HOMES FOR NEIGHBORS.
PERMANENTLY AFFORDABLE.
What is CheqBUILT?
The Chequamegon Bay United Impact Land Trust (CheqBUILT) is an emerging community land trust (CLT) dedicated to increasing the inventory of permanently affordable homes for residents across the Chequamegon Bay Region of Lake Superior.
What is a Community Land Trust (CLT)?
A CLT is a nonprofit, community-based organization that removes land from the speculative real estate market with the intent of preserving long-term housing affordability and other community benefits. A CLT can acquire land and homes through purchase or donation, from public or private entities.
How do CLTs work?
In a CLT, a homebuyer is able to purchase a home, but not the land it sits on. The land is leased from CheqBUILT under a 99-year (renewable) ground lease, which provides long-term protection to the homeowner and makes the home more affordable. The ground lease requires owner-occupancy and responsible use of the premises. Further subsidies are layered in to ensure the property is affordable for the homeowner.
How will CheqBUILT ensure permanent affordability?
In exchange for buying a CheqBUILT home at an affordable price, the homeowner agrees to sell the home at an affordable price. The sale of CheqBUILT homes is governed by a resale formula, which allows residents to capture a portion of their home’s appreciated value while maintaining affordability for the next homeowner.
CheqBUILT, Inc. is a 501c3 charitable nonprofit organization serving Ashland & Bayfield Counties, Wisconsin.
The Chequamegon Bay United Impact Land Trust (CheqBUILT) is an emerging community land trust (CLT) dedicated to increasing the inventory of permanently affordable homes for residents across the Chequamegon Bay Region of Lake Superior.
What is a Community Land Trust (CLT)?
A CLT is a nonprofit, community-based organization that removes land from the speculative real estate market with the intent of preserving long-term housing affordability and other community benefits. A CLT can acquire land and homes through purchase or donation, from public or private entities.
How do CLTs work?
In a CLT, a homebuyer is able to purchase a home, but not the land it sits on. The land is leased from CheqBUILT under a 99-year (renewable) ground lease, which provides long-term protection to the homeowner and makes the home more affordable. The ground lease requires owner-occupancy and responsible use of the premises. Further subsidies are layered in to ensure the property is affordable for the homeowner.
How will CheqBUILT ensure permanent affordability?
In exchange for buying a CheqBUILT home at an affordable price, the homeowner agrees to sell the home at an affordable price. The sale of CheqBUILT homes is governed by a resale formula, which allows residents to capture a portion of their home’s appreciated value while maintaining affordability for the next homeowner.
CheqBUILT, Inc. is a 501c3 charitable nonprofit organization serving Ashland & Bayfield Counties, Wisconsin.
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BEHIND THE SCENES AT CheqBUILTCheqBUILT advisors are working hard to puzzle out the organizational blueprints and pencil in the pro formas.
Stay tuned for more details. |