A new community land trust has been created to help low-income residents buy houses

New Yorkers are coming up with innovative ways to help solve the housing crisis, that has been going on for years,through community land trusts (CLT).

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

Thoses non profits irganizations CLTs use both private and public funds to purchase properties and then give local communities ownership. They sell units at one-third of the local mediane income, to ensure low-income resident have a chance at buying.

This program also increases opportunity across the socioeconomic spectrum and allow residents to invest in themselves, education and health.

Remember that in 2014, about 9% of homes on the market were affordable, with around 51% of New Yorkers earning less than $55,000 per year, which doesn’t help to buy a house.

 

Source : Propeller


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