Chicago Community Land Trust for Buyers

CCLT Ownership Benefits
Even in today’s uncertain market, homeownership is still a good long term investment for individuals and families, who want to control their housing situation, stabilize their costs and put down roots in a community.  The Chicago Community Land Trust (CCLT) provides working individuals and families with opportunities to purchase homes of their own at prices they can afford.  

The CCLT is a partner in the ownership process, giving homeowners access to many of the benefits of traditional ownership, along with a network of support to help ensure their ongoing success.  This long-term security and stability cannot be found in rental housing or even in market rate homeownership.

CCLT homeowner support includes:

  • Pre-purchase homebuyer counseling and educational materials specific to the CCLT.
  • Homebuyer Fact Sheet
  • A pool of mortgage lenders educated about the CCLT and willing to provide mortgages to qualified homebuyers.
  • A pool of attorneys trained on the CCLT and the City/CCLT closing process.
  • Pre and post-purchase workshops, resources and referrals to assist with common first-time homeowner questions.
  • Assistance in filing and monitoring applications for reduced property taxes.
  • Resale assistance.
  • Default / foreclosure prevention assistance.

How CCLT Homeownership Works
CCLT homeownership is designed to preserve the long-term affordability of its homes, while providing its homeowners with a return on their investment.  Unlike renting, CCLT ownership provides an opportunity to begin building equity.

  • The CCLT works in combination with the City’s affordable homeownership programs. The City provides land and / or subsidies to make affordable homes available for purchase by income-qualified working individuals and families.  See the Homes for Sale list of available units, including links to City program requirements.
  • Through the County County Assessor’s Office, property taxes are assessed on the home’s affordable price, instead of on the market value.
  • In exchange for the subsidies and reduced property taxes:

Buyers sign a long-term affordability agreement agreeing to resell the home to another income-qualified buyer at an affordable price.

The affordable resale price is designed to give the owner a return on his/her investment, but limits that return in order to keep the home affordable to the next family.    

The original subsidies stay with the home to help maintain affordability.

To learn more about CCLT homeownership, including an overview of the long-term affordability agreement and how the resale formula is calculated, sign up for a CCLT “Purchase an Affordable Home in Chicago” workshop.

Workshops are available to people who have already completed general first-time homebuyer counseling through one of the City's delegate counseling agencies and are interested in purchasing affordable and Chicago Community Land Trust (CCLT) homes.

Steps To Purchasing A CCLT Unit
CCLT Newsletter

Click here to sign up for the monthly CCLT newsletter

For more information on City Programs and the CCLT attend a "To Purchase an Affordable Home Workshop" refer to calendar below:

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