Community Land Trusts (CLTs) are private, non-profit organizations that purchase land to lease to residents with low and middle incomes for housing use. CLTs separate ownership of the home and the land it occupies; the land is leased to homeowners as part of a long-term ground lease, typically for 99 years. Homeowners on CLT-owned land are required to sell the home back to the CLT or to another resident with low income at an affordable price. CLTs may also purchase and hold land to support community development, open space efforts, community gardens, and similar initiatives. CLTs often include stewardship activities such as teaching expectant and new homeowners about finances, alerting them to high risk loans, and assisting potentially delinquent homeowners.
Dedicated Affording Housing Development Funds - Many cities and towns have created dedicated affordable housing development funds. Often times, these funds are resourced from certain taxes collected by the city or through utility profits. Local governments can use these 'general funds' in a flexible manner without the restrictions of federal dollars.
Expedited Permitting - Delays during any stage in the development process add to the financial costs of new housing. Reducing the costs incurred by developers during the development review process makes affordable housing projects more attractive. Expedited permitting is a cost-efficient and very effective way of reducing developer costs. Fast tracking review and permitting of affordable housing projects reduces developers costs at no cost to local jurisdictions.
Housing Choice Voucher Program also known as Section 8, provides eligible low and very low income families with vouchers to help cover the costs of rental housing. Residents pay 30-40% of their income toward rent and a local public housing agency contracts with the landlord to pay the remainder, up to a specified maximum amount.
Weatherization Assistance Program (WAP) is a program of the US Department of Energy that assists low income families in making their homes more energy efficient and permanently reducing energy bills. The program often supports insulation of walls and attics, air sealing, ventilation improvements, furnace repair and replacement, and refrigerator replacement.
Employer Assisted Housing refers to housing programs that is fully or partially financed by an employer to incentivize and benefit employees to become homeowners or have access to affordable housing. On the development side, employers can provide cash financing for the development costs, donate land, or develop affordable housing themselves.
Density Bonuses, which can be provided at no additional cost to the local government, can be granted for projects in which the developer agrees to include a certain number of affordable housing units. Essentially, for each unit of affordable housing a developer agrees to build, a jurisdiction allows the construction of a greater number of market rate units than would be allowed otherwise.
A Low-Income Tax Credits (LIHTC) program helps to create affordable apartment communities with below-market rents by offering tax incentives to the property owners (not the tenant renting the unit). Properties may contain market-rate units that are not financially assisted in addition to reduced-rent LIHTC united under a tiered-rent structure.