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What is community land trust home-ownership?

Inland Equity Community Land Housing Trust is a nonprofit that uses shared equity home-ownership as a way to lower the cost of buying a home. Inland Equity Community Land Trust’s Shared Equity Program enables people to own a home, build equity at less than the market rate.

Advantages to shared equity home-ownership:

  • Helps low and moderate income earners become homeowners
  • Lower housing costs for homeowners 
  • The owner builds personal wealth from the equity in their home
  • Strengthens communities by protecting long term affordability and property values

How does a shared equity program work?

The State of California, nonprofit foundation grants and community fundraisers raise funds to build homes. These funds subsidize the cost of the home’s development, so you (the buyer):

  • pay less than market value for the home
  • have lower house payments 
  • build equity as a homeowner

If you decide to sell your home, you sell the home through the community land trust to a qualified buyer. 

  • You recoup the equity you built up, i.e. your down payment, the loan principal you paid down, the value of any authorized capital improvements you made to the property and ½ the increase in market value. 
  • If the home’s value increased while you owned it, you get 50 percent of the appreciation. (The remaining appreciation and the amount subsidized when you bought the house stays in the home to keep it affordable and pays for the program.)
  • The home must be owner occupied
  • Homeowners are responsible for the maintenance and upkeep of their home and the property
  • The homes require a ground lease that gives ownership of the land to Inland Equity Community Land Trust but allows full use of the property by the homeowner
  • There is no time commitment to living in a shared equity home but you must agree to sell the home through Inland Equity Community Land Trust to another income qualified buyer
  • Homeowners are required to be members of Inland Equity Community Land Trust ($140.00 a year or 7 hours of volunteer time). 
  • The homeowners are encouraged to serve on the board of Inland Equity Community Land Trust.

Who is eligible?

Residents of San Bernardino County who are low and median income. Our goal is to provide high-quality, affordable housing for those who are housing cost burdened. The definition of housing cost burdened is those paying more than 25% of their income on housing costs. That includes most of the residents of San Bernardino County so we are setting preferences for current residents of the High Desert (however the homes are available to all San Bernardino County residents who meet the income qualifications). There are Homeowner Education, Community Land Trust Education and income requirements as well. The Buyers must have an income less than  San Bernardino County Area Median Income: 

People in Household:

1

2

3

4

5

6

Low Income: 80% AMI

57,400

65,600

73,800

82,000

95,150

101,650

Median Income: AMI

68,250

78,000

87,750

97,500

105,300

113,100

Home-buyer education and counseling through eHome™ and Community Land Trust education through Inland Equity Community Land Trust. The eHome™ 8 hour class is $99.00 and Inland Equity Community Land Trust’s class is free. If you buy an Inland Equity Community Land Trust home we will reimburse the cost of the eHome™ Home-buyer Education.

Sign up for eHome™ Home-buyer Education Classes through CalHFA: 

If you qualify for any of the following, you will qualify for the Shared Equity Program.

  • CalPLUSSM Conventional Fannie Mae HFA Preferred™
  • CalHFA Conventional Zero Interest Program (ZIP) 
  • MyHome Assistance Program (MyHome). 
  • Dream For All Conventional Fannie Mae HFA Preferred™

Contact Inland Equity Community Land Trust for More Information:

Can You Answer "Yes" to all these?
Are you willing to complete Homeowner Education, Community Land Trust Education and verify that you meet the income requirements?
Are you a resident of San Bernardino County?
Is your household income low or median according to the table above?