We are wondering if CLTs or other housing organizations have asset limits in addition to income limits. If so, can you share those limits? Or if not, do you a policy?
Also, upon resale of CLT properties that remain affordable in perpetuity, how many days do your provide in your ground lease to “exercise your option” to purchase a home, and how many days to close the transaction?
Along the same vain, does anyone have a policy/fund for handling the cost of repairs or maintenance upon resale of an affordable home that were not done by the current/original owner? Do you have language in your ground lease that encourages those repairs or maintenance?
Community Partners for Affordable Housing
Highland Park, IL