead Community Land Trust. 7 November 2014. Available WWW:

http://www.homesteadclt.org/about-homestead/about-community-land-trusts.

[4] Many community-based organizations and some government entities use land trusting as the mechanism for preserving affordable land. For simplicity’s sake, in this text, CLT will refer to non-profits that have been incorporated solely as land trusts.

[5] “About Community Land Trusts.” Homestead Community Land Trust. 7 November 2014. Available WWW:

http://www.homesteadclt.org/about-homestead/about-community-land-trusts.

[6] Ritter, Brad. “Creation and Preservation of Affordable Commercial Space in Seattle’s Neighborhood Business

Districts.” Evans School, University of Washington, Degree Project. Spring 2009. PDF File.

[7] Davis, John Emmeus. “Origins and evolution of the community land trust in the US.” In Kirby White (Ed.) The

CLT Technical Manual, 2011. National Community Land Trust Network.

[8] There are many variations of the structure of governance, but for the purpose of this paper we will focus on the traditional CLT governance model as defined in the Housing and Community Development Act of 1992.

[9] A non-profit does not have to achieve tax-exempt status, but 501(c)(3) status allows the non-profit to qualify for many different grants and subsidies. It seems unlikely that a CLT could pursue even land acquisition without the help of private and public funding of this sort.

[10] White, Kirby (Ed.). “Incorporation.” In The CLT Technical Manual, 2011. National Community Land Trust

Network.

[11] Ibid.

[12] White, Kirby (Ed.). “Tax Exemption.” In The CLT Technical Manual, 2011. National Community Land Trust

Network.

[13] As of this update, the Japantown CLT has not been formed, though it is unclear whether the tax exemption

status is the primary factor for this delay.

[14] Seifel, Inc. “Japantown: Cultural Heritage and Economic Sustainability Strategy.” Prepared for the City of San

Francisco’s Planning Department and Office of Economic and Workforce Development. 10 July 2013. PDF File.

[15] “H.R. 5334 — 102nd Congress: Housing and Community Development Act of 1992.” 28 October 1992. Available WWW: https://www.govtrack.us/congress/bills/102/hr5334. Accessed 26 November 2014.

[16] Davis, John E. et. al. “Building Better City-CLT Partnerships: A Program Manual for Municipalities and Community Land Trusts.” Lincoln Institute of Land Policy (2008): pp. 8. Available WWW: https://www.lincolninst.edu/pubs/download.asp?doc_id=717&pub_id=1401.

 

[17] White, Kirby (Ed.). “Nonresidential CLT Ground Leases.” In The CLT Technical Manual, 2011. National

Community Land Trust Network.

[18] Davis, John E. & Rick Jacobus. “The City-CLT Partnership: Municipal Support for Community Land Trusts.” Lincoln Institute of Land Policy (2008): pp: 36. Available WWW: http://www.burlingtonassociates.com/files/5513/ 4463/2126/2-City-CLT_Partnership__Municipal_Support_for_CLTs.pdf.

[19] It appears as though many CLTs purchase land at market rate in disinvested communities, but because there are no existing examples of commercial CLTs in gentrifying neighborhoods, it’s hard to tell which strategy of land acquisition would be employed.

[20] Brown, Michael. “Frequently Asked Questions About Community Land Trusts.” Burlington Associates. 2007.

PDF File.

[21] Land trusts to preserve space for community gardens, agricultural uses, or artistic live-work lofts will not be discussed because they fall outside the parameters of the authors’ definition of “commercial space.”

[22] Rosenberg, Greg & Jeffrey Yuen. “Beyond Housing: Urban Agriculture and Commercial Development by Community Land Trusts (Working Paper WP13GR1).” Lincoln Institute of Land Policy (April 2013): pp. 5. Available WWW: http://www.lincolninst.edu/pubs/2227_Beyond-Housing.

[23] Sorce, Elizabeth, “The Role of Community Land Trusts in Preserving and Creating Commercial Assets: A Dual

Case Study of Rondo CLT in St. Paul, Minnesota and Crescent City CLT in New Orleans, Louisiana.”

[24] Donjek, Inc. “Commercial Land Trust Feasibility Final Summary.” Prepared for the Greater Frogtown

Community Development Corporation and Rondo Community Land Trust. 1 June 2012. PDF File: pp. 2. Available WWW: http://cltnetwork.org/wp-content/uploads/2013/12/2012-Commercial-Land-Trust.pdf.

[25] Ibid.

[26] Ibid, 5.

