Baltimore Mayor Brandon M. Scott and the Baltimore City Department of Housing & Community Development (DHCD) announced Friday the city is making available $4 million for single-family home assistance in Community Land Trusts (CLTs) – Single Family Homeownership through its affordable Housing Trust Fund.
Eligible projects must support the city’s community development goals of meeting the demand for affordable housing and integrating land-trust homes as part of a broader mixed-income housing strategy.
The city is seeking to promote equitable and sustainable community development by directing funds to communities that have faced historical disinvestment. In March, the city made an initial $2.25 million investment with three $750,000 awards to CLTs. A nationally proven method used to create homeownership opportunities for households that earn 50% or less of the Area Median Income, CLTs are a valuable tool in closing the wealth and equity gap in cities with significant racial disparities.
Under the land-trust model, a nonprofit owns the land and sells the home on the property to qualified buyers at a below-market rate. The land trust’s ownership ensures that the home will remain affordable for 99 years. When a buyer purchases a home from the land trust, they agree to only sell the home to a low-income household and split the equity with the land trust. This model keeps homes in the hands of the community, which helps it to carry out its long-term vision of helping residents build equity in their neighborhoods.
Qualified applicants can request up to $750,000 per project. The deadline is Oct. 29 at 4 p.m.