New Economy Project: Victory! NYC Funds Community Land Trusts in City Budget

From New Economy Project

Community and affordable housing activists are celebrating NYC Council’s announcement of $870,000 in FY2020 discretionary funding for community land trusts (CLTs) across NYC. The funding will help incubate and expand CLTs to develop permanently-affordable housing and curb displacement in low-income NYC neighborhoods.

CLTs represent a bold strategy for addressing NYC’s affordability crisis. By giving communities control over land, CLTs combat speculation and ensure that housing remains permanently affordable. Emerging CLTs are working to provide affordable commercial, nonprofit, and green spaces, in addition to deeply-affordable rental, limited-equity co-op, and other kinds of housing.

The City Council funding, championed by Council Members Carlina Rivera and Donovan Richards, will support eleven community-based organizations working to launch CLTs in low-income and gentrifying neighborhoods. Over the coming year, groups will engage thousands of New Yorkers through outreach and education, community and tenant organizing, and CLT governance. Funding will also support four technical assistance providers that will deliver legal, policy and other support to emerging CLTs.