How it Works

DPCLT Overview

Buying a CLT home opens up new opportunities for you, your family, and your community.

In exchange for purchasing homes at below-market prices, prospective owners agree to resale price restrictions that keep homes permanently affordable to subsequent households with similar income levels.

When the homeowner sells, an appraisal based resale formula allows the homeowner to keep 25% of the equity, plus their principal payments made against the mortgage. The remainder is kept by the trust, preserving the affordability for future low to moderate income families.

  1. Total households income for all household sizes must fall between 60%-120% of Area Median Income to qualify.

  2. Participate in a Homebuyers program through Habitat for Humanity Michigan, MSU Extension, Fannie Mae or Inner City Christian Federation

  3. Qualify for a mortgage through an approved CLT Mortgage Lender

Do I Qualify?

DPCLT Orientation

Interested homebuyers must attend a DPCLT Orientation in order to move forward with the purchase of a DPCLT home. Orientations are hosted virtually via zoom and run bi-weekly on Thursdays from 6:00-7:00 PM.

What is a Ground Lease?

In Michigan and across the nation, homeownership is challenging for low and moderate-income households. Dwelling Place Regional Community Land Trust addresses this by preserving land for affordable homeownership.

Through shared ownership, community land trusts like Dwelling Place Regional Community Land Trust make housing affordable. Homeowners own the home or structure, while the CLT owns the land, ensuring affordability through a land lease for income-qualified homebuyers, future homeowners, and the community.

The land lease grants exclusive land use to the homeowner. Lasting 89 years, the lease is renewable and inheritable.

Equity and appreciation sharing are defined in the land lease. When selling, homeowners recoup their principal payments and 25% of the appreciation. The remaining appreciation is retained by the CLT to maintain affordability for the next income-qualified homebuyer.

Benefits of Owning a CLT Home

Representation

Stewardship & Support

Stability & Housing Security

Permanent Affordability

Our Commitment to Fair Housing:

The Dwelling Place Regional Community Land Trust is committed to fair housing and the right to choose housing free from unlawful discrimination. Fair housing laws protect people from discrimination in housing based on race, color, religion, sex, national origin, familial status, disability, marital status, age, sexual orientation, and gender identity or expression. Discrimination is illegal in housing transactions such as rentals, sales, lending, and insurance. Learn more about Fair Housing here.