A new take on homeownership: Community Land Trust

FRESNO, Calif. (KFSN) -- A newly renovated two-bedroom, two-bath home in Central Fresno is officially on the market.

The estimated cost for the home and property is around $300,000, but the buyer would only be purchasing the building, pushing the price down to $215,000.

This is part of a growing effort around the state to promote the Community Land Trust model.

"Here is the first single-family home; in other areas like the Bay Area and in LA, we have a community land trust purchasing multi-family properties," said Jacky Rivera, California Community Land Trust Network.

The South Tower Community Land Trust owns the plot on N. Farris Ave. The homeowner would lease the land for a small fee, estimated to be about $75 a month.

That lease is good for 99 years and is renewable.

With the help of a private donor, the organization bought the home from someone who was trying to flip it.

Then invested in the serious renovations, including a new roof and air conditioning unit.

"Making sure the homeowner coming in isn't going to have any major expenses for the first 15 years that they own the home. Unlike a house-flipper that's working on more aesthetic things, we're working on the long-term investments," said Kiel Lopez-Schmidt, South Tower Community Land Trust.

Flippers and investors are exactly what they're trying to avoid. South Tower wants to keep these houses affordable and in the hands of people looking to make a home, not a profit.

"We want that stability in a neighborhood. We want long-term residents. We want people aging in place," said Lopez-Schmidt.

This will be the first CLT home to be sold in Fresno, but they don't want it to be the last.

The property was split into parcels, and the home will still have a backyard. Two tiny homes will be built on the other half of the property.

South Tower also purchased the home next door and hopes to have it renovated within the next few months.

Applications are officially open, and the realtor is expecting about 20 applications to qualify. He said it will likely come down to a lottery for those who qualify.

There are certain income limits they are looking at for applicants.

If you buy this home and look to sell it in the future, you will need to sell it for an equally affordable rate.

The California Community Land Trust Network is hosting its annual conference in Fresno in September. To learn more about the network and conference, click here.

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