Purchasing your CLT home is only the beginning. NMCDC offers CLT homeowners ongoing support and resources to help you be successful. As long as you own your home, NMCDC will be there to answer questions and give support. In addition to our homeowner newsletter, this space serves as a resource hub for you to review policies and browse relevant resources.
All community land trust homeowners enter into a long-term agreement with NMCDC using a ground lease to preserve the affordability of the home. The ground lease also dictates what a homeowner may and may not do with the home and the land.
Frequently Asked Questions:
Yes! You are welcome to have a housemate, so long as you remain the primary homeowner and live in the home at least 270 days out of each year. The housemate does not need to be income-qualified by NMCDC.
The ground lease and our program policy prohibits renting your home out as a short term rental on websites like AirBnb or VRBO and doing so is a violation of your ground lease.
You must live in the home you own as a primary occupant, at least 270 days per year, and cannot rent the entire home out to someone else in the community. In extenuating circumstances, however, you may temporarily rent your home out to a community member upon NMCDC Board approval. Please reach out in as much advance as possible if you think you may need to submit a request.
A capital improvement is a home improvement project that increases the home’s market value. Your ground lease dictates the percentage, maximum amount, and types of projects you may be able to factor into your home’s resale value. Please reach out if you have specific projects in mind.
Ground lease fees are due monthly and can be paid by check, cash, or ACH automatic withdrawal from your account. You are welcome to pay ahead of schedule. NMCDC does not send invoices for ground lease fees at this time. Please reach out if you would like to set up automatic withdrawal. Call our office or email [email protected] to find out how much you owe in lease fees or to get caught up on payment.
Thinking about selling?
- Before anything else, reach out to us! Email us a notice of intent to sell as outlined in your ground lease, and indicate if you have a buyer (who is likely to income-qualify for the program).
- Check your resale formula. If you purchased prior to 2016 you may have an appraisal-based resale formula and are welcome to switch over to our new lease that includes a percentage-based resale formula.
NMCDC deeply values the community in community land trust. NMCDC’s community organizing initiative, CREW (community rising for equity and well-being) is organizing in our neighborhoods! If you want to get into relationship with neighbors, and build power to act together to get our needs met, join us!