| CLTs and Inclusionary Zoning
In many urban markets the high cost and availability of land is a significant barrier to homeownership. In response, many governmental entities alone and in partnership with nonprofit organizations are using a wider variety of tools at their disposal to create and preserve the existing affordable housing in their communities. One of the tools is inclusionary zoning ordinances.
An inclusionary zoning ordinance requires that developers set aside a specific percentage of units in new housing developments as affordable units, usually only available to borrowers within a certain income range. To keep them affordable for the long term, the city or county imposes resale restrictions on the property that limit the income eligibility of future buyers or the sales price of the unit. This tool to create and preserve affordable housing goes well with Community Land Trusts (CLTs). Kulshan Community Land Trust in Bellingham, WA has assembled a very rich website containing articles and resources about inclusive housing and inclusionary zoning. See: http://www.inclusivehousing.info/resources/index.htm.
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