CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Lisa Kremer, Deputy County Manager Dagny Stapleton, Community Housing Administrator |
Recommendation:
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Receive and approve the updated Welcome Home Community Land Trust (CLT) Program Guide, which outlines the purpose and administration of the County's Community Land Trust. (For possible action.)
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FISCAL IMPACT:
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BACKGROUND:
In response to the unprecedented crisis in housing affordability and availability in Southern Nevada, the Board of County Commissioners (Board) has taken significant steps to subsidize and incentivize the development of more low- to moderate-income housing, including the creation of the Community Housing Fund and Welcome Home Community Land Trust (CLT). The County's Welcome Home CLT will address the crisis 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% and 100% of Area Medium Income (AMI) and below.
On February 6, 2024, the Board approved the template documents for use in CLT home sales (including Ground Lease and County loan documents). On July 9, 2024, the Board approved the Welcome Home CLT Program Guide, which outlines the County's Welcome Home CLT Program including: the process for selecting and qualifying homebuyers, the restrictions on the CLT homes, the management of sales and resales, the County's program to subsidize the homes through second mortgages, assumption of the second mortgages by future homebuyers, and the post-home sale responsibilities.
Subsequently, the Welcome Home CLT Program Guide has been reviewed by a contracted implementation scientist agency and by staff, and changes have been made to ensure the successful administration of the program. Substantive changes to the Program Guide are redlined in the updated version provided and include: updates to who qualifies when submitting household size and income; adjustments to the size of households allowed in each unit; additional details regarding the lottery process; documentation for proof of income and residency; application process and County CLT responsibilities; rules/parameters for Down Payment Assistance, and the process for updating the Program Guide.