In response to growing housing affordability needs in the greater Fargo-Moorhead area and the search for effective long-term solutions, the FM Area Foundation launched an organization called the Cass Clay Community Land Trust (CLT) to create permanently affordable owner-occupied homes in the region. By working with private and public supporters, we're able to acquire new homes by purchasing and developing new homes or rehabilitating existing properties.
We use a shared equity model which allows us to ensure a house remains affordable forever for all future homeowners. Buyers own the house they purchase, and Cass Clay Community Land Trust owns the land beneath the home. If and when the homeowner decides to sell their house, the equity gained from the property is shared. The sellers gain equity and the remaining equity returns to the home, keeping the purchase price of the home at a fair cost for the next buyer. Ensuring the cost of our homes remain affordable is critical in retaining families and individuals who engage with and contribute to the growth and development of our community.
Our goal is to create more housing options that will remain affordable in the long term for all future buyers and create sustainable growth in our community. Homeownership is important in building wealth, establishing safety and security, and joining a community with a network of support.