Land Trust homeownership is similar to conventional homeownership, but the land beneath the homes is owned by One Roof Community Housing.
- The homeowner obtains a mortgage with a bank.
- The homeowner accumulates equity.
- The home can be inherited by the homeowner’s spouse or children.
- The homeowner pays property taxes.
- The homeowner can make alterations and improvements to the home & land.
- The purchase price is lower—about 20-30% below the market rate.
- One Roof Community Housing owns the land and the homeowner leases the land for a nominal fee ($30/month).
- The Resale Formula ensures that the home will remain affordable when it is sold in the future. When a Land Trust house is sold, the homeowner receives 100% of what they have paid off on their mortgage plus 25% of the increased value of the property. Homeowners also receive the full value of any qualified capital improvements that have been documented during the time of ownership.