News & Views: Press Releases

October 30, 2006

CHR To Form a Community Land Trust Subsidiary Corporation

At the October 9 th , 2006 meeting of the Board of Directors a resolution was adopted to form a subsidiary non profit land trust corporation. The new corporation will be known as the Coast and Island Community Land Trust which will serve as the owner of land on which CHR and other LLC partnership properties will be constructed and managed. It is envisioned that both rental and ownership properties will result utilizing this development tool. As such, the properties will be maintained as affordable in perpetuity. It is also useful as a vehicle to pursue projects off Sanibel Island , yet proximal, to provide more opportunities for persons who work on Sanibel to have lessened commute time. The employer workforce needs on Sanibel could never be satisfied by the limited available lands on Sanibel.

CHR President Mike Cuscaden announced the President of the new corporation will be Dr. Phil Marks who has studied land trust model in other parts of the country. State and Federal document filing has begun and will be completed in the very near future. Six members of the CHR board will sit on the new Board with three new members added who will be eligible constituency members that directly benefit from the housing that is developed.

CHR will provide the administrative services for the new corporation.

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