From the donor of the Cooper St project:
WHY I DID THIS:
My purpose has been, not only to protect land from development and provide affordable housing, but to challenge the system of private property that is based upon the mistaken notion that human beings can own pieces of the Earth. Ultimately, I would like to help change the premises of the market economy.
Help support CSCLT with your tax deductible donation. Click the donate button below to donate securely through PayPal. All forms of major credit cards are accepted.
Sample Language for Wills or Trusts
Again, CSCLT STRONGLY encourages you to work with an attorney anytime you are making changes to, or creating, your estate plan. Should you decide to craft your own or are curious what the gifting language might look like, a short sample is below:
“I, _____________ (your name) , give the real property commonly known as and located at _________________ (property address), described on the deed as ___________ (exact description of the property as it reads on the deed), to CommonSpace Community Land Trust for the benefit of CommonSpace Community Land Trust, to further the purposes and objectives of the Land Trust in providing affordable housing to low-income Sonoma County residents.”
Considerations When Evaluating What Type of Contribution to Make
As you think about the different ways to give, and how can use your property or other assets to help ease the affordable housing crisis, consider…
IMPACT ON YOUR FAMILY – In addition to speaking with an attorney and a tax preparer, owners considering these gifts should also talk to their children or heirs so that the family will be on board with the ultimate disposition of that asset as a donated property or below market rate sale.
LEGAL & TAX CONSEQUENCES – Once you’ve made a decision what you want to do with your home – TALK TO YOUR ATTORNEY AND TAX PREPARER. It is vital that you talk to independent counsel who can help you make the best decision for you and your family.
WHAT YOUR MORTGAGE ALLOWS – If there is a mortgage on your property, you will need to contact the mortgage lender before you transfer the property ownership. If you have debt on the property, we need to help figure out how to best resolve that.