FY2021 Discretionary Funding Request

FY2021 Discretionary Funding Request

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The citywide Community Land Trust (CLT) Initiative requests $1.5 million in FY2021 City Council discretionary funding to support development of CLTs and permanently-affordable housing, commercial and community spaces. The initiative combines comprehensive community outreach, education, organizing, and legal and technical support to incubate and equip CLTs to effectively steward land and housing, and combat displacement.

In FY2021, the citywide CLT Initiative will:

  • –  Provide 100 CLT education and organizing sessions, in multiple languages
  • –  Engage more than 5,000 tenants, homeowners, small business owners, and other

    stakeholders

  • –  Produce a start-up guide and tailored educational material for CLTs
  • –  Provide 30 technical assistance engagements related to CLT incorporation, bylaws,

    property acquisition, and development

  • –  Develop and train 10 CLT steering committees and founding boards
  • –  Complete feasibility studies and acquire first CLT properties

    Long-term goals include creating and preserving thousands of deeply- and permanently- affordable housing units; providing affordable commercial space for hundreds of small and cooperatively-owned businesses; and ensuring accountable, community-led development.

In FY2020, the CLT Initiative received its first discretionary funding award of $855,000, to seed CLT organizing in 11 NYC neighborhoods. (See attached Mid-Year Report.)

In FY2021, we seek an increase to build on and engage additional groups in this work, reaching more neighborhoods in need of CLTs and truly affordable housing. We will deepen community organizing and community-led planning, develop grassroots CLT leadership, formalize partnerships with nonprofit developers and stakeholders, and support CLTs to incorporate, develop board and membership structures, and acquire property.

What are CLTs?

CLTs are a proven model to combat speculation and displacement, protect public subsidy, and facilitate community-led development.

CLTs are flexible and can support rental, limited-equity, and mutual housing, as well as commercial and mixed-use development and other community needs. Cooper Square CLT on the Lower East Side, for example, stewards almost 400 permanently-affordable homes for families earning as low as 30% AMI, as well as storefronts for 20 local small businesses. CLTs ensure permanent affordability of housing through ground leases that establish income, resale, and other restrictions.

For more information, please contact New Economy Project at 212-680-5100 or by email: Deyanira Del Rio (dey@neweconomynyc.org) or Julia Duranti-Martinez (julia@neweconomynyc.org).