Q If my income increases after I purchase a SCLT home will I have to move?
A No.  Once you qualify and purchase a SCLT home your income is not monitored.
Q How long is the land lease and what are my rights to the land?
A The home buyer pays a $50 a month fee to own the right to occupy the land through a 99 year leasehold agreement.  The homeowner can use the land for any residential purpose and/or activity permitted by local zoning laws.
Q Can you ever buy the land?
A Because the land is used as a place holder in the trust to insure that the land trust model sustains itself and to keep housing affordable for future generations, it will not be sold.  SCLT ownership means that you are able to purchase a home at a lower price because the land remains part of the land trust.
Q Can you explain what the Stewardship Fund is?
A To preserve the land trust model, the SCLT asks homebuyers to invest into the program by paying a $50 monthly fee into a Stewardship Fund.  This fund will enable the SCLT to provide loans for major repairs when a SCLT property owner has been unable to personally save for or obtain funding from a lender.
Q Who pays the property taxes?
A The homeowner is responsible for paying the taxes on the house and the property.  Taxes on the property are a small % of the entire tax bill.  Your real estate taxes pay for things like your local library, public schools, developmental disability programs and services for senior citizens.
Q Will I get back what I’ve paid into the house when I sell?
A There are several ways that homeownership provides savings opportunities for the owner. The actual benefit obtained depends on each owner’s particular situation; some will apply to you and some may not.  First, the mortgage interest payment is tax deductible if you itemize your deductions. Second, the amount you pay down on the principal reduces the amount you owe when you sell. Property appreciation is third.  This varies with economic market changes not controlled by the owner or the SCLT. Any appreciation (or depreciation) will be shared by you and the SCLT through shared equity.   The persons who stand to gain the most are the ones who keep their home in good condition and who stay in the home for several years to maximize the benefits listed above.