Our First Project
Eastern Catskills CLT (ECCLT), a 501 (c)3 nonprofit community land trust (CLT), plans to purchase a single-family house in a Woodstock neighborhood, commonly called by local residents, the Bearsville Flats. This home will be our first shared equity homeownership property.
Data shows that the shared equity homeownership model serves households underserved by the traditional real estate market. This model allows a homeowner to build wealth, benefit from stable housing, and avoid any potential foreclosure. Data also shows over 70% of CLT shared equity homeowners purchase their next home at market rate.
Shared Equity Homeownership is a dual-ownership model, where the house is sold and the land remains owned by the CLT.
The initial step of this project is the property acquisition, specifically through a cash sale. The closing on this property is scheduled for late November 2026. The seller, who currently lives in the home, will make a small capital gain from the sale.
After closing, ECCLT will lease the house to the current owner at an affordable rate. This allows time for the family to prepare their finances and to gain approval for a CLT Mortgage, a legally binding dual-ownership agreement used in all Shared Equity Homeownership properties.
Shared Equity Homeownership utilizes a ground lease agreement where the land is separated from the house. This allows for the house to be sold at an affordable price while the land remains in the CLT’s land trust. In this agreement, all property and community taxes are paid by the homeowner. However, tax rates are lower on the housing due to the land portion of the property being held in the trust ownership.
With ECCLT retaining ownership and control of the land parcel, the house becomes permanently affordable, both for the current owner as well any future purchasers. All ground lease agreements contain a structured resale formula clause that limits future resale price.
A Shared Equity Homeownership program serves the current homeowner, as well as the community, because all future buyers of the home will also have a dual-ownership agreement with ECCLT.
If you’re interested to find out more about this project and ECCLT, please join us at our first Educational and Fundraising Benefit Night.
