The Lexington Community Land Trust is a nonprofit organization established in 2008 to create and preserve a supply of permanently affordable homes for households otherwise priced out of the market in Fayette County, Kentucky.
The Lexington Community Land Trust (LCLT) will operate as a community land trust (CLT) – a mechanism to assist limited-income households to buy or rent quality, energy efficient homes at affordable prices. Like the majority of the other 250+ CLTs operating in 48 states around the country – Lexington CLT has three main objectives:
1. To provide opportunities for low-income families and individuals in Fayette County to access decent, permanently affordable housing.
2. To foster the availability of a combination of owner-occupied and rental housing that meets diverse needs.
3. To preserve the quality and affordability of housing for successive owners and renters through land leases and covenants.
Lexington CLT will develop homes on Lexington CLT-owned land, beginning with the Davis Park neighborhood, where it will provide approximately 100 permanently affordable homes; both replacement homes for residents impacted by the Newtown Pike Extension project, as well as homes for other income-qualifying Fayette County residents. Through the use of a long-term, renewable land lease containing a home resale formula, subsidy dollars are retained in the home and land, allowing the home to remain affordable permanently, without the need for additional subsidies. Homebuyers will purchase at affordable prices, and build wealth through equity and a portion of market appreciation. The resale formula ensures that the home will remain affordable, owner after owner. The Lexington CLT will also lease CLT-owned land in Davis Park to nonprofit organizations and businesses that serve the interests of the community.
Lexington Community Land Trust (LCLT) was incorporated by the Newtown Pike Extension (NPE) Project in 2008 firstly, to provide and manage, in perpetuity, permanently affordable homeownership and rental homes in the historically low-income Davis Bottom neighborhood. The community land trust model was chosen as the best means of providing permanently affordable housing and addressing residents’ concerns about gentrification, as it removes the land from the speculative market. The approximately one hundred quality, energy-efficient homes to be built will serve two purposes: (1) to provide replacement homes for original residents of the Davis Bottom neighborhood and (2) to increase Lexington’s stock of affordable housing. Lexington CLT will develop permanently affordable ownership homes in greater Lexington and Fayette County in future years.
The Davis Bottom neighborhood, long housing one of the lowest-income populations in Lexington, is disproportionately impacted by the adjacent NPE road project. The 26-acre portion of the Davis Bottom neighborhood known as the NPE Project’s Social Justice Mitigation Area is the area in which Lexington CLT will assume ownership of the land, excluding a six-acre city park. The Project will re-grade the entire tract of land to prevent flooding and will install new infrastructure. In addition to new, permanently affordable housing, Lexington CLT will partner locally to build retail and non-profit spaces for organizations that will benefit the neighborhood.
Lexington CLT hired its Executive Director in mid-2011. The organization spent its first year obtaining 501(c)3 status, developing strategic plans, preparing for the upcoming development projects, and initiating community building and housing preparation activities with the original residents, living either in their original homes in Davis Bottom or in the Temporary Housing mobile home park built in 2008 in the mitigation area. These activities continued until the transfer of the first land parcel to LCLT in April 2014, when construction on Davis Park View rentals began. LCLT hired its second employee, a half-time administrative assistant in 2013. In 2014, the administrative assistant position became a full-time Administration and Services Coordinator. The current staffing level consists of two full-time, salaried employees.
Terms of Directors
a. Terms of First Elected Directors. After the election of Directors at the first Annual Meeting following the first homeowners moving into their homes in the Southend Park Urban Village, each Director shall be assigned, by mutual agreement or by lot, to a one-year or two-year term. In each of the three categories of Representatives, two Directors shall be assigned a one-year term and the other Directors shall be assigned a two-year term.
b. Terms of Successor Directors. Except as otherwise provided in these Bylaws, each Director shall serve a full term of two years.
c. Commencement of Terms. The term of office of a regularly elected Director shall commence at the adjournment of the Annual Membership Meeting in which he or she is elected. The term of office of a Director elected by the Board to fill a vacancy shall begin at the time of his or her acceptance of the position.
d. Reelection. No person shall serve as a Director for more than three consecutive elected terms. After a two-year absence from the Board, however, a person who has served three consecutive elected terms may return to the Board, if reelected, and may serve up to three consecutive elected terms.
Barbara Whitaker Navin became Lexington Community Land Trust’s first employee and Executive Director in July 2011. Her Community Land Trust (CLT) background derives from more than seven years at Thistle Community Housing in Boulder, Colorado, where she directed the CLT program, stewarding a portfolio of over two hundred homes. She led Thistle’s participation, as a selected study site, in Urban Institute’s 2010 Shared Equity Homeownership Evaluation. Her earlier experience in Real Estate transactions and residential appraisals has informed her work with affordable housing both in Colorado, and here in Kentucky. Ms. Navin led Lexington CLT’s LIHTC partnership with AU Associates for the creation of Davis Park View, the first rental project within Davis Park in Lexington. She is a National Development Council-certified Housing Development Finance Professional and holds a Bachelors of Science from Cornell University.
Lexington CLT’s homeownership program targets Fayette County residents of low to moderate income. All qualified applicants:
· Complete a HUD-certified home buyer training course
· Meet income and asset limitations and be mortgage ready
· Attend an LCLT Orientation, explaining the LCLT Land Lease and the resale formula
Qualified applicants may contract to buy a CLT home, or enter a first-come, first-served prioritized waitlist to buy later. Applicants who have not purchased within six months may recertify.
At closing, homebuyers sign a 99-year, renewable Land Lease, which is recorded. The Land Lease contains the resale formula, which governs the amount for which the home can be sold in the future. LCLT is a membership-based organization. All homeowners are automatic members of LCLT. Homeowners and renters elect the Board of Directors, may serve on Board Committees, and after one year as a LCLT owner, may be nominated as a candidate for a member of the LCLT Board of Directors.
Lexington CLT’s rental program is managed by AU Management, a subsidiary of our Davis Park View LLLP partner, AU Associates. Currently AU Management accepts and processes rental applications for Davis Park View. The income limit for Davis Park View is 60% of Fayette County’s Area Median Income adjusted by household size. Davis Park View is comprised of fourteen low-income housing tax credit units in six buildings: one three bedroom single-family Cottage, one four bedroom single-family Bungalow, eight two-bedroom Fourplex apartments, and four two-bedroom Townhome apartments. AU Management accepts preliminary information from interested households for waitlist purposes.
LCLT is a membership-based organization. All renters are automatic members of LCLT, elect the Board of Directors, may serve on Board Committees, and, after one year as renters with LCLT, may be nominated to serve on the LCLT Board of Directors.
Indirect Public Support HelpIndirect public support represents revenue received through solicitation campaigns. This includes funding United Way and other federated fundraising organizations, but does not include donor designated contributions.
Earned Revenue HelpEarned revenue represents income generated in direct exchange for a product or service.Earned income includes income from government contracts.
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499 East High Street, Lexington, KY 40507