The Housing Fund Community Land Trust

The Housing Fund Community Land Trust is down payment assistance for homebuyers in Nashville, Tennessee, administered by The Housing Fund (CDFI), in partnership with the Metropolitan Housing Trust Fund Commission. Nashville's first city-wide Community Land Trust providing permanently affordable homeownership in Nashville-Davidson County. THF owns the land and sells the home (with a 99-year ground lease), separating land value from home value to lower the purchase price for limited-income first-time buyers. Permanently affordable home purchase; land owned by the CLT lowers the buyer's price and monthly payment (buyer pays a nominal ground lease). Funding comes from The Housing Fund / Metropolitan (Barnes) Housing Trust Fund Commission.

The Housing Fund Community Land Trust is down payment assistance and is repaid under the terms set by The Housing Fund (CDFI), in partnership with the Metropolitan Housing Trust Fund Commission. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

The Housing Fund Community Land Trust is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Credit in good standing (no specific numeric minimum published). A homebuyer education course is required, through Homebuyer-education course plus a financial-counseling session. Residency requirement: Property located in Nashville-Davidson County. $600 processing fee at closing. THF maintains a first-come, first-served list of prequalified applicants. Buyer must be mortgage-ready (pre-approved with a first-mortgage lender) and have credit in good standing. Resale restricted to qualified limited-income buyers under the ground lease.

The Housing Fund Community Land Trust limits household income to 80% of the area median income, which varies by county and household size. Annual income at or below 80% of the Nashville Area Median Income (table shown as image on page, by household size). The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

The Housing Fund Community Land Trust serves homebuyers purchasing in Nashville, Tennessee.

Applications for The Housing Fund Community Land Trust go through The Housing Fund (CDFI), in partnership with the Metropolitan Housing Trust Fund Commission, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.