Frequently Asked Questions
You Have Questions, We Have Answers
We are here to help with all of your land trust and affordable homeownership questions. For additional inquiries outside of this list, please contact us!
Application & Eligibility:
We do not currently have any homes for sale, however, check back! Availability of homes changes often and depends on when our current homeowners choose to sell their homes, and if they have indicated a buyer.
Once we receive your completed homebuyer application, you will be added to an email list that will receive updates when homes become available to purchase.
Unfortunately, there is no flexibility in the income eligibility requirements at this time due to HUD regulations. If your income varies paycheck to paycheck, we look at your average pay over time to determine your current income. If you are not sure if you would qualify, please reach out!
Yes! Eligibility is just one step in the process of purchasing a CLT home. We will keep your information on file so that when you’re ready, only slight application adjustments will be required depending on how much time has passed since your initial application.
Purchasing & Ownership:
The timeline between applying to be on the interest list and moving into your new home varies for everyone. While approving your application only takes a week or two, finding the right CLT home for your needs may take much longer. Overall timeline depends on a variety of factors, including how many people are on the interest list, how many homes are available at a given time, and where you are in your personal process of purchase readiness. The time between signing a purchase agreement and moving into your new home is usually 4-8 weeks.
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.
NMCDC does not monitor your household size or income after you purchase one of our CLT homes. A change in financial or family situation after purchasing your home does not affect your ability to continue owning the home.
Yes, you can designate anyone to inherit the home in your will. Some projects that include Federal HOME subsidy require that the heir is also income-qualified if they want to keep the home. If an heir inherits the home and their income does not fall under the threshold for that project, they would need to sell the home or farm to an income-qualified person.
You must live in the home as your primary residence, meaning that you should be living in the home at least 270 days out of each year. If you require a longer leave from your home, this must be approved by the NMCDC Board of Directors. In this case, please reach out to us in as much advance as possible to discuss options.
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. In extenuating circumstances, however, you may temporarily rent your home out to a community member upon NMCDC Board approval.