Land Bank & Land Trust Program
History: P.A. 87-441 - The program provides eligible applicants with grants, loans and deferred loans for the costs of acquiring land or interest in land and the costs of holding and managing land to be developed as housing for low and moderate-income families.
Purpose: The program is divided into two components: (1) Land Bank – grants, loans or deferred loans to purchase land, which an eligible applicant can "bank" or hold the land for a period of up to two years, and (2) Land Trust – grants, loans and deferred loans for acquisition, holding and managing costs, but land must be developed right away. The land underlying the units must be held in trust.
Source of Funding: General Obligation Bonds
Process: Open application process, eligible applicants can apply for funding at any time of the year. Applicants must complete DOH/CHFA Consolidated Application. The Flexible Housing Program is an important financing tool in our toolbox. With increasingly limited resources, DOH most often is a partial or "gap" financer on projects. The Flexible Housing Program will most likely be used rather than Land Bank & Land Trust Program.
Eligible Applicants are:
- Nonprofit Organizations
- Limited Equity Cooperatives
Eligible Uses are:
- Acquisition of real property for the purpose of providing for existing and future housing needs of very low, low and moderate income families