[27] Omitted from final edited content.

[28] Omitted from final edited content.

[29] Donjek, Inc. “Commercial Land Trust Feasibility Final Summary.” Prepared for the Greater Frogtown

Community Development Corporation and Rondo Community Land Trust. 1 June 2012. PDF File: pp. 6. Available WWW: http://cltnetwork.org/wp-content/uploads/2013/12/2012-Commercial-Land-Trust.pdf.

[30] Demetrowirz, Amy and Greg Rosenberg. “CLTs and Condominiums.” Presented at the 2012 National CLT

Conference. PPT Presentation.

[31] Lease-to-own, the newer spin-off of the shared-equity model, has gained traction in affordable housing and may lend itself to commercial CLTs. However, the authors could not find any existing CLT commercial projects using this model.

[32] Omitted from final edited content.

[33] Hickey, Robert. “The Role of Community Land Trusts in Fostering Equitable, Transit-Oriented Development: Case Studies from Atlanta, Denver, and the Twin Cities (Working Paper WP13RH1).” Lincoln Institute of Land Policy (2013). Available WWW: https://www.lincolninst.edu/pubs/2243_The-Role-of-Community-Land-Trusts-in-Fostering-Equitable–Transit-Oriented-Development.

[34] Rosenberg, Greg & Jeffrey Yuen. “Beyond Housing: Urban Agriculture and Commercial Development by Community Land Trusts (Working Paper WP13GR1).” Lincoln Institute of Land Policy (April 2013): pp. 19. Available WWW: http://www.lincolninst.edu/pubs/2227_Beyond-Housing.

[35] “Vickers Boys & Girls Club at the Nancy P. Anschutz Center.” Boys & Girls Clubs Metro Denver. Available WWW: http://www.bgcmd.org/location/vickers. Last accessed: 3 December 2015.

[36] Rosenberg, Greg & Jeffrey Yuen. “Beyond Housing: Urban Agriculture and Commercial Development by Community Land Trusts (Working Paper WP13GR1).” Lincoln Institute of Land Policy (April 2013): pp. 20. Available WWW: http://www.lincolninst.edu/pubs/2227_Beyond-Housing.

[37] Davis, John Emmeus, “Origins and evolution of the community land trust in the US.” 2014. Available WWW: https://dl.dropboxusercontent.com/u/4088576/clt-roots/eBooks/Origins-Evolution-CLT.pdf.

[38] “NCLT’s Acquisition Loan Fund.” Northern California Land Trust. 2014. Web. 7 November 2014.

http://www.nclt.org/index.php?option=com_content&view=article&id=12&Itemid=119.

[39] Monte, Michael. “Commercial Development at CHT.” Champlain Housing Trust presentation at National

Community Land Trust Network. 30 April 2014. PPT Presentation.

[40] Monte, Michael. “CLTs and Commercial Development.” National Community Land Trust Network Webinar. 16

April 2010. Web. 21 November 2014. http://cltnetwork.org/topics/commercial.

[41] Donjek, Inc. “Commercial Land Trust Feasibility Final Summary.” Prepared for the Greater Frogtown

Community Development Corporation and Rondo Community Land Trust. 1 June 2012. PDF File: pp. 9. Available WWW: http://cltnetwork.org/wp-content/uploads/2013/12/2012-Commercial-Land-Trust.pdf.

[42] Donjek, Inc. “Commercial Land Trust Feasibility Final Summary.” Prepared for the Greater Frogtown

Community Development Corporation and Rondo Community Land Trust. 1 June 2012. PDF File: pp. 9. Available WWW: http://cltnetwork.org/wp-content/uploads/2013/12/2012-Commercial-Land-Trust.pdf..

[43] White, Kirby (Ed.). “Nonresidential CLT Ground Leases.” In The CLT Technical Manual, 2011. National

Community Land Trust Network.

[44] Davis, John E. et. al. “Building Better City-CLT Partnerships: A Program Manual for Municipalities and Community Land Trusts.” Lincoln Institute of Land Policy (2008): pp. 56. Available WWW: https://www.lincolninst.edu/pubs/download.asp?doc_id=717&pub_id=1401

[45] Washington State Department of Revenue.  “Property Tax Advisory Number PTA 17.0.2014: Valuation of Community Land Trust (Resale Restricted) Properties.” Olympia, WA: Property Tax Division. November 17, 2014. Available WWW: http://dor.wa.gov/Docs/Pubs/Prop_Tax/PTA17_0_2014.pdf.

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