Community Land Trust Homes
In addition to developing homes, Home by Hand is also partnering with the non-profit Crescent City Community Land Trust (CCCLT) to sell permanently affordable homes in New Orleans. Under the Community Land Trust model, deep homebuyer subsidies allow buyers to purchase homes at a lower cost than traditional affordable housing programs. When owners sell their homes, the large subsidies stay attached to the house, and allow the next round of buyers to get in affordably.
Our first project with CCCLT is 10 homes in the Lower 9th Ward of New Orleans. They are reserved for households below 80% AMI (see chart below). Home prices will be set according to each buyer’s income, with payments and prices designed to be incredibly affordable—just 25% of your monthly income.