Northern California Land Trust (NCLT) - Bay Area CLT Homeownership

What is Northern California Land Trust (NCLT) - Bay Area CLT Homeownership?

Northern California Land Trust (NCLT) - Bay Area CLT Homeownership is a shared-appreciation loan for homebuyers in Alameda County, California.

• Bay Area CLT incubating, developing, and supporting permanently affordable housing on community-owned and governed land. Ground lease homeownership for income-qualified buyers. Operates in multiple Bay Area counties.
• shared equity with provider at resale.
• Funding comes from Non-profit / Grants.

Do you have to pay it back?

Northern California Land Trust (NCLT) - Bay Area CLT Homeownership is a shared-appreciation loan and is repaid under the terms set by the administering agency.

• Repayment is triggered by Resale subject to CLT resale formula and CLT has right of first refusal.
• The assistance is recorded in 2nd lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Northern California Land Trust (NCLT) - Bay Area CLT Homeownership is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Northern California Land Trust (NCLT) - Bay Area CLT Homeownership limits household income to 80% of the area median income, which varies by county and household size.

• Low income: household income ≤80% of Area Median Income (AMI).
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Northern California Land Trust (NCLT) - Bay Area CLT Homeownership caps the purchase price as follows: Contact program for current purchase price limits.

• Eligible property types include CLT resale-restricted single-family or condominium.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Northern California Land Trust (NCLT) - Bay Area CLT Homeownership serves buyers purchasing in Alameda County, California.

How do you apply?

Applications for Northern California Land Trust (NCLT) - Bay Area CLT Homeownership go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Contact provider directly; subject to funding availability, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.