General Questions

What is a Community Land Trust?

A Community Land Trust (CLT) is a program to provide affordable homeownership opportunities. In a CLT, the land is owned by the community (in this case, Clark County), and the homes are sold to qualified low- to moderate-income homebuyers. This shared ownership helps reduce the cost of homes and keeps them affordable for future generations. Homebuyers own the home, but the land remains with the CLT, which helps maintain long-term affordability. CLT homeowners sign a Ground Lease with the CLT which requires that, if and when they sell their home, they sell it to another low to moderate income household.

How do CLTs work?

In a CLT, the land is owned by the trust (Clark County), while the home is owned by the buyer. Homebuyers lease the land through a ground lease, reducing the overall cost of the home. This keeps homes affordable for both current and future buyers. When selling, the homeowner must resell at an affordable price based on income guidelines, ensuring the home remains accessible for future generations. The CLT also provides ongoing support and stewardship to homeowners.

What are the benefits of CLT homeownership?

CLT homeownership offers affordability by reducing the cost of homes - CLT home prices are lower than the market cost of home Homeowners are able to build equity through the payments they make on their first mortgage, as well as through small increases in the resale price of the home. The CLT provides ongoing community support to help homeowners succeed, ensuring stability in the community for generations to come.

Application and Eligibility Questions

How can I fill out the application?

Our application is all done online, through the Welcome Home CLT website. Here is a copy of the application if you want to know what questions will be asked and what documents you will need to submit.

Do I need to fill out a new application for every home?

Our applications are eligible for 90 days. If your application is accepted but you are not selected for a home though our lottery process, your application will stay valid for 90 days. After that time, you will be asked to update your application - this is to ensure that all information, including income and documentation is still valid.

Is there any flexibility with the income eligibility requirements?

No. Our program is set for those classified as low-to-moderate income in Clark County. These guidelines help us identify eligibility and target those left out of the current housing market in Las Vegas.

Is there any flexibility with the asset eligibility requirements?

Our guidelines ensure that we are assisting those unable to purchase a home in Las Vegas, and who meet our basic eligibility requirements.

Who should I include on my application as household members?

All individuals who will be living in your home. This includes individuals who will be moving to this new home, such as a fiancé, partner, grandparent, and children. There are some exceptions, including split custodies or assistant living aids. If you want to verify your specific household situation, please contact us.

Is there a minimum credit score needed to be eligible?

Yes 640. If you do not have this credit score, please see our HCA section and you can work with a counselor to help you increase your score.

Do I have to use a specific lender?

The lender must meet all of our program terms and conditions. Our “preferred lenders” have all agreed to these terms and conditions. You can select to work with any of them. If you are already working with a lender and that lender is not a preferred lender, please contact us and we can share our mortgage term sheet. Your lender would need to verify that they will meet all of those terms.

How do I enter a buyer selection for a home?

When you complete and application, the CLT team will review your application and all your documents. If your application is incomplete or you are missing documentation, you will be notified and given seven (7) days to update/respond, or your application will be denied. If your application is approved, you will be automatically placed into the lottery. If your application is denied, or you are not selected for a home, you are able to reapply for the next application round.

Is there anything I can do to make my application more competitive in a buyer selection?

Every homebuyer is selected through our lottery to ensure a fair selection. Having all your documents ready and updated, and submitting your application by the deadline will help get application approved.

Purchasing Questions

How often do homes go up for sale?

During new development projects homes will go on sale once homes begin the construction phase. These will be announced in our website.

Resales will be based on current homeowners selling their home. These will be announced through our website.

Do I need a realtor?

Our program does not require a realtor. If you choose to have one, you will be responsible for paying their fee. This fee will be added to your closing costs.

How long does the process typically take?

The process takes 4-5 months from application to closing.

What fees should I expect?

You should save for a 5% downpayment and closing costs – closing costs are estimated to be 2-5% of the home price.

Are building inspections paid for by the buyer or are they done before the home is on the market?

Building inspection and pest control inspection reports are paid for by the owner.

Ownership Questions

How long do I have to live in my CLT home before I can resell it?

You can resell at any time or stay in your CLT home for as long as you like. You must follow the requirements in the Ground Lease, which requires notifying the County if and when you intend to sell.

How do I know how much to resell my house for?

The formula for calculating the resale price of your home is outlined in your Ground Lease. When you notify the County of your intent to sell, the County will provide you with the maximum resale price based on this formula. The County will help find an eligible purchaser through the CLT selection process.

What maintenance am I responsible for in a CLT home?

This is your home. You are responsible for maintaining all aspects of your home including all major and minor repairs.

Can I buy the home out of the program?

No. The CLT home is meant to provide opportunities for homeownership for generations to come. When people are ready to leave and enter the housing market, that home will become available for another family at an affordable price. The CLT does allow you to transfer the home to your children or spouse.

What happens if my household size or income changes after I own the home?

Nothing. We hope that through the purchase of a CLT home, households have the security they need to grow.

Once I payoff my home, will I still have to pay any monthly fees?

Yes. The monthly ground lease fee will always be required. This fee may ensure that common areas of your CLT subdivision and amenities are maintained. The County will strive to keep these fees low.

Can my children inherit my home after I pass away?

Yes. The executor or personal representative of the homeowner must notify the County within 90 days to begin the transfer process.

How much money will I get if I sell my CLT home?

You will build equity through payment on your mortgage as well as an increase of the home price overtime, subject to the CLT resale price restriction.