A new take on homeownership: Community Land Trust

FRESNO, Calif. (KFSN) -- A recently renovated two-bedroom, two-bath location successful Central Fresno is officially connected the market.

The estimated outgo for the location and spot is astir $300 thousand, but the purchaser would lone beryllium purchasing the building, pushing the terms down to $215 thousand.

This is portion of a increasing effort astir the authorities to beforehand the Community Land Trust model.

"Here is the archetypal single-family home; successful different areas similar the Bay Area and successful LA we person a assemblage onshore spot purchasing multi-family properties," said Jacky Rivera, California Community Land Trust Network.

The South Tower Community Land Trust owns the crippled connected N. Farris Ave. The homeowner would lease the onshore for a tiny fee, estimated to beryllium astir $75 a month.

That lease is bully for 99 years and is renewable.

With the assistance of a backstage donor, the enactment bought the location from idiosyncratic who was trying to flip it.

Then invested successful the superior renovations, including a caller extortion and aerial conditioning unit.

"Making definite the homeowner coming successful isn't going to person immoderate large expenses for the archetypal 15 years that they ain the home, dissimilar a house-flipper that's moving connected much aesthetic things, we're moving connected the semipermanent investments," said Kiel Lopez-Schmidt, South Tower Community Land Trust.

Flippers and investors are precisely what they're trying to avoid. South Tower wants to support these houses affordable and successful the hands of radical looking to marque a home, not a profit.

"We privation that stableness successful a neighborhood, we privation semipermanent residents, we privation radical aging successful place," said Lopez-Schmidt.

This volition beryllium the archetypal CLT location to beryllium sold successful Fresno, but they don't privation it to beryllium the last.

The spot was divided into parcels, and the location volition inactive person a backyard. Two tiny homes volition beryllium built connected the different fractional of the property.

South Tower besides purchased the location adjacent doorway and hopes to person it renovated wrong the adjacent fewer months.

Applications are officially open, and the realtor is expecting astir 20 applications. He said it volition apt travel down to a lottery for those who qualify.

There are definite income limits they are looking astatine for applicants.

If you bargain this location and look to merchantability it successful the future, you volition request to merchantability it for an arsenic affordable rate.

The California Community Land Trust Network is hosting it's yearly league successful Fresno successful September. To larn much astir the web and conference, click here.

For quality updates, travel Kate Nemarich connected Facebook, Twitter and Instagram.