How it works
What is a community land trust?
Jacksonville Community Land Trust creates permanently affordable homeownership opportunities for individuals and families who might otherwise be priced out of the market.
How we make homeownership more affordable
JCLT keeps ownership of the land and sells the home to an income-qualified buyer. Taking the cost of the land out of the purchase price is one important way we help make the home more affordable, along with other resources, partnerships and homebuyer assistance programs.
The homeowner receives the security, stability and benefits of homeownership while agreeing to requirements that keep the home affordable for the next qualified buyer. This allows one home to serve generations of Jacksonville families.
A long-term partnership
JCLT homeowners own their homes, while JCLT continues to own the land beneath them. The homeowner leases the land through a 99-year ground lease with a second 99-year renewable term. The monthly ground lease fee is $30.
The ground lease protects the homeowner's right to use and enjoy the property and explains the responsibilities shared by the homeowner and JCLT. Homeowners may refinance their mortgages when the refinancing meets the requirements of the ground lease and receives any applicable approvals.
A homeowner may leave the home to an immediate family member as permitted by the ground lease and subject to JCLT Board requirements. JCLT will help the family understand and complete the applicable process.
JCLT homes must always be owner-occupied and may never be used as rental property. This includes renting the home to an immediate family member. When a homeowner is ready to move, JCLT will provide support through the resale process and help identify the next qualified buyer. Homeowners never need to become landlords in order to move forward; JCLT will be there to help with the transition.
- 99 years
- Ground lease term, with a second 99-year renewable term
- $30
- Monthly ground lease fee
- Owner-occupied
- Always. JCLT homes may never be rented out
Selling your home, and how shared equity works
A JCLT homeowner builds equity by paying down the mortgage and shares in the home's appreciation when the home is sold. At the same time, a portion of the appreciation stays with the property so the home can be sold at an affordable price to the next qualified buyer. This balance gives the homeowner an opportunity to build wealth while preserving affordable homeownership for future Jacksonville families.
When a homeowner is ready to sell, JCLT will guide the homeowner through the resale process and help identify an eligible purchaser. The final resale price and the homeowner's share of appreciation are determined according to the applicable ground lease and program documents, and the JCLT team walks every buyer through them before purchase.
Common questions
What is a community land trust?
A Community Land Trust is a nonprofit organization that creates lasting affordable homeownership. JCLT owns the land and sells the home to an income-qualified buyer. The land is leased to the homeowner through a long-term ground lease, helping keep the home affordable now and for future buyers.
Do I own my home?
Yes. You purchase and own the home. Like other homeowners, you are responsible for your mortgage, property taxes, insurance, maintenance and repairs. JCLT continues to own the land beneath the home.
How long is the ground lease?
The ground lease is for 99 years and includes a second 99-year renewable term. It is designed to provide long-term stability and security for the homeowner while protecting the home's permanent affordability.
What is the monthly ground lease fee?
The monthly ground lease fee is $30.
How does shared equity work?
You build equity as you pay down your mortgage, and you receive a share of the home's appreciation when you sell. The rest of the appreciation stays with the home, which is what keeps it affordable for the next family. The exact terms are set out in your ground lease and program documents, and a member of the JCLT team walks you through them in person before you buy, so there are no surprises at resale.
Who is eligible to purchase a JCLT home?
Applicants must meet the requirements for the specific home and funding program. In general, buyers must have household income at or below 80% of Area Median Income, must not have owned a home during the previous three years, must obtain mortgage pre-approval, and must complete an approved eight-hour HUD homebuyer education course. Additional requirements may apply to a particular property or funding source.