How It Works
How Does UCLT Provide Permanent Affordability?
UCLT balances the opportunity to achieve homeownership for working families that otherwise are priced out of the Utah real estate market with resale controls that ensure permanent affordability for subsequent homeowners.
How does the ground lease work?
UCLT retains ownership of the land via a ninety–nine year ground lease and transfers ownership of the home and other improvements to income–eligible working families. The ground lease is inheritable and renewable for an additional ninety–nine years and contains provisions that ensure that the home and other improvements are properly maintained and remain owner occupied. The ground lease also contains resale provisions that give UCLT a first right of refusal to buy the property and controls the resale price.
Utah Community Land Trust Will:
- Provide long-term affordable home ownership opportunities
- Enable the homeowner to realize a portion of the appreciation
- Ensure affordability of workforce housing for future moderate income families
- Guide and assist current residents to make sure they remain in their homes