FREQUENTLY ASKED QUESTIONS

Question 1

Who do I contact at COCLT with questions?

Answer

If you have not been able to find answers to all your questions, feel free to email us.

Question 2

Are there any fees associated with the COCLT program? (Land Lease - Article 5)

Answer

Yes. The homeowner pays a fee of $25 each month to COCLT for the use of the land beneath the home. The monthly Land Lease Fee is due on the first day of each month. This fee is $25 each month, as set forth in the Land Lease in Section 5.1.

Question 3

What if I want to refinance my COCLT home? (Land Lease - Article 8)

Answer

Homeowners may refinance their mortgage or obtain a home equity line of credit only with COCLT’s written permission. More information can be found here. The form needed to begin the refinancing/loan process is located on the COCLT Documents page or by clicking here.

Question 4

What happens if I do not make my the Land Lease fee payment on time? ( Land Lease - Article 12)

Answer

If the homeowner fails to pay the Lease Fee to COCLT, and the fee is left unpaid for 30 days following notice from COCLT, then you are out of compliance with the Land Lease and will be assessed a late fee of $15.00.

Question 5

What if I have a dispute with COCLT? (Land Lease - Article 13)

Answer

COCLT and the homeowners can take their dispute to mediation. The costs of the mediation will be split equally among the parties. If the dispute is not resolved in mediation, the issue will be submitted to binding arbitration.

Question 6

What costs will the homeowner pay when selling the COCLT home? (Article 10)

Answer

The homeowner will pay all closing costs related to the purchase, any outstanding Land Lease fees owed to COCLT, and any amounts necessary to discharge any liens against the home.

Question 7

What happens if COCLT sells or transfers the land my home is on? (Land Lease - Article 3)

Answer

COCLT does not intend to sell or transfer the land underneath the CLT homes. In the unlikely event that the COCLT dissolves or must transfer the land to another entity, then the homeowner’s Land Lease on the land would continue for the remainder of its term. However, if the land were to be transferred to an entity other than a non-profit corporation, a charitable trust, a government agency, or an organization with goals similar to those of COCLT, then before the transfer occurred, the homeowner would have a right of first refusal to purchase the land underneath the home.

Question 8

What is the Resale Formula - and how does it work? (Land Lease - Article 10)

Answer

The resale formula outlines how the COCLT calculates the maximum price at which a homeowner can resell their home. The resale formula is identified in Article 10 of the Land Lease found here.

Question 9

Who pays the property taxes?

Answer

The homeowner pays all the taxes associated with the property. As with all homeowners, property taxes and mortgage interest are tax deductible.

Question 10

What if I need to change my banking information for the Land Lease Fee?

Answer

The form needed to make a change to your banking information is located on the COCLT Documents page or by clicking here. Additionally, you must provide a document that includes BOTH your name and your FULL bank account number (e.g., voided check or a letter from your banking institution). Any changes must be received prior to the 20th of the month for the subsequent month.

Question 11

What happens if I want to sell my home? (Land Lease - Article 10)

Answer

Homeowners wanting to see their home must notify COCLT. More information can be found here. The form needed to notify COCLT of your intent to sell is located on the COCLT Documents page or by clicking here.