We Have Our First Under-Contract Community Land Trust Home!
Just about one week after listing the Beyond Housing Community Land Trust homes, we already have one under contract! What a wonderful sign of things to come! Honestly, though, these houses are great. Not only are they bright and breezy, but the buyer is GUARANTEED equity-not many people can say that about their home.
Only 2% down payment is required and in-house financing makes homeownership more attainable than ever before. 10 new homes line this street near the new Barack Obama Elementary School, creating a fantastic sense of community. The 24:1 Community Land Trust is dedicated to expanding opportunity, strengthening community, and empowering future generations by providing permanently affordable homes in the 24 communities that make up the Normandy School District. By offering a smart, low-risk path to homeownership, the 24:1 CLT bridges the gap between dream and reality for homebuyers. Conventional and even FHA guidelines make it difficult to obtain an affordable mortgage. The 24:1 CLT helps to lower these barriers by offering financing, thereby empowering individuals and families to purchase and own their homes; ultimately gaining access to greater security, more stability, and the financial tools necessary to build wealth.
For many people around St. Louis, realizing their dream of homeownership can seem like an impossible challenge. Despite the recent drop in home prices, the gap between dream and reality just keeps growing. If you want to purchase your own home but housing prices seem out of reach, the 24:1 Community Land Trust may be able to help. For every year you live in the home, you will be guaranteed a 1.5% return on your investment, based upon purchase price, GUARANTEED! Income Guidelines and Certain Restrictions apply. You can see those guidelines on our older blog post here.
How It Works:
24:1 CLT ownership means that you are able to purchase a home at a lower price because the land remains part of the land trust. In exchange, if you choose to move, you agree to sell your home back to the 24:1 CLT. You will be guaranteed a 1.5% equity increase for every year that you own the home.
The benefits of homeownership are substantial. From the financial stability of consistent housing costs, tax breaks, and equity building, to the pride of leaving a legacy for your children and securing a stable home for them, there is tremendous peace of mind that comes with owning a home.
For qualified individuals and families, the 24:1 Community Land Trust offers affordable new homes or substantially renovated homes located within the Normandy School District.
To Learn More about Community Land Trusts and how they have improved the communities around the nation, watch this video.
Time to stop throwing money away on rent, and time to start investing in your future. Contact JF Meyer Realty for more details!