Community Land Trust
How much do the homes cost?
Our homes cost between $128,000 and $214,000 depending on bedroom size, home style, and customization. Please see the flyers linked at the bottom of the page for specific pricing.
In addition to low prices, we also have subsidies for qualified households. We can offer up to 10% of the home’s purchase price as a subsidy for households below 80% of the Area Median Income. For a limited time, we can offer an additional $20,000 in down payment assistance to households below 60% of the Area Median Income. Also, for a limited time, we offer free solar installation on all land trust homes.
Where are the homes?
The Land Trust is made up of 45 lots located along N Breckenridge Road. The available lots are shown here.
How does the Land Trust work?
To create permanently affordable housing, SHCDC established a Community Land Trust (CLT). This puts the land in a trust and allows homeowners to own the house on the land. Removing the land from the sale of the home saves the buyer $50,000. To make sure that the house is permanently affordable, the homebuyer agrees to sell the house at an affordable price if they decide to sell at all.
Do I Qualify for a Land Trust Home?
- Must reside or work within the corporate limits of Monroe County for at least 6 months before purchase.
- Must be at or below the maximum income limit of 120% of the area median income at the time of purchase.
- Must have completed homebuyer education through the City of Bloomington’s Homebuyer’s Club education course or an approved alternative homeowner education course.
- A $1,000 deposit is required from the homebuyer; closing costs, usually around $8,000, can come from other sources, such as a down payment assistance program.
- Must be able to afford and qualify for a mortgage.
- The land trust home you purchase must be your primary residence.
More Info
For more information, please attend an information session or a homebuyer’s club. You can find the time and location for these events on our Facebook: https://www.facebook.com/profile.php?id=100092737935527
You can also contact us at: rstill@blha.net or 812-339-3491 Ext. 116
