In the process of owning and preserving property, it has often been a necessity to have funds. Years ago when our country was first establishing into the country it is these days, having property was a right set aside nearly solely for the affluent and the white. African Americans had been typically employed as slave workers and had no rights to own land of their own. This transformed right after the Civil War and further heightened on account of the Civil Rights Movement.
In the late 1960s it was clearly possible for minority communities like African Americans to possess land in their own personal right. Although they could afford the land though, it was often difficult for these new proprietors to buy equipment with which to cultivate the property, or even construct a home on it in order to dwell with their families. The very first modern day community land trust was generated as a result of this in 1969 in Georgia.
Basically what takes place in a community land trust is that a nonprofit corporation acquires and oversees the property concerned for individuals who are considered residents of the community in a certain area. This preserves the affordability of the property as well as has a tendency to prevent foreclosures if any home or buildings happen to be on it, a great benefit nowadays especially in our usually unstable economy.
Several defining attributes of a community land trust include that it must be a tax-exempt non-profit corporation that is independent and legally chartered in the state in which the land is situated. There must likewise be an element of double possession, in which the community land trust owns the land and it’s leased out to individual proprietors who plan to remain on the land typically indefinitely. The land need to be perpetually inexpensive so as not to negate the goal of the community land trust in the first place. And lastly, there should be a community base along with a significant amount of tenant control. If all of these elements exist, you’ve got yourself a community land trust.
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