LONG ISLAND PARTNERSHIP CLT HOUSING

LONG ISLAND PARTNERSHIP CLT HOUSING DEVELOPMENT FUND COMPANY, INC. (LIPCLT) WAS ESTABLISHED TO PROVIDE HOUSING WITHIN NASSAU AND SUFFOLK COUNTIES IN NEW YORK FOR "PERSONS OF LOW INCOME", AS DEFINED IN ANY FEDERAL OR STATE LOW INCOME HOUSING CAPITAL PROGRAM OR OTHER TYPE OF AFFORDABLE HOUSING PROGRAM.AS LONG ISLAND'S FIRST REGIONAL COMMUNITY LAND TRUST, LIPCLT SUPPORTS STRONG, VITAL COMMUNITIES ACROSS LONG ISLAND THROUGH THE DEVELOPMENT AND STEWARDSHIP OF PERMANENTLY AFFORDABLE HOMES FOR PEOPLE OF ALL AGES. LIPCLT WAS DEVELOPED AS AN INNOVATIVE SOLUTION MODEL TO ADDRESS THE CRITICAL AFFORADABLE HOUSING NEEDS OF LOW- AND MODERATE-INCOME FAMILIES BY PROVIDING BELOW-MARKET HOMEOWNERSHIP OPPORTUNITIES THAT PRESEVE PERPETUAL AFFORDABILITY AND ENGAGE KEY MUNICIPAL PARTNERS. UNDER ITS SHARED-EQUITY MODEL, LIPCLT RETAINS OWNERSHIP OF THE LAND AND LEASES THE LAND TO HOMEOWNERS FOR A RENEWABLE TERM OF 99 YEARS, WHILE THE HOMEOWNERS PURCHASE AND HOLD OWNERSHIP INTEREST IN THE PHYSICAL STRUCTURE.