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New York is Creating a Community Land Trust to Help Low-Income Residents Buy Houses

Propeller
Oct 31st, 2017

It’s no secret, the New York City housing crisis has been going on for years. Rent-stabilized apartments are disappearing at light speed, new units are scarcely ever affordable and housing values are increasing so quickly, that units are far too much for low-income residents to afford. In 2014, about 9% of homes on the market were affordable, with around 51% of New Yorkers earning less than $55,000 per year.

Nevertheless, New Yorkers are coming up with innovative ways to help solve the crisis, through community land trusts.

CLTs are nonprofits that use both private and public funds to purchase properties and then give local communities ownership. They sell units at  one-third of the local median income, to ensure low-income residents have a chance at buying.  

A $1 million donation from Citi Community Development, has helped kickstart New York City's first CLT - Interboro CLT. The project will start with developing 250 affordable units, with plans to become the nation’s largest CLT.

Let's this program increases opportunity across the socioeconomic spectrum, and allows residents to invest in themselves, education and health for a better future.

You can get the full scoop over at Fast Company.

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