The cost of homes in our area have been rising steadily for years. Too many families are being priced out of housing in Pottstown, forced into unstable housing situations. Enabling people to secure stable housing unlocks increased economic growth and improves social outcomes.
A home sold under the community land trust model ensures that homes remain permanently affordable, giving not just families, but the community, a foundation to thrive.
How Mosaic Community Land Trust Works
Permanently affordable housing works like this:
- The CLT acquires a property and rehabilitates it using a combination of private donations and state and foundation grants to be purchased by a low-to-moderate income homeowner.
- The homeowners then agree to sell the home at a restricted price to another income-qualified buyer to keep it affordable in perpetuity but realize appreciation from improvements they make while they live in the house, as well as some of the value of normal market appreciation.
- A family or individual purchases a house that sits on land owned by the community land trust.
- The purchase price is more affordable because the homeowner is only buying the house, not the land.
- The homeowners lease the land from the community land trust in a long-term (99-year), renewable lease.
(see the graphic here: https://mosaicclt.org/sustainable-housing/ )
Acquiring and rehabilitating homes in the Pottstown market has become much more difficult over the past few years as many investors are buying and flipping homes for profit, usually only making cosmetic improvements. This is making homes to improve and sell hard to find. When we are able to find one, the housing stock Pottstown is aging and much of it needs major upgrades to critical systems, as well as cosmetic improvements. This is a worthwhile but costly endeavor.
During the month of March, we will be raising funds to do this important work that not only benefits individual homeowners but improves our overall community. Your donation helps build and maintain affordable homes, preserving community roots for generations. Won’t you join us by making a donation to Mosaic Community Land Trust today?
