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Shared Equity Kittitas Yakima Valley CLT

The Kittitas Yakima Valley Community Land Trust (KYVCLT) is a private, non-profit organization aimed at providing affordable housing through a sustainable land ownership model. Under KYVCLT, land is held as a community asset, with leaseholders benefiting from long-term ground leases. The governing board represents diverse interests, ensuring community needs are met. Homeowners occupy residences minimally nine months each year and pay small lease fees. KYVCLT prioritizes community welfare over individual ownership, maintaining a balance that supports local services and environmental sustainability.

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Shared Equity Kittitas Yakima Valley CLT

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  1. Shared Equity Kittitas Yakima Valley CLT Sarah Bedsaul Director

  2. Modern Idea of CLT • Landowner is a private, non profit corporation with membership that is open to anyone living within the CLT’s geographically defined “community.” • A majority of the governing board is elected by the CLT membership. • There is a balance of interests on the governing board including leaseholders, community residents and representation of the public interest.

  3. Structured Ownership • Land is treated as common heritage, to be used for the communities’ benefit, not as an individual possession. • Land is removed permanently from the market, never resold. • All structural improvements are owned separately from the land. • A ground lease lasting many years gives the owner of the improvements exclusive use of the land.

  4. Ground Lease • Legal land use document, used for closing, 33 pages long • Includes: • Letters of Agreement • Transfer of rights to land • Terms of lease • Use of leased land • Lease fee • Taxes and Assessments • The home • Financing • Liability, insurance, damage & destruction, eminent domain • Transfer of the home • Default • Arbitration • General Provisions • Exhibits

  5. The highlights • 99 year lease, restarts at each sale, can be renewed • Residential uses only, legal uses only, owner occupied • Must occupy home for at least 9 months of the year • No subleasing • Homeowner pays a small lease fee to CLT • Homeowner pays all taxes & assessments • Cannot mortgage with out CLT permission

  6. Highlights continued… • Homeowner must carry insurance • KYVCLT has first right of refusal • Lease automatically makes homeowner a voting member of CLT

  7. CLT homes & property taxes • Residents of CLT homes consume local government services (schools, streets, sidewalks, police & fire protection, etc.) to the same extent that other residents of the community do. • Can be split into land and improvements but typically the land tax value is added to lease fee, therefore the home owner still pays all. • Taxes are based on market value of property -The community land trust hand book

  8. Resale Formula • Fixed rate 10.10 How the Formula Price Is Calculated The Formula Price shall be equal to the amount of Homeowner’s Base Price (which CLT and Homeowner agree is $_______) plus interest at a rate of 1% compounded annually for years 1-5, 1.5% compounded annually for years 6-10, and 2% compounded annually thereafter.

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