Saratoga Community Housing

encourages you to…

Become a part of the Solution

Who is struggling to buy a home in Island County?

The wage-earning workforce

The younger generation Single parent families Seniors on limited incomes

The answer is: All of the above

The Problem:The Problem:Skyrocketing real estate Skyrocketing real estate

prices have created a shortage prices have created a shortage of affordable homes in of affordable homes in

Island CountyIsland County

A Solution:Using the traditional

Community Land Trust model, Saratoga Community Housing

acquires land to provide long term affordable housing for lower

to moderate income Island County residents.

What is a Community Land Trust?What is a Community Land Trust? Community based

non-profit organization

Holds land for the benefit of the greater community

Provides permanently affordable housing for lower - moderate income residents

Key Features of a Traditional CLTKey Features of a Traditional CLT

Leased Land Dual Ownership Flexible

Designs Community

Involvement

What do CLTS doWhat do CLTS do??Acquire housing and/or landBuild or rehabilitate housingTarget “income qualified” homebuyers Provide education & supportInsure affordability for the next

generation of homebuyersProvide stewardship of community assets

How do CLT homes remain affordable over time?Our current resale formula provides a fixed rate appreciation factor of:

1.5% for the first 10 years2.0% for the next 10 years

2.5% for each year thereafterEXAMPLE: Cost to construct the house (land and house) $230,000- Grants/subsidies (land, donated labor/materials) 130,000 Homebuyers Initial Purchase Price $100,000

Resale Price after 10 years: Purchase Price $100,000+ Appreciation based on formula 16,054 Resale Price $116,054

Resale Price after 20 years: Purchase Price $100,000+ Appreciation based on formula 41,469 Resale Price $141,469 

Who oversees the CLT? Who oversees the CLT? It’s a democratically structured

membership organization

Built & run by the members With a tri-partite Board 1/3 - General Public 1/3 - CLT Homeowners 1/3 - Other community residents

Who supports the operation of the CLT?

The Community…Municipalities

Non-profit OrganizationsIndividuals Businesses ChurchesService Organizations Foundations

How do Municipalities support CLTs?• Participate in the planning process• Contract for Expert Assistance• Provide Startup Financing• Retool Existing Programs to Support the CLT• Commit to Multiyear Operational Funding• Assist with Project Funding• Build CLT’s inventory with donations of land• Provide Loans or Grants• Allow Regulatory Concessions• Support Grant Applications from other sources

•Support and Enforce Inclusionary Housing PracticesInclusionary zoningDensity BonusesSet asidesTransfer of Development RightsAny other regulatory measures that require developers to provide affordable units

•Equitable Taxation of CLT PropertiesFair Valuation of CLT homes based on resale valuesFair Valuation of CLT Lands based on stream of income

Benefits for Individuals & Families:Benefits for Individuals & Families: Security & Stability Earned equity

for the future Encourages

involvement in the community

Access to education and support

Benefits for the Community:Benefits for the Community: Preserves long-term affordable

housing Promotes responsible

land stewardship Provides economic

stability Builds strong healthy communities

It’s not just about building houses,

it’s about buildingstrong sustainable

Communities

SARATOGA COMMUNITY HOUSING

OUR MISSION:

Stewardship of our land to build affordable communities

for generations to come

www.saratogacommunityhousing.org