What is a COCLT home?

It is a shared equity model of homeownership, where COCLT owns the land and the homebuyer owns the dwelling. In exchange for the opportunity to own a home on land COCLT owns, the homebuyer agrees to share part of the appreciated equity at the time the home is sold to the next buyer. The homeowner gains equity based on the land lease re-sale formula.

How is a COCLT home funded?

The house construction is funded by COCLT in partnership with the City of Columbus and Franklin County. The buyer must obtain a mortgage through a lending institution to purchase the structure.

What are the steps in the homebuyer process?

  • Attend the COCLT orientation class and return the Potential Homebuyer Questionnaire
  • Complete an income eligibility determination
  • Identify a realtor to work with you
  • Obtain pre-approval from a COCLT mortgage lender for a leasehold interest loan
  • Attend a HUD-approved homebuyer education course

When will COCLT homes be available to purchase?

When homes are available for purchase, they are listed here. Check back often, as homes are added when new development agreements are signed.

Is there a minimum credit score needed to qualify?

The minimum credit score is mandated by the lender not our program. Your credit score is only one factor used to determine whether or not you will qualify for a mortgage. Lenders consider the quality of the credit report, and decisions are made on a case-by-case basis.

Is there a fee to lease the land?

Yes. A monthly land lease fee of $25.00 is automatically deducted from a homeowner’s bank account.

Can you become overqualified for the program after purchasing a home?

No. Income-eligibility is only considered when initially qualifying for the program and is not reverified once the home is purchased. The land trust’s mission is to make housing permanently affordable not make people permanently eligible..

How much does a COCLT home cost?

Sale prices vary depending upon size, features, and location of the home. COCLT provides a purchase price write down to make the home affordable.

Who can buy a COCLT home?

Anyone who qualifies based on income and obtains a leasehold interest loan mortgage can purchase a COCLT home.

Income eligibility is determined by the number of people in a family and the amount of money a family earns in a year. COCLT homebuyers must be at or below 120% of the area median income as determined by the U.S. Department of Housing and Urban Development. The most current income qualifications can be found here.

Where does the COCLT build homes?

The COCLT builds homes in neighborhoods where the City and County land banks have existing property and where property values are rapidly increasing.

How long is the COCLT Orientation Class valid?

The Orientation Class is good for one year. Beyond that time, updated information about the program is likely to be included in the class that will be useful to understand program requirements and to be aware of new project areas.

Who is responsible for property taxes?

The homeowner is responsible for the property taxes, which are escrowed from the mortgage payment paid to the lender.

Are tax abatements available for the properties?

Homes located in the Community Investment Areas designated by the City of Columbus are available for tax abatements. More information can be found here.

Does the program pay for the closing costs?

Closing costs are determined by the lender. COCLT lenders offer closing cost incentives, such as reduced and waived fees, and COCLT provides closing cost assistance.

Will money need to be brought to closing?

Yes. COCLT requires homebuyers to bring a minimum of 1% of the purchase price to the closing. Depending upon the lender, additional down payment and closing fees may be required. The $500 earnest money paid at the time the homebuyer goes into contract will be applied to closing costs.

Can borrowers use a down payment assistance program to cover the down payment required by the lender?

Yes. The COCLT model accommodates programs and grants available to homebuyers for down payment assistance.

Are all the houses the same size and type with the same amentities and features?

No. The homes will vary based on lot size, developer, and neighborhood. The COCLT’s goal is to offer a variety of home styles to accommodate as many different family structures as possible. All homes come with a kitchen appliance package, including a dishwasher, refrigerator, electric range, and microwave.

What school districts are the homes located in?

The school districts will vary based on location. Information about school districts can be found here by searching the address or zip code of a home or area you are interested in.

How can I get more information?

Anyone interested in learning more about a COCLT home can attend a COCLT Orientation. More information about scheduling can be found here.