The Community Land Trust of Palm Beach County (CLT of PBC) was formed in early 2006 to help address the need for affordable housing in Palm Beach County. The effort to create the organization was initially spearheaded by Palm Beach County as part of their “affordable housing toolbox,” but quickly became a community driven endeavor.
The founding members of the CLT of PBC represented a wide range of organizations including Gold Coast Builders Association, Palm Beach County League of Cities, Business Development Board, Business Forum of Palm Beach County, Florida Rural Legal Services, Community Financing Consortium, Adopt-A-Family of the Palm Beaches, inc., South Florida LISC, We Help Community Development, Inc., Fair Housing Center of the Greater Palm Beaches, Urban League of Palm Beach County, Housing Partnership, North Palm Beach Chamber of Commerce, and the School District of Palm Beach County. The CLT of PBC was incorporated in 2006 and received a 501(c)(3) tax exempt designation in March of 2007.
Housing Development: To date the CLT of PBC has developed 61 permanently affordable CLT homes and 80 multifamily units.
Homebuyer Counseling: CLT of PBC staff provides one and one confidential homebuyer counseling and a two-hour CLT specific orientation in house.
Coordinate Services: CLT of PBC staff coordinates services with other providers for credit and budget counseling, to establish IDA Accounts, for financial literacy classes, for homebuyer post purchase counseling and to obtain financing from homebuyer assistance programs.
1st Mortgage Financing: CLT of PBC staff assists clients with obtaining first mortgage financing from one of our partner lenders.
Stewardship: One of the defining roles that a CLT undertakes is stewardship. Once a homeowner purchases a CLT home, the CLT stands behind and “backstops” their homeowners to help ensure the prospects for their success. Examples of backstopping include the CLT’s right to intervene in event of mortgage default, to prevent foreclosure, or arranging for additional support services, as needed.
The CLT of PBC leverages private dollars with state and federal grants and loans and low interest mortgage loans to make permanently affordable housing available to qualified residents whose housing needs are not meet by the traditional housing market.
The CLT of PBC is typically donated land and then utilizes state and federal grants, as well as below market construction loans, to design and build CLT homes. The CLT of PBC utilizes a similar model to acquire, rehab and resell permanently affordable homes.
CLT of PBC homes are sold on a first-qualified, first-served basis to income eligible, mortgage and credit worthy households who savings are sufficient to cover the minimum applicant contribution required by the various programs the CLT home was partially funded with.
When a CLT of PBC home is resold, the sales price is determined by a formula in the ground lease. The formula is designed to balance equity gain for the owner at the same time it sets a resale price that is affordable to the next buyer.
We strive to increase the permanent supply of affordable housing in Palm Beach County by undertaking the following activities: