It’s a beautiful day in the neighborhood, a beautiful day for a neighbor. But will neighbors with limited incomes still have access to the neighborhood years from now?
Indianapolis has become one of America’s fastest-growing cities. While economic growth is welcome, the pace has caused housing prices to skyrocket in areas near downtown. While blight is eliminated and long-abandoned houses are rehabbed, real estate prices are frequently beyond the range of low-to-moderate income households.
The value of—and need for—culturally rich and income-diverse communities is greater than ever, but threatened with extinction. It calls for an urgent, neighborly response.
Developing community as we create great places for neighbors has always been at the core of what we do at NEAR. That’s why, in addition to developing high-quality affordable homes, we are creating the first Community Land Trust in Indianapolis and the only one in Indiana.
What is a Community Land Trust?
A Community Land Trust (CLT) is a way to permanently preserve affordability of some housing in rapidly changing neighborhoods. The trusts are neighborhood-based coalitions and non-profits—not government-run. A low-to-moderate-income buyer owns the home while the CLT owns the land, absorbing the highs and lows of the market.
When a CLT homeowner decides to move, they sell the home to another low-to-moderate-income household at an affordable price—regardless of the spiraling cost of surrounding housing. This ensures that the neighborhood will continue to preserve affordability in homeownership for generations to come.
There is a ways to go to create a CLT, but it hasn’t been easy to get to this point. Besides raising funds and connecting with other concerned neighborhoods, NEAR engaged national CLT experts Burlington Associates to consult on the project to ensure the CLT and the neighborhoods it will serve are set up for success and sustainability.
There are more than 200 community land trusts throughout the United States, and Indiana is currently one of two states without one. We are working diligently to help Indianapolis’ first CLT to be up and running before 2020 ends.
Our Continued Commitment
NEAR made a commitment when we began: develop only vacant lots and abandoned houses. We’ve kept our word: no neighbor has been directly displaced in our development. Our affordable housing work enhances our diverse neighborhoods while keeping neighbors who have lived here for years in place.
The CLT will take the extra step by ensuring future generations of all backgrounds will have an affordable place to call home. To see all the current homes available, check out our homes page.
Please, won’t you continue to be our neighbor?