In this financing option, buyers purchase and receive a deed to the home and receive a 99-year, renewable lease to the lot on which their home is built. By not paying for the land, the homebuyer receives a benefit of at least $40,000, making the homes very affordable.

When the homeowner chooses to sell the home, First Homes Community Land Trust has the first option to purchase it. Homeowners will receive all the equity they have earned and half the appreciation in value of the home. The remainder of the appreciation is used by First Homes CLT to help ensure a permanent supply of starter homes in the Rochester area.

Community land trusts have been in existence for decades, however, land trusts have just recently become popular locally because of the rapidly rising land and home costs.

First Homes-certified lenders can answer detailed questions about these financial assistance options. In addition to First Homes assistance, buyers may qualify for other programs that can reduce down payments, closing costs and monthly payments.

Community Land Trust homes built by First Homes.