Using the model of Community Land Trusts, Mosaic helps make Pottstown’s foundation stronger by enabling sustainable housing.
A Community Land Trust, or CLT, is a nonprofit sustainable model for:
To date, there are 255 Community Land Trusts across the Nation and a National Community Land Trust Network. Six of those CLT’s are located in Pennsylvania.
In June 2010, Mosaic’s founding members began their research and studies into the structure and benefits of the Community Land Trust model as a tool for revitalization and increased homeownership.
And Mosaic was born.
The Community Land Trust Model of homeownership involves a homeowner purchase of the structure while the CLT retains ownership to the land, and the homeowner leases it from the CLT. A buyer must be income qualified (earning between 80-100% of AMI), and agree to the terms of the 99-year land lease, which include: the homeowner being allowed to do what they choose with the land and keeping the value of any improvements at the time of resale; the CLT will have right of first refusal at the time of resale; new homeowner must also be income qualified.
In this way, the home will remain more affordable than surrounding properties for the full term of the 99-year lease, and lower income buyers will have opportunities to purchase a home where they may not otherwise, a sustainable model for many years to come.
Mosaic will rehabilitate its properties in such a way as to make them attractive in the community, safe for the occupant, and energy efficient for the sake of the planet.
In 2017, Mosaic and Genesis Housing partnered for a project in the Mosaic Home Buyer Program (now the Mosaic Community Land Trust Homes Program), a home on Queen Street rehabbed by Genesis. Mosaic helped to make it more affordable for a homeowner by subsidizing the closing costs in exchange for the home remaining a primary residence for no less than 5 years and the homeowner becoming a fully participating member of Mosaic. If the home is sold before the term is up, the homeowner must repay a pro-rated amount of the closing cost subsidy. In addition, Mosaic also provided beautiful landscaping at the property and will provide garden mentoring if the homeowner should request it for the period of one year.