Who we are
Lexington Community Land Trust was founded in 2008 as a 501c3 nonprofit organization. Lexington CLT is currently building affordable rate housing in the Davis Park neighborhood for income-qualified homebuyers.
Lexington Community Land Trust homes retain their affordability, even as the homes change ownership. This permanent affordability ensures a lasting stock of affordable housing in Lexington for years to come. The land beneath the homes is held in trust, and is community-controlled, with each homeowner or renter being a voting member of the Community Land Trust.
What is a CLT?
A Community Land Trust is a nonprofit organization that stewards homes and land for permanent affordability. The land underneath the home will be held by the Community Land Trust, and sell the home and all improvements to the homebuyer, while entering into a land lease for the ground. This not only removes the cost of the land from the purchase price, but allows a resale formula to be built into the sale. The resale formula determines the price of the home if and when the occupant sells the house, and restricts that sale to other income-qualified buyers, while allowing for some appreciation in value to be retained by the seller. This ensures the homes’ affordability owner after owner.
View our 2016 Annual Report