The community land trust (CLT) model has shown itself to be remarkably resilient through the foreclosure crisis sweeping the U.S., with CLT homes having a foreclosure rate of 0.52 percent, compared to the national average of 3.3 percent in 2008. The foreclosure crisis also presents opportunities for CLTs to get involved, both in helping to keep families in non-CLT houses in their homes, as well as to purchase homes post-foreclosure where foreclosure prevention is simply not possible. The following resources are a good starting point for any CLT looking to get involved in this issue.
General CLT Foreclosure Information
CLT Network Foreclosure Survey
Starting in 2007, the National CLT Network has been conducting an annual survey of our membership to determine the rate of foreclosure of community land trust homeowners. For the past two years, the foreclosure rate of CLT homes has been many times lower than the national average.
In 2009 the Network worked with Vanderbilt University to not only improve the survey, but to draft a formal report on the data.
PolicyLink - Foreclosure Recovery Planning
PolicyLink has developed a toolkit to provide a framework for developing a comprehensive foreclosure recovery plan and showcases the most innovative and promising strategies for the acquisition, maintenance, management, and transfer of these properties to low-income renters and homeowners, or for other beneficial neighborhood use. Communities can use this information to develop effective foreclosure recovery plans and compete for the additional $2 billion in new funding available in the federal stimulus package’s Neighborhood Stabilization Program (NSP). PolicyLink Foreclosure Toolkit
Foreclosure Prevention Programs
Colorado CLT's are working with homeowners in default to help them stay in their homes.
Samples Programs Around the U.S. Include:
City First Homes (Rochester, MN), REO acquisition/rehab program:
City of Lakes CLT (Minneapolis, MN), lease purchase program:
Diamond State CLT (Delaware)
Additional Resources on Foreclosure
FORECLOSURE ARCHIVE PAGE