Housing has always been America’s greatest asset building strategy. For most American families, their investment in homeownership is their single most important source of wealth creation. The Delray Beach Community Land Trust (DBCLT) is an independent, 501(c)3 nonprofit corporation that was formed by community stakeholders in 2005 to preserve the affordability of homeownership and rental units in the City of Delray Beach. The DBCLT was created to provide a middle ground where both the individual families and the community at large share in the long-term affordability and wealth creation that results from the wise investment of public and private money into quality, affordable housing and neighborhood regeneration.
The DBCLT sells or rents homes to qualified very low to moderate-income families, but retain ownership to the land under these homes and holds the land “in trust” for future generations. Buyers of DBCLT homes agree that they will sell the properties back to the DBCLT when they move to create similar opportunities for other low to moderate-income families. By retaining ownership of the land under the homes or businesses, the land trust removes the cost of the land from the transaction and is in a strong position to insure that any public or private subsidy is retained for the benefit of subsequent families.
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