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Summit Hill land trust outlines modular homes, childcare and strategy to keep housing affordable
Summary
Nathan Ferreira of the Summit Hill Community Land Trust told the Bloomington Common Council on Sept. 18 that the CLT is using ground leases and modular construction to preserve permanently affordable homeownership, has homes priced as low as $205,000, and is planning an early learning center and LIHTC project at the legacy hospital site.
Nathan Ferreira, director of real estate development at the Bloomington Housing Authority, told the Bloomington Common Council on Sept. 18 that the Summit Hill Community Land Trust is pursuing a multi-pronged strategy to preserve affordable homeownership in Bloomington.
Ferreira described the CLT model: the trust acquires and retains land while selling only the home improvements under a ground lease that limits resale to income-qualifying buyers. "The primary purpose of the Community Land Trust is to acquire and hold land in perpetuity for the benefit of the community," Ferreira said, explaining how public subsidy recorded in the ground lease is recycled with each resale to keep prices…
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