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Inland Equity Community Land Trust’s board and members represent a broad range of nonprofit service providers, community organizations and individuals from the community who are eager to find a solution to the chronic housing crisis. Some have non-profit experience, advocated for the homeless, fought for policies to end poverty, championed immigrants’ rights, helped in food pantries, worked in colleges mentoring students, civic clubs and are involved in grassroots organizing. Many of them also struggled with housing insecurity (half of the board are renters themselves). When they set out to create the CLT, they thought it would be of strategic personal and public importance. Over the past five years, they have been able to establish the CLT into the housing development community and in the housing advocacy community. They have completed the well and are waiting on the building permits. With Plan Adelanto still in development, they are still working towards having homes in a community land trust.
Inland Equity Community Land Trust is working to address the current disparities in home ownership. The community land trust model offers affordable, quality housing for home ownership. Equity sharing reduces the cost to the homeowner and creates opportunities for historically marginalized people to invest in their futures, achieve home ownership, and ultimately build wealth. Inland Equity Community Land Trust is working to model a path toward economic equity, and providing a foundation for long-term community prosperity.
The proceeds from this loan will provide IECLT with the capital needed to complete the build of the 4 homes on the Adelanto property. The $500K from the previous LENDonate loan is still in escrow and needs to be refinanced. Borrower needs more time to complete the project due to permit delays. They expect the homes to be completed and to have the certificate of occupancy within 3 months of getting the permits. Currently, this is expected to happen by the end of 2025.
Two buyers have been approved. They have completed IECLT’s financial coursework and have financing in place. This loan will be repaid from the proceeds from the sale of these 2 homes.
IECLT is building four homes near Adelanto High School on a 20-acre lot on San Bernardino County land. Once completed, residents will have the opportunity to own the homes in the community land trust. The resident will become a homeowner and build equity based on what they contribute to the purchase. They will be able to pass on the home to their children. If they sell the house, they will keep the equity they paid in and the equity from housing subsidies will stay with the home and subsidize the price for the new resident. The goal is to pass this on in perpetuity to new buyers whenever a home is sold in the community land trust. The equity share is a subsidy retention strategy to keep government subsidies as equity in the unit.
Plan Adelanto will be Inland Equity Community Land Trust’s first project to develop and steward affordable housing and will establish IECLT as part of the housing development industry. Phase One of the plan is to buy four manufactured homes and then sell them in a community land trust. The manufactured homes are on a foundation and Inland Equity is using the loan funds to build the pads, rough plumbing and electrical. The State of California has invested $1,000,000 in Plan Adelanto. This loan, along with the $1M grant from the State of California, will be used for expenses associated with the project and secured by the raw land and the 4 homes as-built.
