What is a CLT and how does it work? This is perhaps the most common question we hear, but there are some others we also get quite often! We invite you to contact us if you have other inquiries not addressed here.
Buying a Home
Can I rent my ALT home?
No, land trust properties cannot be rented for ANY period of time. The home must be the primary residence of the homeowner. The homeowner may have a roommate while living in the home.
Can I use my own lender to buy an ALT home?
No, buyers MUST utilize an ALT-approved lender. The list of ALT-approved lenders is provided to homebuyers once they have submitted a Program Application. ALT lenders provide conventional financing and portfolio loans.
ALT-approved lenders have been trained by ALT and understand how to underwrite mortgages for the unique community land trust dual ownership structure.
What is AMI?
Area median income — often referred to as simply AMI — is a key metric in affordable housing. Area median income is defined as the midpoint of a specific area’s income distribution and is calculated on an annual basis by the Department of Housing and Urban Development. A household's income is calculated by its gross income, which is the total income received before taxes and other payroll deductions. You can view the AMI for the Atlanta metro area here.
Do I have to stay in my ALT home for a certain period of time?
No, there is no minimum or maximum time to remain in your home.
Is downpayment assistance available to purchase an ALT home?
Yes, downpayment assistance is available for those who qualify through three partner organizations: Invest Atlanta, Atlanta Housing and the Atlanta Neighborhood Development Partnership, Inc. During your pre-approval process, you can consult with an ALT-approved lender about downpayment assistance programs that may be available to you.
Do I need a real estate agent to buy an ALT home?
ALT encourages all buyers to utilize a licensed Georgia real estate agent, however it is not a requirement. You can use a licensed Georgia real estate agent of your choice. We invite all agents to become familiar with the Community Land Trust model by attending a virtual Community Information Session or continuing education course. If you do not currently have a real estate agent, you can view all ALT-approved real estate agents here.
What We Do
Does ALT provide technical assistance to start new community land trusts?
ALT does not provide technical assistance to assist with starting new community land trusts. The Grounded Solutions Network is a national organization that provides substantial resources and reference materials for those interested in starting a community land trust.
What is a community land trust?
A Community Land Trust (CLT) is a community-based nonprofit organization that utilizes public and private funds to provide affordable housing opportunities for low- and moderate-income households within a specific geographic area. By creating homes that remain permanently affordable, CLTs provide successful homeownership opportunities for generations of lower income families and are an effective strategy to reduce displacement of legacy residents. Learn More.
What neighborhoods or areas are covered by ALT?
The geographic area of focus for ALT is the 45 neighborhoods surrounding the Atlanta BeltLine within the city of Atlanta and the four Westside neighborhoods of English Avenue, Vine City, Ashview Heights, and the Atlanta University Center. In addition to the Atlanta BeltLine Planning Area, ALT may identify other community redevelopment areas prioritized by the City. Learn More.
Affordable Housing Options
Does ALT have homes for sale?
We provide homes for buyers looking for single-family houses, townhomes and condominiums, and we continue to build our inventory. View homes for sale options.
Are the sales prices listed for ALT homes negotiable?
No. The sales prices are pre-set to ensure affordability.
Does ALT have rental housing?
ALT does not currently have rental housing, but we are working on several potential rental projects. These rental units could be used to house prospective CLT homebuyers while they prepare for homeownership. Please check back for updates.
How It Works
Are ALT properties taxed at a lower valuation than non-ALT property?
Presently, ALT properties are taxed at the same rate as non-ALT property. ALT is working with partner organizations to develop a policy agenda that would seek to ensure that ALT property tax assessments reflect the resale restrictions. Learn More.
Does the homeowner get to keep any of the equity in the home when they sell?
When the homeowner decides to sell the resale formula is used to determine the resale value. ALT uses two different resale formulas. One permits homeowners to realize 25% of the appreciated value of the home and the other uses average income growth to determine how much equity a homeowner can realize. Learn More.
How is the sales price determined?
A target sales price range is determined based on the target income range for a unit. The final sales price for each unit will be determined based on the actual income of the qualified homebuyer to ensure that the homebuyer will not be cost-burdened. Learn More.
What are the benefits of CLT home ownership?
CLTs can be invaluable in building community wealth and opportunity:
CLTs allow low- and moderate-income people to access and build equity through homeownership, preventing displacement due to rising property values, land speculation and gentrification
CLTs provide homeowners with access to stewardship services that protect them from high-cost or predatory mortgage lending
CLTs offer protections from downturns because people are not over extended; foreclosure rates for land trusts have been as much as 90 percent less than conventional home mortgages
Affordable housing is typically created through public subsidy which establishes a specific compliance period within which the units must remain affordable. Perpetual affordability restrictions are what set Community Land Trusts (CLTs) apart from other forms of affordable housing development. CLTs ensure that the homes that they develop are affordable not only to the first occupant, but to future generations as well. They do this by (1) removing the land and home from the speculative market, (2) reselling the same home over and over and (3) using resale restrictions. Learn More.
Who We Are
How does ALT differ from the Metro Atlanta Land Bank?
The Metro Atlanta Land Bank is a public entity created to efficiently hold, manage and develop abandoned, blighted and tax-foreclosed property. Land banks act as a legal and financial mechanism to transform such property back to productive use. ALT works closely with the Metro Atlanta Land Bank to develop permanently affordable housing on eligible property. Learn More.
Is ALT a government entity?
Atlanta Land Trust, Inc. is not a government entity. ALT is a nonprofit corporation operating and existing pursuant to the laws of the state Georgia. Learn More.
Get Involved
How does ALT acquire land?
ALT acquires land through various means. ALT accepts donations of land from for-profit entities seeking a tax deduction. ALT also works with other nonprofit organizations, community development corporations and public entities who place land into the land trust to ensure that the housing developed is permanently affordable. ALT also purchases land and partners with developers to renovate or construct new housing. Learn More.
