New Bloomington Normal Community Land Trust formed to preserve long-term affordable homeownership

Representatives of the newly formed Bloomington Normal Community Land Trust told the City of Bloomington Committee of the Whole on Tuesday that the nonprofit has completed incorporation steps and obtained federal 501(c)(3) status, and that it plans to use the community land trust (CLT) model to preserve and extend long-term affordable homeownership.

Mark Adams, who identified himself as the interim president of the land trust, said the organization was founded in July 2023 and operates today on volunteer capacity. He said the CLT will prioritize light-to-moderate rehabilitation of existing homes — not primarily new construction — for households roughly at 60%–100% of area median income (AMI). “Our mission is to retain and grow the Bloomington-Normal community by providing affordable and varied housing through a land trust fund founded on equity, sustainability and resiliency,” Adams told the council.

The CLT model described to council: the trust acquires and permanently holds land and leases the ground on a long-term (commonly 99-year) ground lease while selling the home structure to a qualifying buyer. The trust applies a resale formula that limits the homeowner’s resale profit to preserve affordability for future buyers; the presenters noted a typical resale cap used in examples is about 25% appreciation share to the homeowner while preserving long-term price restraint for subsequent buyers.

Funding and operations: presenters said the group’s immediate goal is to raise modest seed funds to cover acquisition and renovation of a first home. The interim board adopted a conservative budget and said it would like to have roughly $54,000 in seed funds before attempting to acquire and rehab a first CLT home. Adams said the organization is pursuing partnerships with employers, faith-based organizations and Habitat for Humanity to supply donated land or construction support and to recruit volunteers for “Community Home Improvement Project” (CHIP) events that already completed two pilot volunteer repairs.

Timeline and public engagement: the trust plans a public membership meeting on March 18 at the Bloomington Public Library (7–8:30 p.m.; RSVP requested) to recruit a formal board of directors, solicit donations and discuss next steps. Presenters said they would share a business plan and supporting slides with city staff.

Why it matters: CLTs are a nationally recognized tool to preserve permanently affordable homeownership by removing land from speculative resale while enabling homeowners to build limited equity. Presenters said this model could complement other local incentives and rehabilitation programs staff is reviewing.

Questions from council members addressed portfolio scale and sustainability; presenters said that while larger CLTs may hold hundreds of units, a small local CLT can begin with a modest portfolio (presenters suggested a multi-year target in the tens to low hundreds) and scale after establishing operating capacity and diversified funding.