How Our Land Trust Works
Through our program, low-to-moderate income home-buyers receive a significant discount in the purchase price and the loan because the original public subsidy and accrued equity is recycled from one buyer to the next.
First, we acquire and renovate a property. Often, these are foreclosed or abandoned homes that require extensive rehabilitation. We work with local contractors and construction companies to reinvest in our local economy.
Second, we sell the home to a low- to moderate-income family, but maintain ownership of the land. Our buyers enter a 99-year lease and pay a small monthly fee for the land. By removing the cost of the land from the purchase price of their home, our buyers are able to buy their homes for less than market value.
When our homeowners are ready move, they sell their home below market price to another low-moderate income buyer. This model allows us to maintain a permanent supply of affordable housing for the community.
The house located at 4301 Off. Thomas Catchings Dr. was the first to be demolished by Revitalize MS & Rosemont CLT.
The house located at 102 Lindsey Dr. was the second to be demolished by Revitalize MS & Rosemont CLT.