Why does Waterville need a community land trust?
Over the past few decades Waterville has slipped from a vibrant, healthy community with a proud past to one that has lost manufacturing jobs, has seen many neighborhoods change from predominantly owner-occupied homes to predominantly rental, and has unacceptable crime occurrences in too many regions of the city. Too many homes have been abandoned, are poorly maintained and/or are in foreclosure.
These challenges are difficult to turn around. Only with the efforts of many interested citizens and organizations working cooperatively with city government can new jobs be created, crime be reduced, homes restored, and the city return to having a higher percentage of homeowners.
What will WCLT do for Waterville?
The Waterville Community Land Trust (WCLT) will provide opportunities to low and moderate income individuals and families to own their own homes.
The WCLT will also work to do the following:
-Provide public amenities such as gardens and parks;
-Develop, where appropriate, commercial spaces for small nonprofit or neighborhood businesses; and
-Encourage preservation of historic properties.
How will you make homes more affordable?
WCLT will own the land where homes are located, therefore maintaining affordable homeownership of a home in perpetuity. The home owner leases the land from the Trust, and the Trust and homeowner share the appreciated value of a home’s sale.
How is this different from what Habitat for Humanity does?
Waterville Area Habitat for Humanity is primarily concerned with building new homes and winterizing existing homes. WCLT is primarily concerned with renovating existing homes, and WCLT is committed to ensuring that homes remain affordable in perpetuity.
How is this different from what Waterville Housing Authority does?
WCLT is focused on homeownership, not renting. WCLT also has a broader focus on neighborhood stabilization and revitalization.
Why should you support WCLT?
By joining WCLT you will be part of an organization that is working to improve our neighborhoods and provide the opportunity for homeownership to many families. Homeownership is known to be a major factor in stabilizing neighborhoods and making them safe, friendly places for us to live. As a member you will have an opportunity to become a member of the board or a committee, and therefore participate in the major decisions of the organization.
I want an affordable home! How can I get one?
Homeowner application materials are posted on our home page. We also recommend that you become a member in order to stay updated on the Trust’s progress.
Even though the WCLT would own the property itself, the buyer pays property tax, is that correct? Buyer...just as a condo owner would pay a condo fee that includes taxes on the 'common' property .
How does “leasing the land” work and what happens after 99 years of owning the home? Please see article 3 in the lease .
What would happen to the property if the WCLT disbands? Would it affect homeownership? There is a definite process in the lease for this situation.. The homeowner would not be left with a property that they could not sell.