A Charlottesville nonprofit launched a first-of-its-kind business model, and it's already benefiting one new homeowner.
The Thomas Jefferson Community Land Trust already sold one home along Nunley Street in the city using the new model.
The land trust maintains control of the land and then reduces the cost of housing for the buyer by the cost of the land. That means a $175,000 house, sitting on a piece of land worth $40,000, sells for only $135,000 to the new buyer.
"The important part of the land trust that's a little bit different than the other business models is that since the land trust controls the land, this property will remain affordable going forward as it transfers from owner to owner," said Greg Slater, vice chair on the Thomas Jefferson Community Land Trust Board of Directors.
The land trust has a second home up for sale just down the street from the first sold home in the Paton Street development.
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