Fannie Mae, the nation's largest source of financing for home mortgages, joined with Affordable Land Lease Home Inc. and America First Credit Union on Monday to unveil the $3 million Community Land Trust Partnership.
The partnership is a new community-based lending initiative designed to help Davis and Weber county communities provide long-term, affordable, single-family homeownership opportunities.
Under the program, ALL-Home, a nonprofit development company affiliated with Layton city's Department of Economic Development, will acquire delinquent or dilapidated properties from the city or private owners and will either build or rehabilitate homes for sale to local homebuyers. The land will be held in a community land trust, and homebuyers will have the opportunity to purchase the homes at lower than market prices, subject to a leasehold interest.