33 Clinton Avenue, Albany, NY 12207
(518) 436-8997 Fax: (518) 436-0320
ALBANY COMMUNITY LAND TRUST
WHAT IS THE LAND TRUST?
- Non Profit Membership Organization. Albany Community Land Trust
(ACLT) is a non profit corporation, controlled by its members. Any resident
of the Albany community who supports ACLT's purposes can become a member.
- Owning Land for the Community. ACLT buys land and housing together,
but it then treats these two kinds of property separately. ACLT holds
the land permanently in trust for the use of community residents who
would otherwise be priced out of the real estate market. ACLT will not
sell its land to anyone, for any price.
- A Different Kind of Homeownership. Housing on ACLT's land is
made available to low income residents of the community. ACLT often
helps these people to buy their homes with affordable financing. The
land under the homes is leased to the homeowners through long-term,
renewable, inheritable leases. Homeowners have the use of the land for
as long as they live. Children who inherit homes on the land will have
the same right to use the land as their parents.
- You Own It. You Can Sell It. But Not for So Much that Others Can't
Afford It. When homeowners on ACLT's land decide to move, they can
sell their homes. However, the land lease give ACLT the right to repurchase
each home for the amount that the family has invested in it. ACLT will
then sell the home to another family that would not be able to afford
home ownership otherwise.
- How Does ACLT Deal with Multifamily Buildings? When possible,
ACLT will help the residents of a building to organize a housing cooperative,
so that they can own the building together, while each family leases
its own apartment from the cooperative. Until a cooperative can be organized
- or if the residents do not want a cooperative - ACLT may own the building
itself and lease the units to the occupants.
- How are ACLT Homeowners/Leaseholders Selected? Existing occupants
of buildings acquired by ACLT are given the opportunity to sty in their
homes. Applicants for vacant units are considered on the basis of their
need, their support for the purposes of ACLT, and their ability to handle
the responsibilities of home ownership.
- How Is ACLT Supported? ACLT acquires property with financing from public sources, nonprofit loan funds, and banks that take a special interest in the long term benefits provided by community land trusts.
MEMBERSHIP
Anyone can join ACLT by:
- Attending one meeting.
- Filling out and signing a simple application form that includes a statement of support for ACLT's purposes.
- Paying $5 annual dues.
ACLT members elect the board of directors and decide on other major issues put before them by the board. Many members are active on ACLT committees and help in various ways with the work of the organization.
