This is an example of the Island Housing Trust 99-year ground lease that is based on the Institute of Community Economics Model Ground Lease, as well as exhibits to the Lease including: Letters of Stipulation and Acknowledgement of Lessee and Lessee’s Attorney, Legal Description, Right of First Refusal, Bill of Sale and Deed, and Permitted Mortgage.
Lenders making mortgages on IHT properties must complete the Trust’s lending criteria form.
This sample document is an agreement between the IHT and the mortgagor based on the terms of a “standard permitted mortgage” as defined in the IHT ground lease.
Fannie Mae and Community Land Trusts (CLT) are teaming up to provide mortgage finance solutions that create and preserve long-term affordable housing. This document explains the product feature underwriting and resources.
Fannie Mae checklist should be used to help determine whether mortgages on Community Land Trusts (CLT) properties comply with Fannie Mae eligibility requirements.
This FNMA guide contains information concerning mortgage loans secured by a leasehold estate on property owned by a community land trust.
This FNMA guide contains information on special appraisal considerations for properties subject to a community land trust.
If the lender wants to sell the mortgage to Fannie Mae, this rider must be executed to ensure the IHT ground lease is in conformance with Fannie Mae’s guidelines for Community Land Trust mortgages.