In order to protect the environment and at the same time provide low cost housing to residents whose earnings are meager, a number of projects have mushroomed, which combine housing projects on a medium scale with land protection (Blum, July 12, 2006).
The usual practice is that a number of charitable organizations pool their resources in order to obtain land. On occasion government agencies lend a supporting hand to such endeavors. The land so acquired is then sub divided into plots and a number of houses are constructed on it. However, it is diligently ensured that a sizeable portion of land thus obtained is set aside for environmental purposes (Blum, July 12, 2006).
The Illinois type of land trust has been in existence for over a hundred years and a statutory form of it is the Florida Land Trust. This trust entails a number of benefits and some of these are privacy advantages like the absence of ownership details in a public record, non – disclosure regarding financial details of sale or purchase of property, transfer of property is deemed to be private if beneficial interest in the trust is sold rather than conveyed and judgments and liens cannot affect trust property. Moreover, it is possible to exert better control on trust property and dealing with rental properties is greatly simplified if one deals as an agent of a trust rather than as a landlord. Further, there are a number of financial advantages like avoidance of exorbitant legal fees by avoiding probate while making the property over to one’s heirs, personal financial statements are unaffected by mortgages that are in the name of the trust and lending conditions pertaining to the length of ownership become inapplicable to trust property. The Precision Cloning Services Web – Site provides concise information regarding these trusts (FLORIDA LAND TRUST).
Trusts do have some disadvantages and as the web site Planetizen states very succinctly, the resale value of trust property would be restricted due to the 99 year lease on trust land conditions, equity is less with houses built on trust land in comparison to those built on land, there is a lack of coordination with other housing programs, community participation is inadequate and there is an absence of rent options to persons who have retired and persons hailing from low income groups (New Housing Land Trust In Florida Could Dwarf Others, 2005).
However, the fact teachers, police officers and local employees, who constitute the main beneficiaries, obtain a much greater number of advantages than disadvantages. It would not be an exaggeration to state that such people would be at a great disadvantage if such trusts were not in existence. On the whole the advantages offered by such trusts far outweigh the disadvantages. Consequently, the existence of such trusts is essential for the welfare of the local employees and persons who belong to the low income group of society.
Blum, D. E. (July 12, 2006). Unusual Alliance: Land Trusts Forge Ties to Housing Groups . Chronicle of Philanthropy , Vol. 19, Issue 5.
FLORIDA LAND TRUST. (n.d.). Retrieved August 31, 2007, from Precision Cloning Services: http://www.pcstitle.com/florida_land_trust.php
New Housing Land Trust In Florida Could Dwarf Others. (2005, August 6). Retrieved August 31, 2007, from Planetizen: Urban Planning and Development Network : http://www.planetizen.com/node/16995