City of Chicago :: Chicago Community Land Trust for Buyers

” . . . How CCLT Homeownership Works
CCLT homeownership is designed to preserve the long-term affordability of its homes, while providing its homeowners with a return on their investment.  Unlike renting, CCLT ownership provides an opportunity to begin building equity.

  • The CCLT works in combination with the City’s affordable homeownership programs. The City provides land and / or subsidies to make affordable homes available for purchase by income-qualified working individuals and families.  See the Homes for Sale list of available units, including links to City program requirements.
  • Through the County County Assessor’s Office, property taxes are assessed on the home’s affordable price, instead of on the market value.
  • In exchange for the subsidies and reduced property taxes:

Buyers sign a long-term affordability agreement agreeing to resell the home to another income-qualified buyer at an affordable price.

The affordable resale price is designed to give the owner a return on his/her investment, but limits that return in order to keep the home affordable to the next family.

The original subsidies stay with the home to help maintain affordability.  . . . . ”

Source: City of Chicago :: Chicago Community Land Trust for Buyers