City of Lakes Community Land Trust Application

Homeownership Guidelines
CLCLT Homeownership Conditions
  • CLCLT owns the land associated with the home.
  • CLCLT homeowner owns the buildings and improvements.
  • CLCLT homeowner leases the land for an annual fee.
  • All CLCLT homes must be owner-occupied as the homeowner’s primary residence.
  • All CLCLT homebuyers must be income-eligible at the time of purchase.
  • At resale, CLCLT calculates the sales price for the next income-eligible buyer.
  • At resale, CLCLT homeowner/seller receives 25% of any increase or decrease in market value. 
Homebuyer Requirements
  • Gross household income may not exceed the AMI limits (see chart below).
  • All homebuyers must work with a CLCLT-compatible mortgage lender.
  • A $20 application fee per household must be paid to CLCLT by check, money order, or electronic payment.
MAXIMUM ALLOWABLE INCOME
2026 Area Median Income (AMI) Limits

Household Size

1

2

3

4

5

6

7

80% AMI

$73,650

$84,200

$94,700

$105,200

$113,650

$122,050

$130,450

*Further income restrictions may apply to specific properties.


Required Documents
Before proceeding with your application please have PDF copies of the following documents available for all household members aged 18 and older:
  • Home Stretch Homebuyer Education Certificate (if completed)
  • Two (2) most recent years of federal Tax Returns (Form 1040 with all schedules)
  • Income Documentation (as applicable)
    • Eight (8) most recent paycheck stubs
    • Self-employment year-to-date profit and loss statement
    • Current Social Security Benefit Verification Letter
    • Child Support documentation(e.g. court order, divorce degree, payment history, etc.)
    • Alimony documentation (e.g. court order, divorce degree, payment history, etc.)
  • Asset Documentation (as applicable)
    • Six (6) most recent months of bank statements for all accounts
    • Most recent personal investment account statement

Contact Information