Community Land Trust (CLT)
Definition
A nonprofit organization that owns land permanently, leasing it to homeowners or developers under long-term renewable ground leases with resale restrictions ensuring permanent affordability. Homeowners own buildings but lease land from the trust, making homes affordable in perpetuity rather than temporary affordability. CLTs prevent speculation, enable homeownership for low-income families, and ensure development benefits communities rather than investors. CLTs are powerful anti-displacement and community wealth-building tools.
Louisville Context
Louisville currently has no significant community land trust despite CLTs’ success in peer cities. Habitat for Humanity operates limited CLT-like programs, but at small scale. West Louisville’s rising property values make CLT development increasingly urgent—acquiring land now before prices escalate. CLTs could enable permanent affordability, prevent speculation, and ensure West Louisville development benefits existing residents rather than displacing them.
Why It Matters
Traditional affordable housing loses affordability when owners sell at market rates. CLTs maintain permanent affordability while enabling homeownership and wealth building for low-income families. In gentrifying neighborhoods, CLTs prevent speculation by removing land from market. CLTs also provide community control over development, ensuring it serves resident needs rather than investor profit.
Dave’s Proposal
Dave will establish Louisville Community Land Trust with $10 million seed funding within his $1.025 billion budget. The CLT will acquire properties in gentrifying West Louisville neighborhoods, develop permanently affordable housing (homes and rentals), and prevent speculation. Community Wellness Centers will help residents access CLT housing and participate in CLT governance. Priority acquisition in Russell, Portland, Smoketown neighborhoods facing gentrification pressure.