08/10/2021
New affordable housing units cost about $400k to $500k to build. The CLT Pilot Program is preserving each unit at around $325k, but that number will go down as more buildings close escrow.
Acquiring and rehabilitating buildings to be stewarded by community land trusts is quick, efficient, cost-effective, AND ensures that public subsidy is permanently maintained and not able to be exploited by bad actors who wait for affordability covenants to expire before they violently evict and displace the residents living there.
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“Beverly-Vermont Community Land Trust Director of Land and Tenant Justice Kasey Ventura notes that, “Most if not all community land trusts require that residents of the community be part of the decision making process of the land trust” and those residents “make up part of the Board of Directors, thus really drive the direction of the work of the land trust, which can range from preserving housing, engaging in policy change, creating co-ops, and a wide variety of needs that neighborhoods identify.”
In late 2020, Supervisor Solis shepherded approval of a motion that funded up to $14 million for a pilot Community Land Trust Partnership Program. The motion directed the county to work with five CLTs – Fideicomiso Comunitario Tierra Libre, T.R.U.S.T South L.A., The Beverly-Vermont Community Land Trust, Liberty Community Land Trust, and El Sereno Community Land Trust (partnering with Community Development Corporations) – to acquire and/or rehabilitate at least one property in each Supervisorial District, and to maintain it as long-term affordable housing.…To date, the total number of units is 43.”
**A4LA
A recent L.A. County pilot program facilitated the purchase of 7-8 properties – located in Alhambra, East L.A., Harbor-Gateway, Huntington Park, Hyde Park, Koreatown, North Hollywood, and Sou…