Community Land Trusts
Montana Housing’s Community Land Trust Mortgage Program provides purchase money loans secured by a leasehold estate on property owned by a Community Land Trust. CLT's were created to preserve long-term affordable homes by acquiring land and building homes in their communities. Homes are sold to qualified borrowers, but the land is leased using a long-term ground lease at an affordable monthly rent. By removing the cost of land associated with a home purchase, borrowers can purchase homes they can afford in high-cost areas. Eligible CLT's must be nonprofit organizations or public entities, such as state or local governments, counties, school districts, universities or colleges.