First Homes

Is Your Client Considering Purchasing a CLT Home? What You Should Know as an Agent?

As a real estate agent, you want what is best for your client. This means getting to know their wants, needs, and budget so you can present them to options that will work best. That’s what the Community Land Trust (CLT) offers- an option.

What is a Community Land Trust?

A Community Land Trust (CLT) is a well-established model built around shared equity to create and preserve affordable homeownership. This allows for a cycle of affordability, meaning one home can stay affordable in perpetuity.

How Does Shared Equity Work?

First Homes subsidizes a CLT home to sell it to an income-qualified buyer at a more affordable price. When the owner sells the CLT home, the appraised equity is shared 50/50 with half going to the seller and the other half staying within the home. This continued investment re-subsidizes the home and keeps it affordable for the next buyer, creating a cycle of affordability.

How do I Know if My Client is Income Qualified?

First Homes operates at 80% Area Median Income (AMI.) To be an income-qualified buyer, your client must make at or below 80% AMI. This changes annually. Click here to view the current income limits.

What Types of Houses Does First Homes Buy and Sell?

First Homes purchases homes on the open market to add to the CLT. We buy a variety of homes including single-family detached and town homes, and have the resources to renovate them when necessary. We also build new construction homes using high-quality builders. View our available homes here!