New Yorkers are coming up with innovative ways to help solve the housing crisis, which has been going on for years, through community land trusts (CLT).
A $1 million 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.
Those non-profit organizations 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 median income, to ensure low-income residents have a chance at buying.
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