24:1 Community Land Trust
The 24:1 Community Land Trust is dedicated to expanding opportunity, strengthening community, and empowering future generations by providing permanently affordable homes in the 24 communities that make up the Normandy Schools Collaborative. By offering a smart, low-risk path to homeownership, the 24:1 CLT bridges the gap between dream and reality for homebuyers.
For many people in the St. Louis area, buying a home has become a challenge. Conventional and even FHA guidelines make it difficult to obtain an affordable mortgage. The 24:1 CLT helps to lower these barriers by creating permanently affordable housing, thereby empowering individuals and families to purchase and own their homes; ultimately gaining access to greater security, more stability, and the financial tools necessary to build wealth.
When individuals and families achieve homeownership, they become even more vested in their community. Their resources are no longer tied up in paying rent and relocating frequently. This increased stability contributes to healthier communities, allowing households to invest more deeply in their community by building stronger connections with neighbors and keeping children in the same school district throughout the course of their education.
Empowering Future Generations
Unlike the traditional housing market, homes purchased through the 24:1 CLT remain affordable for every new buyer. This means each dollar spent on a 24:1 CLT home is a lifetime investment towards sustainable homeownership and community stability. There is no need to invest additional public and private funds to keep homes affordable at resale. Homeowners, as stewards of this invaluable resource, are both the key investors and the beneficiaries, helping to preserve a legacy of affordable housing both for their families and their communities.
24:1 CLT Down Payment and Closing Cost Assistance
- Purchasing a Certified 24:1 CLT Home
- Household income must not exceed 80% of the area median income based on family size
- Homebuyers must have secured a fixed rate mortgage with a participating Lender of the CLT
- Up to $15,000 as a 0% interest due upon sale loan
- Can not be combined with other down payment assistance programs
The 24:1 Community Land Trust is member in good standing of the National Community Land Trust Network.