99 Year Renewable Lease. When a Sitka CLT home is initially sold, the land and the improvements are separated. As a homebuyer, you purchase and own the home and all improvements. The Sitka CLT retains ownership of the land and leases it to you for 99 years (and you can pass it along to your children and it can be renewed for an additional 99-year term.)
You Own Your Home. As a CLT homeowner, you will have many of the same rights and responsibilities as any homeowner. You control the use of the home you own and the land you lease. You will be responsible for following the same rules as any homeowner, as well as for maintaining your home, keeping it insured, and for paying property taxes. You can stay in your home as long as you wish. Should you ever decide to sell your home, you will be able to keep the equity that is yours but there will be a price restriction in order to make sure the home remains affordable to the next limited-income homebuyer.
As a homeowner, you will pay a nominal monthly fee ($75) to the Sitka CLT - $50 of which will go to SCLT to help offset their costs to administer the program and $25 will be set aside to create a reserve fund you will be able to use for necessary repairs to your home. You will also be responsible for the annual property taxes for both the leased land and the home.