Committee extends community land trust agreement and allows broader income range for future projects

The General Policy Committee approved a three‑year extension of the city’s community land trust (CLT) agreement with Bridal Community Trust on Sept. 25 and added language to allow the CLT to operate projects with household income limits up to 120% of area median income for future, non‑restricted projects.

City housing staff said the extension is the first of two allowable three‑year renewals in the contract. The change authorizes the CLT to have flexibility for future, mixed‑income projects where the city is not providing direct subsidy or transferring land that carries an 80% AMI restriction. Staff and commissioners emphasized that transfers of city land and use of SHIP or other subsidy programs would continue to carry the city’s existing affordability requirements — typically 80% AMI — unless the commission explicitly approved otherwise.

Commissioners asked for clarity that existing CLT units created under previous agreements or with existing city subsidies would remain subject to the original 80% AMI restrictions and shared‑equity covenants; staff confirmed those protections remain. The commission’s action recognizes Bridal Community Trust as the city’s CLT provider going forward while preserving the city’s ability to restrict individual projects in future subsidy or land‑transfer agreements.

The motion to extend the contract and authorize the upper income flexibility passed unanimously.

Ending: Staff said they will continue to coordinate with the CLT on future project proposals, and any city subsidies or land transfers will continue to include affordability restrictions as negotiated in those funding agreements.