What makes HRB homes affordable?
HRB is a community land trust (CLT) and a CLT provides permanently affordable housing for those living and working in a specified community. CLT homes are affordable because the owner purchases only the house and leases the land under a 99-year renewable ground lease. This ground lease defines the homeowner’s rights and ensures the permanent affordability of the home.
What are the benefits of owning a CLT home?
- Stable monthly mortgage payments that are affordable to you
- Opportunity to build equity in your home
- Tax deductible Mortgage interest
- Long term security – no rent increases, can live there as long as you want
What is different about owning a CLT home?
- The owner must live in the home full time – cannot be rented
- If you decide to sell the home it must be sold to another qualified household at a price that is based on a resale formula. (not the market rate of the area)