The latest city budget includes $750,000 to grow an underutilized housing model that creates affordable homes in rapidly gentrifying communities—a major win for housing advocates.
The funds will go toward incubating community land trusts (CLTs), or community-based nonprofits that sell housing or other buildings on property but retain ownership of the land. Elected officials and housing advocates tout the unique model as a way to create permanently affordable residential and commercial spaces, but a lack of funding can be a barrier to getting CLTs off the ground.
Now, with the injection of dollars from the City Council, newly formed and existing CLTs will have sorely needed support. Manhattan councilmember Carlina Rivera, who is among a coalition of elected officials advocating for CLTs, said the budget win is a “great first step” toward recognizing and investing in the value of CLTs.
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