It was a unanimous vote at the Sept. 9 council meeting in Apex when leaders decided on the formation of a community land trust. Under the community land trust (CLT), the town would lease land it owns to a developer for 99 years as a way to incentivize the construction of affordable housing. Buyers would then be able to purchase the property, but the land would remain in the town’s possession. The amount of the property would exclude the assessed value for the land.
For example, if a $400,000 home sat on a plot of land with an assessment value of $100,00, then the homebuyer would purchase the home for $300,000.
“We’re going to try to acquire as much land as possible. And we do have some land that is banked with the town right now,” said Apex Mayor Jacques Gilbert…