File #: 24-145   
Status: Agenda Ready
File created: 1/25/2024 In control: Clark County Board of Commissioners
On agenda: 2/6/2024 Final action:
Title: Approve form legal documents for homes sold through the County's Welcome Home Community Land Trust, which include a Homebuyer Ground Lease, Deed Restriction, County Second Mortgage Deed of Trust, and County Second Mortgage Promissory Note; and authorize the County Manager or his designee to amend the form legal documents as necessary. (For possible action)
Attachments: 1. Staff Report, 2. CLT Unsubordinated Homebuyer Ground Lease Final for BCC Approval CLEAN, 3. CLT County Second Promissory Note Final for BCC Approval CLEAN, 4. CLT Deed Restriction Final for BCC Approval CLEAN, 5. CLT County Second Deed of Trust Draft FInal for BCC Approval CLEAN

CLARK COUNTY BOARD OF COMMISSIONERS

AGENDA ITEM

 

Petitioner:

Lisa Kremer, Deputy County Manager Dagny Stapleton, Community Housing Administrator

Recommendation: 

title

Approve form legal documents for homes sold through the County's Welcome Home Community Land Trust, which include a Homebuyer Ground Lease, Deed Restriction, County Second Mortgage Deed of Trust, and County Second Mortgage Promissory Note; and authorize the County Manager or his designee to amend the form legal documents as necessary.  (For possible action)

body

 

 

FISCAL IMPACT:

Fund #:

2770

Fund Name:

Community Housing Fund

Fund Center:

12701111770

Funded PGM/Grant:

N/A

Amount:

N/A

Description:

N/A

Additional Comments:

N/A

 

BACKGROUND: 

In response to the unprecedented crisis in housing affordability and availability in 2022, the Board of County Commissioners (BCC) created the Community Housing Fund (CHF). The housing crisis in Southern Nevada includes first-time homebuyers and members of the workforce who are currently priced out of the housing market.  The County's Welcome Home Community Land Trust (CLT) will address this issue through a shared equity model of homeownership where County land and CHF funds, together with homebuyer investment, will provide homes for sale to qualifying residents with incomes at 80% to 100% of Area Median Income (AMI) and below.

Staff has drafted four template documents for use in CLT home sales, including: a Homebuyer Ground Lease, outlining the County and the CLT homebuyer's responsibilities in leasing the land underlying the CLT home from the County; a Deed Restriction that will be placed on each CLT home; and a Deed of Trust and Promissory Note outlining the terms of a second mortgage that may be provided by the County to homebuyers, as needed.  These documents were produced based on best practices seen in CLTs around the Country, as well as input from subject matter experts and the District Attorney. 

Pursuant to BCC approval, staff will use these templates to continue CLT program development including securing lenders and negotiating with developers. Any subsequent changes to these templates will be subject to review by the District Attorney and approved by the County Manager or his designee.